The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

Bloomberg Japan’s Panasonic Corp, which makes electric-car batteries for Tesla Inc, said it boosted sales of the product “significantly” last quarter after expanding production in North America. Sales of prismatic battery cells advanced after a production increase in Dalian, China, while investments in North America led to gains in revenue for cylindrical batteries in the quarter through September, Panasonic said. …

Bloomberg Danske Bank A/S will target its fixed-income and currencies unit for job cuts as part of a sweeping plan to revive profits amid rising compliance costs and entrenched negative interest rates. Denmark’s biggest bank, which is being investigated for money laundering across Europe and in the US, missed analysts’ profit estimates, third-quarter results showed. It acknowledged its result this …

Bloomberg Zimbabwe’s central bank is preparing to release new Z$2 ($0.13) and Z$5 banknotes that will come into circulation this month after a decade-long absence, according to a release in a government gazette. Since the reintroduction of the Zimbabwe dollar as the sole legal tender in June, transactions have been conducted in bond notes and coins, which, until February, had …

Bloomberg The International Monetary Fund’s(IMF) executive board completed a sixth review of Sri Lanka’s economic performance, enabling the disbursement of about $164 million in supporting funds. This brought total disbursements under the Extended Fund Facility arrangement to about $1.31 billion, the IMF said in a statement dated November 1 on its website. Sri Lanka’s economy is gradually recovering from the …

Bloomberg A former Citigroup Inc currency trader told a jury that he plotted with rivals at other banks in chat rooms, on the phone and at social gatherings to rig currency trades while their customers were led to believe they were actually competing with each other. “The purpose was to try to make more money trading,” Christopher Cummins testified in …

Bloomberg Australia & New Zealand (ANZ) Banking Group Ltd profit was little changed as the lender faced a slowing economy and higher customer-compensation costs. Cash profit from continuing operations was A$6.47 billion ($4.46 billion) in the year ended on September 30, compared to A$6.49 billion the year before, the Melbourne-based lender said. “This has been a challenging year of slow …

Bloomberg Goldman Sachs Group Inc leaders have been coy about backing up their recent assertion that the Apple Inc card is the industry’s most successful credit card launch ever. Regulatory filings offer a first glimpse into the numbers that had the bank gushing. After a full roll-out of the card last quarter, credit lines the bank has extended to Apple …

Bloomberg Christine Lagarde’s first day as the new president of the European Central Bank in Frankfurt protesters were brandishing a sign reading: “If the Earth was a bank you’d have long rescued it.” The march by some 150 people to the ECB’s headquarters — following a similar demonstration at the Bank of England last month — highlighted how technocrats tasked …

Bloomberg America’s two biggest oil majors are leaning on booming shale production in the Permian Basin, the once-overlooked region in West Texas and New Mexico, to weather the gathering macroeconomic storm of lower oil demand, weak commodity prices and slowing global growth. Exxon Mobil Corp. said its production from the basin rose 70% in the third quarter compared with a …

Bloomberg Russia’s average daily oil production remained above its Opec+ target in October, though the compliance gap is the smallest since the Druzhba crude-contamination crisis earlier this year. The country pumped 47.49 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equals a daily average of 11.229 million barrels, based …