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

Bloomberg Bank of Nova Scotia’s focus on international banking is paying off. The Canadian lender, which has operations in about 50 countries, earned a record C$725 million ($571 million) from overseas businesses in the fiscal first quarter, up 14 percent from a year earlier. Those contributions, along with gains in Canadian banking, helped it post total profit that beat analysts …

Bloomberg Bank of Montreal has made efforts over the years to expand in US banking. It’s a good thing it did. The Canadian lender’s US business was one of the few bright spots in its fiscal first quarter, deliv- ering higher earnings growth as divisions including capital markets and wealth management saw profits fall. Earnings from US personal and commercial …

Bloomberg President Donald Trump reached an informal deal with Boeing Co. on a fixed-price contract for the new Air Force One programme that will cost $3.9 billion. White House spokesman Hogan Gidley said the agreement will save taxpayers $1.4 billion from the original estimate for buying and outfitting two presidential jets. But public estimates suggest the savings would be far …

Bloomberg Amazon.com Inc. has agreed to buy connected-doorbell startup Ring Inc. for about $1 billion, a person familiar with the matter said. The move helps Amazon expand further into the consumer market, including providing security for package deliveries. JPMorgan Chase & Co. advised Ring on the sale, said the person, who asked not to be identified because the matter is …

Bloomberg Virgin Australia Holdings Ltd., the airline part-owned by HNA Group Co., ditched the idea of a privatisation to end years of speculation that major shareholders would attempt a buyout. After discussions with the airline’s largest investors, Virgin Australia’s board said it had decided against a privatisation. The carrier, which has a market value of A$2.2 billion ($1.7 billion), raised …

Bloomberg HNA Group Co. is planning to cut 100,000 jobs, or about a quarter of its global workforce, this year amid a liquidity squeeze, Risk Event-Driven and Distressed Intelligence reported. The Chinese group plans to eliminate jobs in areas such as human resources, business operations and asset restructuring, REDD reported, citing the people. Job cuts will also target units that …

Bloomberg Starbucks Corp. Chairman Howard Schultz sees a blessing in all the empty storefronts across the US. Facing a crush of vacancies—and the rise of e-commerce—retail landlords are beginning to cut rents, the executive said. That stands to benefit the world’s largest coffee chain, which has more than 14,000 US locations. “Over the last few weeks, I have been in …

Bloomberg FedEx Corp. is maintaining discounts for members of the National Rifle Association, even as calls for a boycott mount on social media after a deadly school shooting in Florida. The courier said it “has never set or changed rates for any of our millions of customers around the world in response to their politics, beliefs or positions on issues.” …

Bloomberg US stocks rose, Treasuries fluctuated and the dollar advanced as investors weighed comments by Federal Reserve Chairman Jerome Powell saying the central bank won’t rush to raise rates even though the economy should pick up steam. Powell’s testimony signalled optimism in economy, while data on durable orders fell well short of estimates and the US balance of trade worsened. …

Bloomberg As Special Counsel Robert Mueller’s investigation into Russian election meddling unfolds, investors should expect stocks to fall on major developments, according to a new index aimed at tracking political risks from the probe. The Mueller Risk Index “suggests that increased risk associated with the Mueller investigation (and by extension, the increased risk of impeachment) may hurt stocks but help …