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

Bloomberg The House impeachment investigation of President Donald Trump shifts into an accelerated phase as the three Democratic-led committees leading the inquiry hold their first weekend session to question the State Department’s top diplomat for Europe. The closed-door testimony by Philip Reeker, the acting assistant secretary of European and Eurasian affairs, precedes a full slate of interviews set for next ...

Bloomberg Argentine President Mauricio Macri’s election prospects are talked about in the markets, by pundits and by diplomats as largely set in stone. He is expected to lose on Sunday to opposition candidate Alberto Fernandez. The slimmest of windows exists for him to force the presidential race into a second-round runoff vote in November. But that’s enough for 45 year-old ...

Bloomberg Hong Kong pro-democracy activists are preparing to demonstrate for the 21st straight weekend as unrest spreads around the globe, from South America to Europe to the Middle East. Protesters in the financial hub will look to keep up momentum in the months-long fight with officials in Beijing for greater democracy. Reports surfaced that China’s leaders were mulling a plan ...

Bloomberg A key environmental council approved a permit, clearing the way for Samarco Mineracao SA to resume operations at its iron-ore mine in second half of 2020. Ten of the 12 members of Minas Gerais state environmental council, known as Copam, voted in favor of an operational corrective license for the mine. Executives at Vale SA, which has a 50% ...

Bloomberg Nordea Bank Abp is planning to allocate a lot less capital to its wholesale unit after acknowledging its performance has been “unsatisfactory.” The cuts will form a key plank in a strategy shift conceived by the bank’s new chief executive, Frank Vang-Jensen. After less than two months on the job, he’s made clear he wants to squeeze much deeper ...

Bloomberg Sam Kendall, a senior UBS Group AG executive who until recently oversaw its investment-banking arm in the Americas, is leaving the firm to pursue other interests, according to people with knowledge of the matter. Erica Chase, a representative for the bank, declined to comment. A UBS employee for more than two decades, Kendall last year assumed oversight of the ...

Bloomberg ICICI Bank Ltd, India’s second-largest private lender, posted a lower than expected profit due to a one-time income tax adjustment. Net income fell 28% to 6.55 billion rupees ($98 million) for the three months ended on September 30 from 9.1 billion rupees a year earlier, the lender said on Saturday. The profit compared with analysts expectation of 13.8 billion ...

Bloomberg Visa Inc had to shell out more money to entice banks to issue their cards on the company’s network. The firm set aside $1.69 billion in incentives for banks during its fiscal fourth quarter, a 13% increase from a year ago, that topped the $1.51 billion average of analyst estimates compiled by Bloomberg. The world’s largest payments network — ...

Bloomberg Mobile payment startup Stripe began operations in Mexico, after the launch of a similar central bank-backed system aimed at boosting the amount of digital payments used in the nation’s cash-heavy economy. Stripe, used by companies including Uber Technologies, touts a key difference between it and CoDi, as Banxico-backed cobro digital is known: Its users can make and take payments ...

Bloomberg Jane Fraser ascended to the No. 2 job at Citigroup, putting her in position to succeed Chief Executive Officer Michael Corbat and become the first woman to lead a major US bank. The behemoth lender named Fraser as president and handed her responsibility for consumer banking, one of its thorniest turnaround efforts in recent years. Corbat moved to keep ...