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

Desperation is creeping into India’s economic policy-making. Having lost the fiscal plot, bureaucrats are trying to marshal resources by squeezing taxpayers, foreign investors, firms planning buybacks and even the central bank. Such overreach never ends well. Tax collections last year were a full 1 percentage point of GDP lower than the 7.9 percent the government had hoped to obtain. Rathin ...

For the bond market’s “tale of two cities,” look at Rome and Vienna. Both Italy and Austria have come to the market recently with ultra-long duration debt sales. It’s remarkable that the latter managed to get a 98-year issue away with a 1.17 percent interest rate, but Italy’s 48-year offer this week at a near 3 percent yield is pretty ...

It’s getting harder and harder to imagine the new Nafta successfully ratified during this Congress. And Donald Trump has only himself to blame for that. For one thing, the White House strategy on getting the United States-Mexico-Canada Agreement ratified is still incoherent at best. As Bloomberg’s Jenny Leonard reports, there are at least two factions, surrounding Vice President Mike Pence ...

Market participants will know soon enough whether the US Federal Reserve has led them into another “dove trap” and will need to reel in expectations for interest-rate cuts. The next 48 hours will be critical in markets, with Fed Chairman Jerome Powell appearing twice before Congress for his semi-annual testimony and the release of the minutes from the central bank’s ...

Deutsche Bank AG has given up waiting. After years spent adrift hoping that its ambitions to compete with Wall Street would come good again, Germany’s biggest bank has sounded the retreat. Chief Executive Officer Christian Sewing’s overhaul may not be particularly imaginative — but it is what the lender needs if it is to do more than just survive. After ...

Argentina’s foreign minister fought back tears. President Maurico Macri called it “the most important agreement ever signed in our history.” Latin America’s big-gest economy would soon be “reborn,” predicted a top aide to Brazilian President Jair Bolsonaro, who likewise heralded the “great day.” The June 28 deal between the European Union and Mercosur was a breakthrough. Who knew that even ...

GENEVA / WAM In a statement delivered by Obaid Salem Al Zaabi, UAE Permanent Representative to the United Nations (UN) in Geneva, during the 41st session of the Human Rights Council, the UAE affirmed its support for the peace process in the Middle East, with the aim of achieving peace and stability in the region. It also highlighted its support ...

ABU DHABI / WAM The value of trade in goods between the Emirate of Abu Dhabi and Saudi Arabia has increased to AED18.3 billion during the first four months of 2019, a growth of 20.6 percent compared with the same period of 2018, according to figures released by the Statistics Centre — Abu Dhabi. The emirate’s trade with Saudi Arabia ...

Bloomberg IBM closed its $34 billion purchase of Red Hat, sealing the world’s second-largest technology deal ever and setting up the iconic US technology company on a path to try and compete with top software purveyors in the cloud. The 108-year-old International Business Machines Corp, once synonymous with mainframe computing, has been struggling to adopt cloud-related technologies and is playing ...

ABU DHABI / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and with Trinh Dinh Dung, Deputy Prime Minister of Vietnam, discussed ways of accelerating mutual cooperation between the two countries. Al Mazrouei emphasised the strength of UAE-Vietnam relations in the light of the mutual ties of friendship and common interests in all fields. The ...