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

Bloomberg The Bank of England (BOE) doesn’t have to wait until all political uncertainty around Brexit is resolved to raise interest rates, according to policy maker Michael Saunders. The economy will probably move to “significant excess demand” over the next two to three years if Brexit goes smoothly, Saunders said, and will need monetary tightening as a result. Consumer spending ...

Bloomberg The European Central Bank (ECB) is willing to cut interest rates, resume bond purchases or strengthen its promises to keep borrowing costs low if necessary to battle economic weakness, policy maker Olli Rehn said. “The Governing Council is determined to act and stands ready to adjust all of its instruments, as appropriate,” Rehn, who heads Finland’s central bank, said ...

Bloomberg Hudson’s Bay Co has tried everything to appease shareholders, from cutting costs to selling off assets. None of it has halted the stock’s steady decline, so Chairman Richard Baker is stepping in with a cash bid valued at about C$1.74 billion ($1.31 billion) to take the company private. Baker is teaming up with investors, including Rhone Capital LLC and ...

Bloomberg Chanel Inc has become the latest retail giant to make a public nod towards environmentally conscious products, investing in a “green” chemistry company as part of an effort to make luxury items less damaging to the planet. Both the apparel and cosmetics industries are major sources of waste, and chemicals often used to make fabrics and skincare products — ...

Bloomberg When Greg Hayes took the reins at United Technologies Corp in late 2014, the newly minted CEO said he would pursue huge deals to reshape the industrial conglomerate. He’s been true to his word, though not without a little pressure from activist investors pushing for a transformation. Since late last year, he has completed the acquisition of Rockwell Collins ...

Bloomberg Kenya Airways Plc is willing to operate under a state-owned holding company after the troubled airline failed in its bid to jointly run the country’s main airport, according to Chairman Michael Joseph. Lawmakers in the East African nation are expected to issue alternative proposals, including the possible partial nationalisation of Kenya Airways, after they rejected the airline’s proposal to ...

Bloomberg Oil held near $54 a barrel after Saudi Arabia said it would work with Russia and other members of the Opec+ coalition to prevent a slump in prices. Futures were little changed in New York, after rising 2.7 percent. Saudi Energy Minister Khalid Al-Falih said oil producers would take “preventive steps” to stop prices from diving, after meeting with ...

DUBAI / WAM Dubai Islamic Bank (DIB) is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group. The DIB’s board meeting recommended its shareholders consider the takeover of 100 percent shares of Noor Bank, after obtaining all necessary approvals from the competent regulatory authorities and taking ...

Bloomberg US President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn’t meet with him at the upcoming Group of 20 summit in Japan. Trump was asked in an interview with CNBC on Monday whether tariffs on about $300 billion in Chinese goods would be enacted immediately if there’s no meeting at the summit later ...

ABU DHABI / WAM The UAE and the International Renewable Energy Agency (Irena), on Monday, signed a supplementary agreement to the headquarters agreement that was signed in 2012 on hosting the Agency’s permanent headquarters in the UAE capital. The new document outlines the specific conditions governing the occupancy by Irena of its headquarters premises Dr Thani bin Ahmed Al Zeyoudi, ...