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

Bloomberg Judy Shelton, a conservative economist being considered by the White House for a spot on the Federal Reserve’s Board of Governors, isn’t convinced the goals set for it by Congress are relevant for the US central bank. “I would probably be highly skeptical of those,” she said in an interview with Bloomberg, referring to the mandate in the Federal ...

Bloomberg Chinese central bank officials downplayed emerging stress in the financial system following the state takeover of a regional bank, and said depreciation in the currency is under control. Speaking at an event in Beijing, People’s Bank of China Governor Yi Gang said policy makers are “fully capable” of managing risks at small and medium-sized lenders, and the Chinese currency ...

Bloomberg The European Central Bank (ECB) will offer euro-area banks generous terms on its upcoming long-term loans when it meets next week but won’t do anything to soften the impact of negative rates, economists predict. Respondents in a Bloomberg survey said the interest rate on the two-year loans will be below the ECB’s benchmark rate — currently zero — if ...

Bloomberg Mexico’s central bank cut its growth forecast for this year, opening the door to the possibility that Latin America’s second-largest economy will expa- nd less than 1 percent amid weak industrial production. Growth this year is likely to be 0.8 percent to 1.8 percent, less than previously expected 1.1 percent to 2.1 percent, the central bank said in quarterly ...

Bloomberg United Overseas Bank Ltd (UOB) is betting Southeast Asia will shield it from the escalating trade war between the US and China, distancing itself from the approach of its two main rivals that have expanded their focus to Hong Kong and the mainland. “Asean will become a safe haven,” Chief Executive Officer Wee Ee Cheong said in an interview ...

Bloomberg The biggest trading houses on Wall Street are warning of a slump. Citigroup Inc. said trading revenue has declined so far this quarter while Bank of America Corp. indicated revenue is on pace to be about 10 percent lower. They joined JPMorgan Chase & Co. in reporting a downturn for the business. A burgeoning trade war, the UK’s planned ...

Bloomberg AirAsia Group Bhd, Southeast Asia’s largest budget carrier, wants to sell more than cheap flight tickets. AirAsia is talking to potential partners to build an e-commerce app that it wants to see overtake the size of its airline business, Group Deputy Chief Executive Aireen Omar said in an interview. The carrier, which is seen getting about 1 billion ringgit ...

Bloomberg Malaysia Airlines Bhd is reviewing whether to go ahead with a $2.75 billion order to buy 25 of Boeing Co’s 737 Max jets in the wake of two fatal crashes that’s led to the global grounding of the plane, a person familiar with the matter said. Though the state-run airline hasn’t made any decision, it wants Boeing’s reassurances about ...

Bloomberg Wizz Air Holdings dropped after saying its outlook is clouded by stiff competition for passengers and a threat from air-traffic control strikes. Profit will still rise this year, to as much as $390 million, as the Hungarian discount carrier seeks to grab market share from rivals battling higher fuel costs. Investors had hoped for more, according to Morgan Stanley, ...

Bloomberg Capri Holdings Ltd, the company behind Michael Kors and other luxury brands, tumbled the most in almost seven months after trimming its sales projection for the current year amid foreign currency weakness and lower revenue from wholesale. Capri sees revenue of $6 billion for the current fiscal year, the company said in its quarterly earnings report. That’s down from ...