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

Bloomberg Seplat Petroleum Development Co. and Nigeria’s state oil company will raise $700 million for a joint gas project scheduled to start production next year as the government steps up plans to reduce the country’s reliance on oil. The project, known as Assa North-Ohaji South, is one of seven to boost gas production and infrastructure development in the West African ...

Bloomberg California drivers are facing the prospect of paying $4 a gallon at the pump for the first time in five years after its refineries were hit by a series of breakdowns. Pump prices in the most populace US state have gained 12 cents in the past week to average $3.71 a gallon, according to AAA. That’s about three times ...

Bloomberg Efforts to fight money laundering across the Nordic and Baltic states took a more aggressive turn. Estonia’s state prosecutor is expanding an investigation into Danske Bank A/S to include Swedbank AB of Sweden. Meanwhile, the accounting firms Ernst & Young and KPMG were both reported to the police in Denmark amid allegations they failed to respond to red flags ...

Bloomberg Two of the ECB Governing Council’s leading members gave a tentative welcome to the review of the institution’s negative rate policy announced this week by President Mario Draghi. Speaking at the International Monetary Fund meetings in Washington, both Chief Economist Peter Praet and Bundesbank president Jens Weidmann signaled they were open to the rethink, though they stopped short of ...

Bloomberg JPMorgan Chase & Co. and Wells Fargo & Co. have long been locked in a fierce race to serve US consumers. One is pulling ahead. JPMorgan now generates $2 billion more in revenue from its consumer banking unit than its rival, after trailing Wells Fargo by almost $1 billion just two years ago. Jamie Dimon’s New York firm has ...

Bloomberg A senior official at the International Monetary Fund (IMF) defended the Bank of Japan’s (BOJ) 2 percent inflation target as appropriate and important to achieve. “Two percent is what the central banks of major economies are pursuing,” Odd Per Brekk, deputy director of the Asia-Pacific department, said in an interview. “Over time, if this can be accomplished then it ...

Bloomberg Canadian households are wallowing in debt. Home prices are falling. Credit growth, the key driver for bank earnings, is hovering close to its slowest pace since 1983. All of which should be bad news for the country’s lenders — and good news for investors betting against them. “Should” being the operative word. Even with danger signs piling up, the ...

Bloomberg The European Union is considering hitting US goods ranging from handbags to helicopters with retaliatory tariffs to the tune of $11.5 billion in a dispute over subsidies to Boeing Co, according to a draft list seen by Bloomberg News. The plan follows a US threat to seek $11 billion in damages through duties on European goods ranging from helicopters ...

Bloomberg JetBlue Airways Corp rallied after saying it would join the hyper-competitive market for business travellers flying between the US and Europe, using Airbus SE jets with an expanded version of its premium cabin. Starting in 2021, JetBlue will make multiple daily flights from its hubs at New York’s John F. Kennedy and Boston Logan to an unspecified airport in ...

Bloomberg Kenya Airports Authority (KAA) expects its land holdings to be worth more than 1 trillion shillings ($9.9 billion) after a revaluation is concluded in a month, CEO Jonny Andersen said. “Since we’ll have a different balance sheet, we can go to the banks and ask for completely different financing because we’ll have so much value,” Andersen said in an ...