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

There are nations on this earth that tax their citizens far more heavily than the US does. The top spots on the Organisation for Economic Cooperation and Development’s (OECD) rankings of tax revenue as a percentage of gross domestic product in 2017 were held by France (46.2 percent), Denmark (46 percent), Belgium (44.6 percent), Sweden (44 percent) and Finland (43.3 ...

Bloomberg Federal Reserve policy makers see 2019 marking the end of their balance sheet run-off, but not necessarily their interest-rate increases. Minutes of the central bank’s January 29-30 policy meeting released showed “almost all participants” agreeing it best to halt roll-offs this year, a move that should be welcomed by investors worried the balance sheet draw-down is hurting the economy. ...

Bloomberg Roberto Campos Neto needs no introduction in financial markets, but his thoughts on how the central bank could boost Brazil’s recovery have remained a mystery. While the money-making talents of the former Santander treasurer are well known, the Senate confirmation hearing should finally reveal what the nominee for the central bank’s presidency thinks about interest rates, inflation, and Brazil’s ...

Bloomberg The European Union’s highest court overturned Latvia’s suspension of central bank Governor Ilmars Rimsevics as part of a bribery probe that’s shaken the Baltic nation. In a victory for the European Central Bank, the EU Court of Justice on Tuesday said Latvia last year illegally prohibited the ECB Governing Council member from performing his role as central bank governor. ...

Bloomberg The Bank of England stepped up its defenses against a disruptive Brexit, offering lenders extra liquidity provisions over the period covering the UK’s withdrawal. The BOE will hold Indexed Long-Term Repo operations on a weekly instead of monthly basis between March 12 and the end of April — the time surrounding the planned exit date. The approach, designed to ...

Bloomberg The doyen of Australian interest-rate forecasters has shifted ground and now predicts the Reserve Bank will cut twice to counter slower growth and higher unemployment. Bill Evans’s announcement that he expects the RBA to reduce the cash rate by a quarter-percentage point in August and November came less than an hour after employment data showed strong hiring in January. ...

Bloomberg Southwest Airlines Co., battered by more than a week of flight delays and cancellations from a rash of aircraft maintenance issues, said its investigation has identified a small group of union mechanics that are orchestrating an effort to slow operations. The airline called on the Aircraft Mechanics Fraternal Association to comply with its legal obligation and “take immediate action ...

Bloomberg It would take a brave private equity investor to pounce on a UK retailer like Walmart Inc.’s Asda only five weeks before Brexit. KKR & Co. has teamed up with former Asda Chief Executive Officer Tony De Nunzio for early-stage considerations of a bid for the UK supermarket chain, according to a person familiar with the matter. The buyout ...

Bloomberg Vietnam’s Bamboo Airways plans to order as many as 25 narrow- and wide-body Boeing Co. aircraft this year as the nation’s newest carrier prepares for flights to the US and Europe, according to people familiar with the matter, who asked not to be identified because negotiations are underway. The deal would increase Bamboo Airways’ Boeing fleet to 55. The ...

Dubai / Emirates Business Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, has fully acquired Namshi, the leading regional fashion e-commerce retailer. This follows acquiring the remaining stake of Global Fashion Group (GFG) in Namshi, in an all-cash transaction of AED 475.5 million. GFG and Emaar Malls entered into a strategic partnership in 2017 when ...