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

Bloomberg Societe Generale SA is drawing up plans to cut jobs at its investment bank and find a partner for its cash-equity business in a bid to offset increasing cost pressure from regulation, people familiar with the matter said. The bank could cut hundreds or even thousands of jobs at its global banking and investor solutions unit, including roles in ...

Bloomberg After five consecutive days of increases in the monetary policy rate, leaving it close to 50 percent annually, analysts expect Argentina’s central bank will maintain this level until next month to reduce the peso’s volatility and avoid further inflationary pressure. The abrupt capital outflow that took place this week made Argentina’s peso the worst emerging markets performer year to ...

Bloomberg Debenhams Plc’s lenders are prepared to grant the struggling department store chain more credit in an effort to ward off a potential low-ball buyout from billionaire shareholder Mike Ashley. After extending a 40 million-pound ($52 million) loan facility to Debenhams last week, the group of about 10 firms including hedge funds Alcentra, Angelo Gordon & Co. and Silver Point ...

Bloomberg Cathay Pacific Airways Ltd. forecast an end to a record two-year run of losses after job cuts and better service offerings in an overhaul kicked off by Asia’s biggest international carrier start to yield results. The Hong Kong-based airline expects to announce next month a profit for 2018, helped in part by a strong cargo business and growth from ...

Bloomberg Buyout firm Warburg Pincus is considering a sale of Consolidated Precision Products Corp. that could value the aerospace parts manufacturer at more than $2 billion, according to people with knowledge of the matter. Cleveland-based CPP is working with an adviser to examine strategic options including the possibility of a sale in the second half of the year, said the ...

Bloomberg Southwest Airlines Co. slid after warning that the US government shutdown hit sales harder than previously estimated. The political stalemate that ended last month will reduce first-quarter revenue by $60 million as the aftereffects lingered on, Southwest said in a regulatory filing. When the discounter reported earnings late last month, it estimated the impact would be $10 million to ...

DUBAI / WAM DP World has announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of GBP322 million ($421million) (AED1.54 billion), implying a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x. Britain-based P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation ...

ABU DHABI / WAM Al Seer Marine, Abu Dhabi based manufacturer of unmanned surface vessels, has signed a strategic partnership agreement with Advanced Electronics Company (AEC), a Saudi-based company, to build unmanned surface vessels for the kingdom. Al Seer Marine will be primary manufacturer for unmanned surface vessels in Saudi and AEC will be their exclusive partner. This collaboration will ...

ABU DHABI / WAM Calidus, Abu Dhabi-based a Defence Technology Development and Manufacturing Company, has signed a memorandum of understanding (MoU) with GDC Middle East of Riyadh to establish a joint corporation to explore the market in the Mena region for the Calidus B-250 light attack aircraft and to develop in-house capabilities. The MoU comes on the occasion of Idex ...

ABU DHABI / WAM Senaat, one of the largest industrial investment holding companies in the UAE, has announced that it has agreed the terms of a joint venture with Spanish manufacturer Tubacex, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). Senaat’s new partnership with Tubacex is being cemented with the signing of ...