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

Bloomberg A policy of cautious lending to the silk weavers and shopkeepers of Tamil Nadu has allowed a small local bank to outpace the largest Indian banks in terms of share price performance. City Union Bank Ltd., a small lender based in Kumbakonam, has risen more than 27 percent over the last twelve months, the best performance of any Indian ...

Abu Dhabi / Emirates Business Etihad Airways Engineering, the largest commercial aircraft maintenance, repair and overhaul (MRO) services provider in the Middle East, signed a collaboration agreement with Argentina’s main aircraft manufacturer, Fabrica Argentina de Aviones (FAdeA), to serve MRO customers in South America. The agreement enables both companies to leverage their strengths and become significant players in the narrow ...

Bloomberg IAG SA is freezing the percentage of its shares that can be held by non-European Union citizens and funds amid a lack of clarity about potential ownership restrictions following Britain’s exit from the bloc. Non-EU shareholdings are restricted to the current level of 47.5 percent, London-based IAG said in a statement. Under EU rules, the airline could allow the ...

Bloomberg An Air New Zealand plane on its way to Shanghai was forced to return to Auckland after several hours in the air on Saturday because paperwork for the flight included a reference to Taiwan, Stuff reported, citing people familiar with the matter. The problem related to documentation from New Zealand’s Civil Aviation Authority which was included as part of ...

Bloomberg Cathay Pacific Airways Ltd. is closing its cabin crew base in Toronto as part of a business review, potentially affecting 120 workers in the Canadian city. The Hong Kong-based airline is talking with the union to explore options for the employees, including opportunities in other locations, it said on Tuesday in an emailed response to a report in the ...

Bloomberg Amazon.com Inc. has agreed to acquire Eero, a builder of WiFi-networking tools, in another deal aimed at bolstering the retail and technology giant’s home devices business. Eero, based in San Francisco, makes gadgets that extend WiFi coverage throughout a home using local networking, known as mesh technology, that removes hiccups in broadcasting internet signals. The companies didn’t disclose the ...

Bloomberg Debenhams Plc secured a lifeline from some of its lenders, giving the troubled UK department-store company $51 million in liquidity as it attempts a broader refinancing. The company, which operates middle-market stores that anchor many of Britain’s malls, also struck an agreement with export and logistics company Li & Fung Ltd. on a sourcing partnership for Debenhams own-brand products. ...

Bloomberg Kering SA’s Gucci label outpaced competitors in the fourth quarter, though the 28 percent sales growth won little applause from investors who had high expectations after rival LVMH trounced estimates last month. The last of the major luxury-goods makers to report for 2018, Kering wraps up an unusually strong earnings season for the industry. The Gucci owner confirmed a ...

Bloomberg A mining company claiming interests in copper and gold reserves estimated at $58 billion on the Pacific island of Bougainville said its rights are under threat by efforts to revive the resource sector in the run up to a independence referendum. At the heart of the dispute is the Panguna mine, which was operated by Sydney-listed Bougainville Copper Ltd. ...

Bloomberg Forces loyal to Libya’s eastern leader Khalifa Haftar have taken control of the country’s biggest oil field and say the deposit is secure and ready to resume production. Haftar’s self-styled Libyan National Army fanned out in the southwestern Sharara field, people with knowledge of the matter confirmed. Armed protesters had closed down the 300,000 barrel-per-day deposit in December, demanding ...