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

Bloomberg Cerberus Capital Management and Centerbridge Partners filed an 11th hour joint bid for a minority stake in ailing German lender NordLB, people familiar with the offer said. The rival private equity investors decided at the last moment to team up, submitting an undisclosed offer for 49.8 percent of the core assets of the regional wholesale bank after last night’s ...

Bloomberg South Korea’s central bank kept its key interest rate unchanged in the face of rising risks while pushing back against suggestions it may lower borrowing costs before too long. All but one of 25 analysts surveyed by Bloomberg had forecast the Bank of Korea would keep the seven-day repurchase rate at 1.75 percent, while one projected a 25-basis-point cut. ...

Bloomberg The Philippines central bank will remain cautious on inflation even as price gains eased from a nine-year high in the past two months and economic growth slowed to a three-year low in 2018. “Even as we continue to see abating pressures on prices, the BSP will remain vigilant and ready to employ monetary responses to keep prices stable and ...

Bloomberg Airbus SE said it might be forced to move future investments out of the UK in the event of a no-deal divorce from the European Union, slamming the “madness” of Brexit supporters who assume the planemaker won’t abandon Britain. “If there is a no-deal Brexit, we at Airbus will have to make potentially very harmful decisions for the UK,” ...

Bloomberg British Airways parent IAG SA abandoned an eight-month pursuit of Norwegian Air Shuttle ASA, leaving the indebted discount airline reeling as it faces a cash crunch during the slow winter season. IAG “does not intend” to make a further bid and will be selling a 3.9 percent stake in due course, it said. Norwegian slumped as much as 26 ...

Bloomberg For the beleaguered Russian consumer, this month’s return to work after the New Year holiday came with an extra dose of pain, as a tax increase pushed up prices across a raft of everyday goods. Consumer confidence has fallen to the lowest level in two years, while research company Romir found that the average shopping bill shrunk for three ...

Bloomberg Walmart Inc. has quietly withdrawn from one of Google’s marquee efforts to challenge Amazon.com Inc in e-commerce. Walmart removed its products from Google’s Shopping Actions service, the internet giant said. The retailer also recently dropped out of Google Express, a related delivery service. In March, Google unveiled Shopping Actions, which lets consumers more easily buy goods from retailers through ...

Bloomberg London’s Heathrow airport will test an array of ultra high-definition cameras to help determine more accurately when its runways are clear of planes and cut the gap between flights by as much as 20 seconds. If successful, the system will initially be deployed when Heathrow’s 285-foot control tower is shrouded in cloud — a situation that currently compels the ...

ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD) financed 129 development projects in the education sector with a total value of AED2.5 billion. Benefitting 14 developing countries, these projects have contributed to achieving the United Nations’ Sustainable Development Goals (SDGs). The fund’s steadfast commitment to supporting developing countries in achieving their development priorities through building capabilities and ...

Bloomberg Oil closed higher for the third day in a row as a deal to reopen the US government eased investor fears while political turmoil in Venezuela roiled one of the world’s biggest suppliers of heavy crude. Futures in New York rose 1.1 percent, gaining steam on reports US President Donald Trump agreed to a three-week pause in the government ...