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

Bloomberg China’s smaller banks, among the hardest hit by President Xi Jinping’s crackdown on risky financing, are set for a tougher 2019 as authorities force them to shut business lines that once powered profit growth. Authorities have ordered the nation’s provincial lenders to limit business to the region they’re based in, or wind down by the end of this year, ...

Bloomberg The euro-area economy isn’t headed for a recession, even though softening momentum underscores the need for European Central Bank stimulus, according to President Mario Draghi. “The question we should ask is: Is this a sag or heading towards a recession?” Draghi told members of the European Parliament in Strasbourg. “The answer we give is: No, it’s a slowdown, which ...

Bloomberg Banco Santander SA reversed course on installing Andrea Orcel as its next chief executive officer after a standoff over tens of millions of dollars in deferred pay. UBS Group AG held a hard line that Orcel, who led its investment bank until a few months ago, was defecting to a rival and wouldn’t receive bonuses he was owed from ...

Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing launched a further internal investigation into the lender’s role as correspondent bank for scandal-ridden Danske Bank’s Estonian unit, even though he hasn’t seen any evidence of wrongdoing. The bank had previously probed its role in the case as well as any involvement in a tax evasion scheme “long before the cases ...

Bloomberg Bank Indonesia Governor Perry Warjiyo signalled central bank may hold the key rate, saying the benchmark interest rate has “almost reached its peak” after an aggressive hiking cycle helped stabilise the nation’s currency. While the bank’s monetary policy stance remains “pre-emptive and ahead of the curve,” a more favorable outlook for US interest rate will allow Indonesia to rely ...

Bloomberg The Bank of Japan (BOJ) is almost certain to cut its inflation forecast for the fiscal year starting in April given the sharp fall in oil prices, according to people familiar with the matter. The government’s decision to make pre-school education free adds to the case for the downgrade, which will be delivered at the end of the next ...

Bloomberg Delta Air Lines Inc. said its ability to raise ticket prices is weakening and warned that the US government shutdown is eroding sales. Less travel by federal employees and contractors is costing Delta about $25 million a month even as corporate and leisure travel remain strong, Chief Executive Officer Ed Bastian said. Revenue from each seat flown a mile, ...

Bloomberg Vietnam is on course to have its sixth domestic airline after tour operator Vietravel said it plans to start a carrier as potential rival Bamboo Airways began its first flights in one of the world’s fastest-growing aviation markets. Vietravel Airlines would be based in the central province of Thua Thien Hue and compete in a market already served by ...

Bloomberg While the US government shutdown is keeping investors in the dark about broader retail trends over the holidays, Adobe Analytics confirmed that online sales posted rapid growth during the period. E-commerce sales jumped 16.5 percent from a year earlier to a total of $126 billion as consumers loaded up on products such as the Nintendo Switch, laptops, streaming devices, ...

Bloomberg Zuji, an Asian online travel booking site, is no longer operational after failing to renew licenses in Hong Kong and Singapore and an air ticketing system terminated its services. Zuji’s business permits expired on January 9 and the firm hasn’t applied for fresh ones, Hong Kong’s Travel Agents Registry said in an email, while Singapore Tourism Board said that ...