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

Bloomberg The Italian government would step in to help in the event of a crisis in the banking sector, Finance Minister Giovanni Tria said, echoing comments made by one of the country’s two coalition leaders earlier in the week. In the event of a crisis, the government “must in one way or another intervene; saying how isn’t possible, if a ...

Bloomberg Danske Bank A/S’s laundering scandal and a massive dividend-tax fraud now look set to influence elections due to be held in Denmark next year. The country’s politicians are promising major changes to how the financial industry will be policed. The goal is to appease voters stunned by the sheer scale of allegations against their country’s biggest bank, and by ...

Bloomberg Cathay Pacific Airways Ltd said a hacker accessed personal information of 9.4 million customers, becoming the target of the world’s biggest airline data breach. The airline’s shares sank the most in almost two years, shaving $201 million off its market value, after the Hong Kong-based carrier disclosed the unauthorised access, seven months after discovering the violation. While passports, addresses ...

Bloomberg Target Corp. is expanding perks like free two-day delivery to snag as much as possible of the $100 billion in sales the company sees up for grabs from retailers that have gone under. Chief Executive Officer Brian Cornell said he’s built “playbooks” to capture market share sacrificed by Sears, Toys “R” Us and others, and has also accelerated planned ...

Bloomberg Amazon.com Inc.’s scatter-shot attempt to shake up women’s fashion by launching a barrage of private label brands isn’t going so well, according to a report by Jungle Scout, a data-research firm for merchants on the e-commerce website. Apparel makes up 88 percent of all Amazon private label brands, but only 1 percent of all private label sales, according to ...

Bloomberg Norwegian Air Shuttle ASA is closing in on a deal that would provide a potential $1 billion infusion of cash to help it navigate increasing fuel prices and the slow winter period, according to people familiar with the matter. The Oslo-based carrier said that it is in “advanced discussions” with an unnamed partner to create a fleet joint venture ...

Bloomberg Metro AG, the German big-box retailer and wholesaler, is working with Citigroup Inc. and JPMorgan Chase & Co. to review options for its Chinese operations, according to people familiar with the matter. The business could be worth about $1.5 billion, based on earnings and the valuations of its rivals, the people said, asking not to be identified as the ...

Bloomberg Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth. A 0.4 percent gain in New York-traded futures wasn’t enough to halt a 2.2 percent decline for the week. Eight of every 10 stocks in the S&P 500 were in retreat as a cavalcade of negative ...

DUBAI / WAM The UAE and Bahrain reviewed their latest efforts in administering government financial operations, and also expressed their keenness to cooperate towards achieving common goals that are aligned with their shared vision and history. This was discussed when a delegation from Ministry of Finance of Bahrain visited UAE Ministry of Finance. Younis Haji Al Khoori, Under-Secretary of Ministry ...

Dubai / WAM In fulfilment of the wise vision of the leadership for creating an attractive investment environment that encourages businesses and supports the national economy, the Ports, Customs, and Free Zone Corporation (PCFC) signed a Memorandum of Understanding (MoU) with the General Administration of Customs in Abu Dhabi. The MoU aims to enhance ties of mutual cooperation and partnership ...