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

Bloomberg Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report, saying it faces a US inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners. Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with ...

Bloomberg Deutsche Bank AG had the credit rating of a class of debt cut to the lowest-investment grade level by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing. Moody’s downgraded the bank’s senior debt to Baa3 from Baa2 and reclassified the bonds as “junior senior” debt. The ...

Bloomberg Canada’s economy is gaining strength instead of buckling amid a trade fight with the US. Exports rose to a record high in June even as President Donald Trump slapped tariffs on steel and aluminum, and gross domestic product expanded in May at its fastest clip in a year, according to data released this week by Statistics Canada. That has ...

Bloomberg Aimia Inc. is leaving the door open to reaching an agreement with the Air Canada-led group that sought to acquire the company’s Aeroplan rewards program, seeking a sweetened offer from the airline. Aimia said it wants at least $347 million for Aeroplan after the Air Canada group boosted its bid to C$325 million from an initial proposal of C$250 ...

Bloomberg Bombardier Inc. burned through less cash than expected in its last quarter as the majority owner of the C Series jetliner, buoyed by rising sales of aircraft parts and rail equipment. Revenue rose in the second quarter and Canada’s largest aerospace company reported a surprise profit, according to a statement. Bombardier also reaffirmed its sales, earnings and cash-flow targets ...

Bloomberg Jones Lang LaSalle Inc. acquired Northwest Atlantic Inc., a Canadian retail-tenant representation and advisory firm, to feed the growing demand from retailers around the world looking to expand in Canada. Northwest Atlantic, a closely held company based in Toronto, represents more than 65 retailers including fashion retailer Nordstrom Inc., discount-apparel company Winners and movie-theater operator Cineplex Inc., and has ...

Bloomberg A drawn-out sale process is never good for value, but in the case of Toys ‘R’ Us, the delayed auction of its brand name could constitute an existential threat to any long-shot comeback. That’s because the closer it gets to Christmas, the less likely any potential bidder for the chain’s intellectual property would have time to reboot the brand ...

DUBAI / WAM The Emirates Intellectual Property Association (EIPA) continues to lead in the ongoing unified efforts to promote the adoption of global best practices in intellectual property (IP). The association’s commitment to promo- ting a culture of IP in the country is widely reflected in its continuing efforts to build solid foundations in the advancement of legal action across ...

RIYADH / WAM Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, has announced resumption of oil shipments through Bab-El- Mandeb Strait. In a statement carried by the Saudi Press Agency (SPA), Al-Falih, announced that Saudi Arabia has resumed oil shipments through Bab-El-Mandeb Strait effective earlier on Saturday, after confirmation by the Joint Forces of the Coalition to Restore ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) is launching a Smart Time Management System (STMS) at venues of various events, such as exhibitions and conferences. The system enables the RTA to receive real-time data on the number of visitors and, accordingly, deploy an appropriate number of me-ans of transit. It also enables passengers to be sent information on ...