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

Bloomberg Masayoshi Son is asking Wall Street banks to open their pocketbooks if they want in on what could be the biggest-ever initial public offering, according to people familiar with the matter. SoftBank Group Corp. has told potential underwriters seeking a large role in the blockbuster IPO of its Japanese wireless unit that they should offer to lend to other ...

Bloomberg Next month, the euro zone will get its eighth global systemically important bank, Nordea Bank AB. Its management is now asking authorities in the bloc to consolidate anti-money laundering defenses after a spate of scandals rocked confidence in the finance industry and its regulators. Julie Galbo, chief risk officer at Nordea and a former regulator at the Danish Financial ...

Bloomberg China’s banking regulator is handing out fines at a record pace, as it battles a build-up of financial risk. The China Banking and Insurance Regulatory Commission, along with its predecessor agency, has issued fines worth about $585 million since Chairman Guo Shuqing took charge of the watchdog in early 2017, compared with a total of some 1 billion yuan ...

Bloomberg Wells Fargo & Co. is facing a Department of Justice (DOJ) investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory deadline, the Wall Street Journal reported earlier Thursday. “This particular situation involved a new process and a new required document ...

Bloomberg British Airways may become the first high-profile company to run afoul of Europe’s far-reaching data privacy rules — and face potentially hefty fines — after a computer hack compromised credit card data from some 380,000 customers. The European Union’s General Data Protection Regulation, or GDPR, which took effect in May, mandates that companies have to take technical precautions such ...

Bloomberg EasyJet Plc Chief Executive Officer Johan Lundgren is in talks for further deals allowing passengers to connect with flights operated by long-haul carriers after announcing an accord with Singapore Airlines Ltd. Europe’s second-biggest discount carrier aims to seal more tie-ups before the year’s end, Lundgren said in an interview in London. Potential allies include more Asian operators as well ...

Bloomberg With Amazon.com Inc. hitting a trillion-dollar valuation earlier this week, the company’s shadow looms over the entire retail industry. But there are still sizable gaps that Amazon and other online giants don’t address, and that’s where Peter Price looks to build a business. The 78-year-old entrepreneur is seeking out mom-and-pop shops — like the local butcher, toy store or ...

Bloomberg US safety regulators are investigating an engine failure on a Delta Air Lines Inc. jet that forced pilots to shut down the turbine and return to Atlanta shortly after takeoff. The accident occurred last week on a Boeing Co. 757-200 bound for Orlando, Florida, the National Transportation Safety Board said. Delta Flight 1418, which had 121 passengers and six ...

Abu Dhabi / Emirates Business­­­­­ Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Beijing Financial Street Services Bureau concluded a Memorandum of Understanding (MoU) in Beijing, capital of the People’s Republic of China. The MoU was signed by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM, and Li ...

Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, hosted a high-level parliamentary delegation from Senegal at its headquarters in Abu Dhabi to discuss sustained cooperation in achieving the development priorities of the Senegalese government. Mohammed Saif Al Suwaidi, Director General of ADFD, His Excellency Moustapha Niasse, President of the National ...