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

Bloomberg Federal Reserve Chairman Jerome Powell and other top central bankers defended their use of unconventional policies during and after the financial crisis, but said more work was needed before they could declare the experiments successful. “The test is not over,” Powell said, less than three weeks before the Fed is expected to raise its policy interest rate for a ...

Bloomberg National Australia Bank Ltd. said it will ensure no customers suffer financial losses after a nationwide system outage left Internet banking, ATMs and EFTPOS terminals out of service. The event was “incredibly rare” and no personal data was compromised, Cindy Batchelor, NAB Business executive general manager, told reporters in Melbourne, according to a transcript. She said all customers were ...

Bloomberg Interest rate decisions across Africa in the next two weeks are likely to confirm the continent’s biggest economies have mostly ceased a wave of easing that’s been going since last year. Factors from sticky inflation to rising crude prices may persuade central bankers to freeze borrowing costs. Institutions in Nigeria, South Africa, Angola, Kenya and Mauritius will probably keep ...

Bloomberg Most of the foreign airlines that agreed to tweak references to Taiwan to reflect the island as part of the mainland China have been given more time to comply as Beijing extends a crackdown on companies over its stance on disputed territories. Air France-KLM and Deutsche Lufthansa AG are among airlines that have made changes to their websites, while ...

Bloomberg Kenya Airways Plc could cozy up to rival South African Airways as the embattled companies seek to narrow the gap with the continent’s biggest carrier, Ethiopian Airlines Enterprise. The Nairobi-based airline, sub-Saharan Africa’s third largest by passenger traffic, views a closer relationship with SAA, the No. 2, as a possibility amid turnaround efforts at the unprofitable operators, Chief Executive ...

Bloomberg Airlines in the Philippines are under pressure to raise ticket prices to offset rising fuel costs and the peso’s plunge to an almost 12-year low, risking lower demand from travelers also hurt by the currency’s decline. “We will have to adjust prices accordingly,” said Lance Gokongwei, president of Cebu Air Inc., which owns the nation’s largest budget carrier. Cebu ...

Dubai / Emirates Business KitKat announced the launch of the first of a kind KitKat Mini Moments Desserts in the Middle East featuring four unique flavours inspired from some of the most renowned desserts in the world. The new mini chocolate bars are produced locally in the UAE with a mini portion, same indulgent taste and sourced from 100% certified ...

Bloomberg With Amazon now gobbling up more than 40 percent of all online spending in the US, that’s left traditional retailers scrambling for the rest. Walmart Inc., Target Corp. and Best Buy Co. have all made big investments in recent years in e-commerce — sprucing up websites, offering more delivery options and making acquisitions like Walmart’s $16 billion deal for ...

ABU DHABI / WAM The Abu Dhabi Business Centre of the Department of Economic Development (DED) has registered 2,935 licences during first quarter of 2018, an increase of 26% compared to the same quarter last year, which only saw 2,328 new licenses, according to the report issued for the first quarter of 2018. The report monitors commercial activities in Abu ...

FUJAIRAH / WAM The total foreign trade of Fujairah during 2017 was valued at AED14.377 billion, 5.9 percent higher than the 2016 figure of AED13.577 billion, according to the 2017 Yearbook issued by the Fujairah Statistical Centre. Direct foreign trade rose from AED5.995 billion in 2016 to AED6.372 billion in 2017, an increase of 6.3 percent. Of this, imports accounted ...