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

As we begin a new year, it’s worth reflecting on the paradoxical and frustrating nature of progress. Progress is often disappointing, because even when it indisputably occurs (as it often does), it spawns new problems or reveals that old problems were underestimated in their complexity or inertia. Gains are forgotten and taken for granted. They become part of society’s norms, ...

Over the holidays the Washington Post interrupted the good cheer to bring us “a preview of a US without pensions.” Peter Whoriskey tells the story of 998 people who lost pension benefits when McDonnell Douglas closed a plant in Tulsa, Oklahoma, in 1994. It’s a story that features bankruptcies, lost homes and long-deferred retirements. It’s compelling, it’s sad, and it’s ...

Is nuclear power dying out? The world’s second-biggest infrastructure investor just bet $4.6 billion that it’s not. Westinghouse Electric Co., the slice of Toshiba Corp.’s bankrupt nuclear business focused on providing fuel and maintenance services to power stations, will be bought at that price by Brookfield Asset Management Inc.’s private equity arm Brookfield Business Partners LP, the company said. Brookfield ...

You’d think the Indian economy had returned to rosy health. It seems to have recovered from two enormous disruptions—Prime Minister Narendra Modi’s decision just over a year ago to withdraw 86% of the currency in circulation, and the poorly-planned rollout in the middle of 2017 of the new goods and services tax (GST). Exports are no longer declining, as they ...

I hate to be a party pooper, but I am. Apple Inc.’s decision to do the right thing for customers will be bad for business. You probably know that Apple (sort of) apologized for not telling people about a software tweak it made about a year ago that slowed performance of iPhones with worn out batteries, to prevent them from ...

Bitcoin rose 88 percent from December 1 to 19, then fell 23 percent by December 30, 2017, a net 44 percent increase for the month. Attention naturally focused on those events, but the important longer-term story is what’s happening within the entire cryptocurrency sector. The market value of all non-bitcoin crypto assets rose 153 percent during bitcoin’s upswing, and 4 ...

Bloomberg UBS Group AG is in discussions to acquire a majority stake in its Chinese securities joint venture, Chief Executive Officer Sergio Ermotti said, as global banks rush to take advantage of Beijing’s pledge to further open its financial markets. UBS has started talks with its local partners on taking a 51 percent stake in the venture, Ermotti said in ...

Bloomberg A former Royal Bank of Scotland Group Plc trader was fined 250,000 pounds ($338,000) and banned from working in the industry by the UK markets regulator for manipulating Libor, five years after the bank was penalised for its role in the scandal. The Financial Conduct Authority issued the penalty against Neil Danziger on Monday, saying the ex-trader “routinely” made ...

Bloomberg After a quiet start to January, this week could see bigger bets come back into play on the pound. With the UK Parliament returning from recess and a slew of data, investors will be looking to put on fresh sterling positions, according to Neil Jones, head of currency sales at Mizuho Bank Ltd. Despite lingering Brexit uncertainty and a ...

Bloomberg Romania unexpectedly raised borrowing costs for the first time in almost a decade as inflation bounces back and its economy expands at one of the continent’s quickest paces. The central bank lifted its benchmark interest rate to 2 percent from a record-low 1.75 percent on Monday, according to an emailed statement. The move was predicted by five of 15 ...