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

Bloomberg The Commonwealth Bank of Australia money-laundering scandal has damaged public’s perception of the whole banking sector, according to the head of the industry’s lobby group. “The issue that Australian banks are suffering with is community trust and public reputation,” Australian Bankers’ Association Chief Executive Officer Anna Bligh said in an interview. “The events of the past week, 10 days, ...

Bloomberg Danske Bank A/S is telling corporate clients to think hard about what to do with their excess cash before December 31, because Denmark’s biggest lender doesn’t want it. After a world-record-setting half decade of negative interest rates, Denmark still has a few surprises up its sleeve that show how such a monetary regime works in practice. Though corporate clients ...

Bloomberg Abu Dhabi-based Etihad Airways withdrew its financial support to German carrier Air Berlin Plc, which has filed for insolvency on Tuesday. In an official statement, Etihad Airways said that this latest development is “extremely disappointing for all parties,” especially as the state-owned airline “has provided extensive support to Air Berlin for its previous liquidity challenges and restructuring efforts over ...

Bloomberg A common complaint heard on the streets of Reykjavik—apart from the weather—is about prices. A standard burger will set you back as much as $20, while branded sneakers cost double what they sell for in the US. That’s about to change. Nearly eight years after McDonald’s pulled out of Iceland due to spiraling costs, international retail giants are now ...

Bloomberg US retail sales advanced in July by the most this year, with widespread gains from department stores to building materials outlets that signal a robust start to consumer spending in the third quarter, according to Commerce Department figures released Tuesday. Overall sales climbed 0.6% (est. 0.3% gain) after 0.3% advance in prior month. Sales excluding autos and gasoline rose ...

Bloomberg Coveralls and painter’s pants are trouncing haute couture. As teen fashion and menswear all struggle to maintain sales growth, one segment of the apparel business is showing surprising strength this year: industrial workwear. VF Corp.’s $820 million acquisition of Dickies parent Williamson-Dickie Manufacturing Co., which also makes hospital garments, is the latest sign of health in the $30 billion ...

Dubai / WAM Emaar Properties PJSC recorded a 15 percent growth in net profit to reach AED2.837 billion ($772 million) during the first six months of 2017 (H1), compared to AED2.475 billion ($674 million) during the same period last year. The H1 2017 revenue reached AED7.866 billion ($2.142 billion) an increase of 8 percent over H1 2016 revenue of AED7.257 ...

ABU DHABI / WAM The Emirate of Abu Dhabi’s trade in iron and steel, aluminum, and copper hit AED6.8 billion during the first third of 2017, a growth of 15.6 percent over the corresponding period last year, according to the Statistics Centre- Abu Dhabi. The three minerals account for 11.6 percent of the total non-oil trade across the emirate’s points ...

Dubai / Emirates Business DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, announced its first-half 2017 financial results, reporting total revenue of AED3.5 billion and net profit of AED1.6 billion. As of 30 June 2017, DAMAC’s booked sales for H1 stood at AED 4 billion, and delivered 1,071 units in DAMAC Hills, Dubai. Total cash ...

HAMBURG / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum toured the Airbus Plant in the German Province of Hamburg. His Highness Sheikh Mohammed’s four-stop tour of the giant factory premises started in the department dedicated to the assembly of the basic components of the short- and mid-range ...