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

Bloomberg Commonwealth Bank of Australia has blamed a software coding error for more than 50,000 alleged breaches of money-laundering and terrorist-financing laws. The error went undetected for almost three years, the Sydney-based bank said in its first detailed response after being sued August 3 by the country’s financial crime agency. Austrac alleged the bank failed to report on time or ...

Bloomberg Indonesia’s central bank has signaled a return to the easing bias that dominated its rates agenda last year. Bank Indonesia was Asia’s biggest rate cutter in 2016, easing policy six times until it hit the pause button late in the year. Now, with price pressures fading again, the bank’s governor Agus Martowardojo has said policymakers aren’t closing the door ...

Bloomberg It took six meetings for cracks to become visible within India’s powerful interest rate-setting panel. Following a series of consensus voting and bland statements, there was open dissent on the monetary policy committee in June, which only worsened last week when a member of the Reserve Bank of India’s economic research wing broke ranks for the first time with ...

Dubai / Emirates Business Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.021 billion ($278 million) in the first-half (January to June) of 2017. This is 3 percent higher than the H1 2016 net profit of AED 987 million ($269 million). Revenue for half- year 2017 is AED 1.624 billion ...

SHARJAH / WAM Expo Centre Sharjah has announced it will organise and host 11 economic, cultural, and commercial exhibitions in the second half of 2017. The first event on the agenda kicks off on October 3, and the last event ends on December 16. Saif Mohammed Al-Midfa, CEO of Expo Centre Sharjah, said that the Centre has realised its objectives ...

DUBAI / Reuters Manufacturer JBF RAK, which is 60 percent owned by the United Arab Emirates’ Ras al-Khaimah Investment Authority (RAKIA), is in talks with banks about renegotiating around AED2bn ($544.6 million) of debt, banking sources said. The polyester producer, which according to its website is an affiliate of India’s JBF Group, has contacted lenders about reviewing its debt obligations, ...

Abu Dhabi / WAM HH Sheikha Fatima bint Mubarak, the widow of the late Sheikh Zayed bin Sultan Al Nahyan, hailed the decision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to declare 2018 as the “Year of Zayed”. In a statement on the occasion, the Chairwoman of the General Women’s Union, Supreme Chairwoman of the Family Development ...

Abu Dhabi / WAM Abu Dhabi Global Market (ADGM) and service company KPMG have come together to launch the first ever FinTech Abu Dhabi Innovation Challenge on October 22 in Abu Dhabi to enable start-ups to access industry-leading solutions that address emerging business challenges in the financial services industry. The Innovation Challenge, as part of the inaugural FinTech Abu Dhabi ...

Ajman / Emirates Business In a significant enhancement of its initiatives to attract investments into the UAE from global markets, Ajman Free Zone (AFZ), said that it has identified five new key markets where it will set up hub offices this year as part of its global investor outreach strategy. In a statement, AFZ said the expansion of the free ...

ABU DHABI / WAM Abu Dhabi Ports, the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, in addition to the Port of Fujairah and the Khalifa Industrial Zone Abu Dhabi, has been awarded the ISO 22301 certification for its Business Continuity Management System (BCMS). The certification is a business continuity management benchmark, ...