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

Bloomberg Wells Fargo & Co. will pay bigger sign-on bonuses to some new brokers as competitors including Morgan Stanley and Bank of America Corp. seek to reduce recruitment inducements. The Wells Fargo Advisors unit plans to offer better pay packages to brokers who oversee the largest books of business as it seeks to woo more big producers, reports said. The ...

Bloomberg The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings downgrades could still knock the rand and scupper an improving inflation outlook. The Monetary Policy Committee maintained the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters in the capital, Pretoria. The decision was in ...

Bloomberg Alan Tay Yeow Kee, a former CIMB Group Holdings Bhd. banker, admitted to insider trading on two stocks before the companies received takeover offers. Tay, 41, pleaded guilty to trading on price-sensitive information in a Singapore State Court and was fined S$180,000 ($130,000). He bought shares in Qualitas Medical Group Ltd. and welding products supplier Leeden Ltd. in 2011 ...

Bloomberg Creditors of Azerbaijan’s biggest bank are taking steps to block terms outlined by the lender earlier this week in a $3.3 billion debt restructuring, according to two members of the investor group. Debtholders of the International Bank of Azerbaijan are arguing their voting rights were diluted by the inclusion in the restructuring of a $1 billion deposit owed to ...

Bloomberg British Airways (BA) said it will try to operate most scheduled departures from London on Sunday, after a computer system failure paralyzed operations at the start of a three-day holiday weekend in the UK, stranding thousands of travelers at two major airports. The carrier scrapped all Saturday afternoon and evening departures from Heathrow and Gatwick airports following what it called ...

Bloomberg Best Buy shares surged to an all-time high as red hot demand for Nintendo’s latest video game console helped the US electronics retailer deliver a big sales and earnings beat for the first quarter. Shares in the Minnesota-based company gained 21.5 per cent — its biggest one day rise in at least nine months — to $61.25 after it ...

Emirates Business As a brand that is committed to delivering high end products and services, Huawei Consumer Business Group, is continuously looking for ways to satisfy their customer’s needs. This Ramadan, Huawei seeks to strengthen its relationship with its loyal customers by offering them special services during the whole month of Ramadan. The offers include a 50% discount on both ...

Bloomberg Sears Holdings Corp. rallied after posting its first quarterly profit since 2015, bringing a ray of optimism to a retail chain struggling to regain its relevance. First-quarter net income amounted to $244 million, compared with a loss of $471 million a year earlier. The gain reflects efforts by Chief Executive Officer Eddie Lampert to sell assets and raise cash. ...

Dubai / Emirates Business The Dubai Airport Freezone Authority (DAFZA) performed exceptionally well in Q1 2017, achieving 62 percent of its total annual sales target. This was accompanied by an increase of 7 per cent in sales revenues over Q1 2016. The freezone also posted a significant 31 per cent growth in the number of its registered companies, as compared ...

DUBAI / WAM Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Under-Secretary of the UAE’s Ministry of Economy, has met with Farid Amin, Chairman of the Canada-UAE Business Council (CUBC) to discuss developing economic and trade relations between the two countries, and encouraging private sector participation. During the meeting, the two sides discussed the role of the Council in communicating with ...