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

Bloomberg Credit Suisse Group AG, the Swiss lender struggling to improve performance at its stock-trading unit, replaced one of the business’s top European bankers with a senior executive from Deutsche Bank AG. Stuart McGuire, who runs Deutsche Bank’s client-execution strategy for equities in Europe, the Middle East and Africa, will replace Daniel Kaye as Credit Suisse’s head of cash-equities trading ...

Bloomberg The largest bank in Azerbaijan has halted its foreign debt payments and will start restructuring talks with creditors after a currency crisis in the Caspian Sea nation drove the lender to the brink of collapse. Under a restructuring plan, the International Bank of Azerbaijan said its “designated financial indebtedness” was at $3.3 billion as of April 18. It missed ...

Bloomberg SoftBank Group Corp. is leading a $502 million investment in Improbable Worlds Ltd., a London-based virtual reality startup, in one of the UK’s largest venture capital deals. The valuation wasn’t disclosed. But SoftBank is buying a non-controlling stake, which would mean Improbable is worth at least $1.04 billion. The deal would rank as the fifth-largest UK venture investment in ...

Bloomberg The cyber-attack that spread rapidly around the globe was stifled when a security researcher disabled a key mechanism used by the worm to spread, but experts said the hackers were likely to return as many computers remain at risk. Hackers can still gain easy access to personal computers that lack a security update issued in March by Microsoft Corp. ...

Bloomberg Samsung Electronics Co. and Intel Corp. weighed in with their own gripes about Qualcomm Inc. while cheering on the US Federal Trade Commission’s lawsuit accusing the chipmaker of trying to corner the market for semiconductors used in smartphones. The South Korean company, one of Qualcomm’s largest customers, and Intel, one of its biggest competitors, filed arguments in support of ...

Bloomberg Netmarble Games Corp. rose as investors pursuing a high-growth alternative to traditional industry piled into South Korea’s biggest coming-out party in seven years. Shares in the mobile game developer and publisher ended 3.2 percent higher at 162,000 won in Seoul, after rising as high as 9.2 percent above the initial public offering price. The company now has a market ...

BAGHDAD / Agencies OPEC and other major oil exporters which are currently taking part in output reduction have reached consensus to extend the limits of cuts until the end of the year, according to the Iraqi and Algerian oil ministers. “All members of the Organisation of Petroleum Exporting Countries support an extension of the output cuts for a second six-month ...

ABU DHABI / Agencies UAE stocks closed on a high note on Thursday, gaining AED8 billion driven by a buying spree over leaders, primarily Emaar Properties which rose AED 7.49 ahead of the company’s announcement of its Q1 financial statements. The Dubai Financial Market (DFM), General Index rose by 0.74 percent to 3,420 points and Abu Dhabi Securities Exchange, ADX, ...

Bloomberg Dana Gas PJSC profit nearly doubled in the first quarter as the United Arab Emirates-based natural gas producer boosted output. Net income rose to 40 million dirhams ($11 million) from 22 million dirhams a year earlier, the company said on Thursday in a statement to the Abu Dhabi stock exchange. Sales climbed 44 percent to 432 million dirhams. Dana ...

ABU DHABI / WAM The UAE dirham has continued to appreciate in Q1 2017 for the twelfth consecutive quarter, according to Central Bank of the UAE statistics. With a few exceptions, the dirham appreciated against most of the UAE’s main trade partners. From the import side, the weighted dirham’s appreciation against its top-nine non-dollarised import partners, which claim 48.5 percent ...