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

  When a mountain of trash collapsed at the fetid Reppi dump outside of Addis Ababa on Monday, at least 82 people died. It could’ve been worse: Hundreds of people live atop Reppi, Ethiopia’s biggest waste dump, trying to make a living from salvaging what city residents throw away. Despite well-known dangers, and the best efforts of the government, they’ve ...

  Bloomberg Deutsche Bank AG is weighing the sale of its Indian retail businesses as the German lender considers asset disposals to help boost capital levels, two people with knowledge of the matter said. The bank is also considering selling retail operations in European countries including Spain, the people said, asking not to be identified as the plans aren’t public. ...

  Bloomberg Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$3 million ($2.3 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions. Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd. said on Wednesday they entered into so-called enforceable undertakings with ...

  Dubai / Emirates Business Emirates NBD Asset Management announced the launch of its Emirates Islamic India Equity Fund in partnership with UTI International, one of India’s largest money managers, following approval from the UAE Securities & Commodities Authority (SCA). The Fund aims to achieve medium to long‐term capital growth through direct investments in Shari’a compliant Indian equities. It will ...

  Bloomberg Bank of America Corp. (BofA) views Dublin as its default destination for a new hub inside the European Union if Brexit means the U.K. loses easy access to the single market, according to one of the U.S. firm’s top executives in Germany. The bank will likely move some jobs to other cities across the EU, including Frankfurt, Madrid, ...

  Abu Dhabi / Emirates Business Etihad Airways is introducing its award-winning A380 on the Abu Dhabi – Paris route this summer as part of seasonal adjustments to the airline’s fleet deployment plan. Featuring the carrier’s revolutionary The Residence – the world’s first three-room suite on a commercial airliner – the aircraft will operate on one of its twice-daily services ...

  Bloomberg Chief Executive Officer Alan Joyce, who is steering Qantas Airways Ltd. through a successful three-year transformation, has one word of advice for Cathay Pacific Airways Ltd. — adapt. On Wednesday, Hong Kong’s flagship carrier reported its first annual loss since 2008 as declining demand for business travel and competition from Chinese rivals eroded earnings. While Joyce’s restructuring at ...

  Bloomberg Deutsche Lufthansa AG said a slide in fares triggered by excess capacity is beginning to slow, easing the burden on earnings as fuel costs rise. Adjusted operating profit will decline “slightly” in 2017 after the figure dropped 3.6 percent to 1.75 billion euros ($1.9 billion) last year, Lufthansa said in a statement on Thursday. The guidance for this ...

  Bloomberg J Sainsbury Plc said it’s cutting costs in an effort to avoid raising prices in response to the drop in the pound, after sales fell in its core grocery business. British supermarket chains have begun raising prices for the first time in more than two years as the slide in sterling since the U.K. voted to leave the ...

  Bloomberg Samsung Electronics Co.’s new Galaxy S8 will employ facial-recognition technology for mobile payments within months of release, adding cutting-edge security to help the marquee device stand out from rivals such as Apple Inc.’s iPhone, people familiar with the matter said. The Galaxy S8 to be unveiled later this month will blend fingerprint, iris and facial detection to verify ...