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

  Dubai / Emirates Business Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) announced updates to the Desert Tour & Camp regulations first introduced in May 2016. The revisions are intended to further enhance the emirate’s popular desert experiences, elevating the sector’s standards and bolstering Dubai’s reputation as an adventure hub with a distinct and diverse offering. Dubai Tourism ...

  PALM BEACH / AP The White House demanded on Sunday that Congress investigate whether former President Barack Obama abused his executive powers in connection with the 2016 presidential election. President Donald Trump leveled that claim on Saturday when he accused his predecessor of tapping telephones at Trump Tower. But Trump offered no supporting evidence, a spokesman for Obama denied ...

  Bloomberg Deutsche Bank AG’s supervisory board will meet to discuss a plan to raise more than 8 billion euros ($8.5 billion) as Chief Executive Officer John Cryan tackles concerns about capital levels, a person familiar with the matter said. The bank confirmed a Bloomberg News story that said the lender is planning an equity offering and the sale of ...

  Bloomberg When the biggest Nordic bank turned its subsidiaries into branches, regulators in Finland, Denmark and Norway complained they were left with too-big-to fail operations but no power to rein them in. Oversight was instead left to Sweden. But the full consequences of Nordea Bank AB’s decision to consolidate its Nordic operations are only gradually becoming clear. In a ...

  RABAT / Reuters Morocco’s central bank approved the use of five types of Islamic banking transaction, giving a final regulatory nod for the country to launch an Islamic finance industry. Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board, a ...

  Bloomberg Russia’s central bank, on the prowl for mismanaged lenders as part of an unprecedented three-year cleanup, is picking up right where it left off. The regulator revoked the licenses of two lenders, including the nation’s 42nd-biggest, Tatfondbank PJSC, after efforts to save them collapsed amid evidence of fraud. The affiliated banks are based in Tatarstan, an oil-rich and ...

  Bloomberg A timeline for the end of European Central Bank stimulus is taking shape among economists. Policy makers will wait until at least June before upgrading their assessment of the risks to the euro-area recovery and won’t announce another reduction in bond purchases until September, according to most respondents in a Bloomberg survey. Tapering quantitative easing and starting to ...

  Bloomberg UK banks trying to keep access to European Union (EU) markets after Brexit will have to set up full-scale operations in the bloc, European Central Bank (ECB) Executive Board member Sabine Lautenschlaeger said. “I do not see the ECB issuing banking licenses to empty shell companies,” she said in a speech at the London School of Economics. “I ...

  Rise of the machines! Attack of the clones! This is a common outcry from the financial industry and investors alike in reaction to the rapid rise of ‘passive’ index funds and exchange-traded funds, which now have about $5 trillion in assets in the United States. Investors have an understandable tendency to see passive investing as a bunch of robotic ...

  This must be “copy your competitor” week for corporations. McDonald’s Corp., at its annual investor day, unveiled plans to roll out mobile ordering and delivery to all its US locations. In a bid to win over lapsed customers, it’s embracing the same digital tools Starbucks Corp. and Domino’s Pizza Inc. have used to grow sales. Recently I warned Target ...