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

  Bloomberg The silence was deafening. On the afternoon of December 9, Marco Morelli, chief executive officer of Banca Monte dei Paschi di Siena SpA, was preparing for a board meeting in the lender’s Belle Epoque-era offices in Milan when the news hit: the European Central Bank had rejected his bid for more time to raise the 5 billion euros ...

  Washington / AFP The US Justice Department sued the British financial giant Barclays, accusing the bank of massive fraud in the sale of mortgage-backed securities which contributed to the global financial crisis of 2008. Barclays was one of several major banks implicated in the crisis, along with Deutsche Bank, Royal Bank of Scotland and Credit Suisse, that so far ...

  Bloomberg Kazakhstan has extended an emergency loan to the country’s biggest bank, the first step in what could be a rescue that may reach 1.5 trillion tenge ($4.5 billion), according to people familiar with the plans. A bailout is among the alternatives under discussion between officials from Kazkommertsbank JSC and the central bank as Kazakhstan edges closer to its ...

  Mbau / AFP Antoine Kakule Kihumuledi longs for a car to transport his cocoa crop and, like fellow residents in the Beni region in eastern Democratic Republic of Congo, he wants peace so he can pursue his dreams. Kakule, 51, is a pioneer in cultivating cocoa in this area of Nord Kivu province, which has been ravaged by war ...

  Madrid / DPA Two years ago, a district in Madrid got lucky in Spain’s hugely popular Christmas lottery, with people working or living there winning prizes of between 120,000 and 3.0 million euros. As Spaniards gear up for the next windfall from the world’s richest lottery known as el “Gordo”, or the “Fat One”, AFP asked the 2014 winners ...

  United Nations / AFP The UN Security Council demanded that Israel halt settlements in Palestinian territory, after the United States refrained from vetoing a resolution condemning its closest Middle East ally. In a rare and momentous step, the United States instead abstained, enabling the adoption of the first UN resolution since 1979 to condemn Israel over its settlement policy. ...

  Jerusalem / AFP Israel scrambled on Saturday to contain the fallout from the UN Security Council vote to halt settlements in Palestinian territory after lashing out at US President Barack Obama over the “shameful” resolution. By deciding not to veto the move, the US took a rare step that deeply angered Israel, which accused Obama of abandoning its closest ...

  Aleppo / AFP Syrian troops strengthened their hold over Aleppo after retaking full control of the city, as residents anxious to return to their homes moved through its ruined streets. The army announced on Thursday it had recaptured the former rebel stronghold of east Aleppo following a landmark evacuation deal that saw thousands of opposition fighters and residents bussed ...

  Brussels / AFP A high-level commission that oversees Iran’s nuclear deal with world powers will meet in Vienna on January 10 to address a complaint by Teheran about the renewing of sanctions by the United States. The meeting was called on Saturday by the European Union’s foreign policy chief Federica Mogherini, who coordinates follow-up of the nuclear deal for ...

  Bloomberg Teva Pharmaceutical Industries Ltd. agreed to pay $519 million to US authorities after admitting to paying bribes in Russia, Ukraine and Mexico to boost sales. Teva, the world’s biggest maker of generic medicines, admitted to making corrupt payments to public officials and doctors, including an unidentified high-ranking Russian government official, according to a statement on Thursday by the ...