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

  Bloomberg Global banking regulators are standing by a key reform of capital rules in defiance of opposition from Europe, potentially complicating efforts to complete work on the post-crisis framework by the end of the year. Basel Committee on Banking Supervision Chairman Stefan Ingves said “good progress” was made during talks in Santiago, Chile, this week and the “contours” of ...

  Bloomberg A 53-year-old Swiss man who lost more than 6,000 francs ($5,900) in cash when it fell out of his car has reclaimed it, according to the Zurich police. The man, who hails from eastern Switzerland, was able to reclaim the bundle of large-denomination notes from the city’s lost-and-found office on Wednesday after an 85-year-old pensioner discovered the stash ...

  Bloomberg Kenya has invited banks to submit proposals on how it can tap international markets for as much as $1.5 billion to finance a budget deficit and boost foreign-currency reserves, according to a person with direct knowledge of the matter. East Africa’s largest economy will return to the international debt market in the first quarter of 2017, when it ...

  Dikanäs / AFP A herd of reindeer moves silently down the mountain, their silver coats and majestic antlers blending into the Swedish tundra as their herder leads them to their winter grazing grounds in the plains below. The annual pilgrimage, called transhumance, takes on almost sacred meaning for Sweden’s indigenous Sami reindeer herders nowadays, as they face modern-day threats ...

  New Delhi / AFP At one end of a backstreet in downtown Delhi a group of women hold a vigil to demand rapists be executed, while at the other acolytes of a spiritual leader arrested for sexual assault demand his release. Anyone seeking a glimpse of the bewildering range of issues animating voters in the world’s largest democracy should ...

  Bloomberg Indonesia is widening its tax net to target global technology giants like Google and Facebook Inc., a strategy that’s raising red flags for fear it may deter foreign investment. Finance Minister Sri Mulyani Indrawati is seeking to squeeze more revenue out of an economy that’s been hit by weak commodity prices and subdued demand from China, Indonesia’s biggest ...

  Bloomberg China’s biggest state-owned companies will see “dramatic changes” in the next few years as they may downsize and become more efficient, according to the former chairman of two of the country’s biggest producers. Chinese oil companies have “tremendous room” to improve efficiency and will be “suffering for the next few years” amid the oil crash that’s pushed prices ...

  Bloomberg Nokia smartphones will make a comeback next year, and the current owners of the Finnish brand are betting that the connection it built with billions of consumers during a decade of dominance hasn’t been broken. HMD Global has secured exclusive rights to use the brand for smartphones from Nokia Oyj for the coming 10 years, and will announce ...

  Beijing / AFP China’s factory activity grew at its fastest rate in more than two years in November, official data showed on Thursday, as cheap credit and improving demand helped revive industry in the world’s second-largest economy. The better-than-expected pick-up in the closely watched purchasing managers’ index (PMI) will provide fresh hope for stability after a long-running slowdown in ...

  Bloomberg Prime Minister Narendra Modi’s administration sought to refute concerns that the clampdown on cash would strip India of its status as the world’s fastest-growing big economy. Gross domestic product, which grew a slower-than-estimated 7.3 percent in July to September, will slump to 6.5 percent over the next quarter, according to the median estimate in a Bloomberg survey of ...