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

  Bloomberg Volkswagen AG’s nearly decade-old plot to cheat US emissions tests — all while marketing its diesel cars as environmentally friendly — was quickly unraveling by 2015. A campaign to mislead regulators was failing so badly that top executives signed off on a script for employees to use when questioned. It didn’t work. The next day, August 19, 2015, ...

  Bloomberg Brazil slashed its benchmark interest rate in a surprisingly aggressive move, as policy makers ratcheted up their efforts to jumpstart the country’s shrinking economy. The central bank board, led by President Ilan Goldfajn, unanimously voted on Wednesday to lower the benchmark Selic rate by three quarters of a point to 13 percent — a move that was predicted ...

  Bloomberg UK tech companies raised more capital than any other European country in 2016, while SoftBank Group Corp.’s acquisition of ARM helped Britain achieve a record year for tech deals, according to a survey conducted by the UK capital’s promotional company, London & Partners. The report, which was based on data compiled by research firm PitchBook Data, showed that ...

  Bloomberg Richemont and Swatch Group AG shares surged on optimism the Swiss watch industry may be bottoming out. Richemont advanced as much as 9.4 percent to a one-year high after a gain in sales of timepieces at the Cartier maker’s own stores signaled that wholesale orders may stop declining. The Geneva-based luxury-goods maker also said sales to retailers are ...

  Bloomberg The unusually cold weather and heavy snowfall that sowed panic in southeastern European power trading this week continued to pressure prices as Greece stopped exporting electricity and neighboring Bulgaria plans to follow suit. While day-ahead power prices from Hungary to Bulgaria fell for a second day from Tuesday’s records, they remained above usual levels as the cold weather ...

  Bloomberg United Airlines plans to fly its last Boeing Co. 747 jumbo jet late this year, retiring its largest airplanes a year ahead of schedule as the iconic aircraft glides into the sunset. The decision marks the end of an era for US airlines, which have relied on the humpbacked 747 to bring jet travel to a mass consumer ...

  Bloomberg UK supermarket leader Tesco Plc posted its strongest quarterly sales growth in more than five years and said it had a good Christmas as the grocer continues its revival under Chief Executive Officer Dave Lewis. Sales at UK stores open at least a year rose 1.8 percent in the 13 weeks ended Nov. 26, the Welwyn Garden City, ...

  Bloomberg J Sainsbury Plc shares surged the most in more than a year after better-than-expected holiday sales provided a positive cap to an otherwise disappoin- ting year, continuing the supermarket sector’s strong Christmas run. The stock rose as much as 7.1 percent — the steepest intraday gain since Jan. 5 last year — after same-store sales at Sainsbury supermarkets ...

  Bloomberg Marks & Spencer Group Plc (M&S) reported its best clothing sales in more than five years, delivering a confidence boost to the embattled British retailer after a tumultuous year marred by management overhauls, store closures and plunging shares. Same-store sales in its clothing and home division rose 2.3 percent in the third quarter ended Dec. 31, the London-based ...

  Bloomberg Turkey’s central bank is taking more steps to prop up a tumbling currency by forcing banks to borrow at a higher rate, said a person with direct knowledge of the matter. The lira surged against the dollar. The central bank didn’t offer any funding to local lenders at 8 percent through the one-week repo auction on Thursday, with ...