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

  Bloomberg Burberry Group Plc shares fell the most in a year after the British trench coat maker reported declines in its Asian business and worsening results at its wholesale unit, offsetting a Brexit-inspired boost in tourist spending in the UK. The stock declined as much as 10 percent in London, the biggest intraday drop since Oct. 15 of last ...

  Shanghai / Agencies China’s two-week money-market rate climbed the most in almost two years as the central bank drained funds from the financial system and a weakening yuan reduced the possibility of monetary easing. The 14-day repurchase rate, a gauge of interbank funding availability, surged 52 basis points, the most since December 2014, to a two-week high of 3.03 ...

  Bloomberg Britain’s banks face a ban on restrictive contract clauses and misuse of league tables in pitches to clients, in an attempt by the UK’s financial regulator to shake-up competition in investment and corporate banking. In a final report published by the UK Financial Conduct Authority on Tuesday, the agency said improvements must be made by banks in primary ...

  Bloomberg Goldman Sachs Group Inc., once the most profitable firm on Wall Street, reported a 47 percent increase in third-quarter earnings as revenue from bond trading surpassed analysts’ predictions. Net income rose to $2.09 billion, or $4.88 a share, from $1.43 billion, or $2.90, a year earlier, the New York-based company said. Chief Executive Officer Lloyd Blankfein, 62, has ...

  Bloomberg BlackRock Inc., the world’s largest money manager, said third-quarter profit rose 3.8 percent as the firm cut costs while assets under management increased. Net income increased to $875 million, or $5.26 a share, from $843 million, or $5, a year earlier, according to a statement on Tuesday. Adjusted earnings of $5.14 a share beat the $4.98 average estimate ...

  Bloomberg Chinese central bank Deputy Governor Fan Yifei talked up the importance of asset-management firms created to clean up bad loans at a briefing on Sunday, saying that they played a key role in reducing corporate leverage. Speaking in Beijing at the launch of a restructured China Orient Asset Management, a bad-loan manager backed by the Finance Ministry and ...

  QUITO / WAM The 193 countries of the United Nations, represented by over 30,000 delegates, on Monday night adopted a milestone new approach to sustainable urban development, with prominent assistance from the United Arab Emirates. Cities now represent around 80% of global GDP, and by 2050 are expected to grow in population from 3.9 billion in 2014 to 6.3 billion ...

  Dubai / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum announced the launch of the national campaign ‘Let’s Preserve the Legacy’ and extended an open invitation to the community to contribute historical items to the Etihad Museum, which will be officially inaugurated during the UAE National Day ...

  Abu Dhabi / WAM The Abu Dhabi National Exhibition Centre pavilion showcasing the 2017 editions of the International Defence Exhibition and Conference (IDEX) and Naval Defence Exhibition (NAVDEX) drawn high interest from key decision makers and delegates attending Euronaval 2016, the leading maritime defence show currently underway in Paris, France. Humaid Matar Al Dhaheri, Acting Group CEO of Abu Dhabi National ...

  Dubai / Emirates Business Malabar Gold & Diamonds’ the prominent global jewellery retailer unveils the ‘Delightful Diwali’ campaign in United Arab Emirates commencing from today. This season, Malabar Gold & Diamonds showcases the latest collection of gold, diamond & precious gems jewellery in their outlets, to celebrate this festive period. Malabar Gold & Diamonds give their customers an opportunity ...