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

  New York / AFP Low-cost air carriers are spreading their wings across the Atlantic, much to the chagrin of the major airlines now forced to serve new destinations and cut fares. Transatlantic flights operated by Norwegian Air, Iceland’s Wow air, Canada’s WestJet and Morocco’s Royal Air Maroc have multiplied in recent years as jet fuel has grown cheaper. Frequently ...

  Bloomberg The UK’s government’s decision to expand London’s Heathrow airport is about ‘50 years too late,’ according to the chief executive officer of Dubai Airports, which is building one of the world’s largest aviation hubs. “Unfortunately the bureaucracy in the UK seems to be the world’s most refined and the world’s most comprehensive when it comes to strangling infrastructure ...

  Helsinki / AFP Finnish telecom equipment giant Nokia said it has managed to reduce losses but remained in the red in the third quarter after acquiring its former rival, French-American Alcatel-Lucent. The world’s former number one in handsets, which turned into a telecom equipment maker, reported a net loss of 125 million euros ($135 million) in the third quarter ...

  Bloomberg Thanks to new technology, flying in a private jet is no longer just for business titans and the super-wealthy. But in a paradox, that means aircraft manufacturers like Cessna and Bombardier Inc. are selling fewer planes. The general aviation industry is undergoing a major shakeup as new business models attempt to match idle aircraft with passengers, many of ...

  Bloomberg Russia is looking to sell dozens of stakes in state companies ranging from its oil-pipeline monopoly to its second-largest lender over the next three years as the government struggles to cover its budget gap, according to a draft privatization programme. After years of delays, the government is reviving plans to offer shares in Transneft PJSC and VTB Bank ...

  Bloomberg Bank Hapoalim Ltd., Israel’s largest bank, approved a plan to cut 12 percent of the workforce, answering the call of regulators to slash costs as it seeks to boost its dividend. The lender expects about 1,500 workers to choose voluntary retirement over the next four years in a plan that will cost the bank about 1.2 billion shekels ...

  Bloomberg Apollo Global Management LLC is starting to raise money for a new buyout fund that could reach almost $20 billion in size, as the private equity firm tears ahead on an unprecedented buying spree. “We are currently on pace to deploy more capital in 2016 than in any other year in our history,” Josh Harris, who co-founded Apollo ...

  Bloomberg Bank of England Governor Mark Carney’s self-imposed deadline for declaring whether he will stay in office beyond 2018 is fast approaching, with British newspapers saying he could decide to step down as soon as next week. The 51-year old Canadian may announce his decision “within days,” the Times and Mail Online reported. A decision could come at his ...

  Bloomberg United Overseas Bank Ltd., (UOB) Southeast Asia’s third-largest lender, said third-quarter profit fell 7.8 percent from a year earlier, as the bank set aside higher provisions for soured loans to the struggling oil and gas industry. The shares fell. Net income fell to S$791 million ($567 million) in the three months to September from S$858 million a year earlier, ...

  Brussels / AFP Canadian Prime Minister Justin Trudeau and European Union leaders on Sunday finally signed a landmark trade deal seven years in the making, after it was nearly being torpedoed by a small region of Belgium. The ceremony in Brussels had been pushed back from Thursday after French-speaking Wallonia, with just 3.6 million people, initially vetoed an agreement ...