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

  Kigali / AFP In a major step toward curbing global warming, world envoys reached an agreement on Saturday to phase out potent greenhouse gases used in refrigerators and air conditioners. Under the amendment to the 1987 Montreal Protocol on protecting the ozone layer, rich countries are to take action sooner than developing nations. The agreement was greeted by applause ...

  Mogadishu / AFP A week of violent clashes between rival forces in northern Somalia has killed 11 people and forced more than 50,000 to flee, the UN humanitarian agency said on Saturday. Tensions between the rival regions of Puntland and Galmudug soared last month after Galmudug said 13 of its soldiers were killed in a misdirected US airstrike which ...

  Warsaw / AFP The family of Poland’s former president Lech Kaczynski, who died in a 2010 plane crash, has agreed to his exhumation as part of a new inquiry into the accident, his twin brother said on Saturday. “I have agreed with the prosecutor’s decision on the exhumations. The remains of my brother… will be among the first, if ...

  Manila / AFP At least one person was killed and three were missing as the Philippines faces what could be “the most damaging” storm this year in the approaching Typhoon Sarika, officials said on Saturday. A man was found dead on the seashore while three fishermen were reported missing in the eastern island of Catanduanes as Sarika, packing maximum ...

  Moscow, / AFP The Kremlin on Saturday slammed Washington for its “unprecedented” threats against Moscow over an alleged series of cyber attacks and vowed to respond. Last week, Washington formally accused the Russian government of trying to “interfere” in the 2016 White House race through cyber attacks on American political institutions. And on Friday, US Vice President Joe Biden ...

  Washington / AFP Donald Trump rejected claims of women accusing him of sexual misconduct, and portrayed himself as the victim of a “smear campaign” orchestrated by the media and established politicians. President Barack Obama warned meanwhile that America’s very democracy is at stake in the November 8 election because of the Republican presidential candidate. As Trump spoke at a ...

  Bloomberg An end to eight long years of government ownership is finally in sight for Lloyds Banking Group Plc, though it took another 10 million pounds ($12 million) on the way out, according to two people familiar with the matter. Britain’s largest mortgage lender filmed a black horse galloping on a beach, built several websites and prepared space for ...

  Bloomberg Union Bancaire Privee, (UBP) the Swiss private bank that increased assets in Asia 10-fold through its purchase of Coutts International, is open to making additional acquisitions as consolidation among regional wealth managers accelerates. The Geneva-based bank is seeking to double assets under management in Asia and increase its number of relationship managers to about 100 from 60 currently, ...

  Bloomberg Citigroup Inc. posted third-quarter profit that beat analysts’ estimates as bond-trading revenue surged 35 percent from a year earlier, helped by interest-rate and currencies trading. The lender helped lead bank shares higher after reporting net income of $3.84 billion, or $1.24 a share, down 11 percent from a year earlier. That still beat the $1.15 average estimate for ...

  Reuters Wells Fargo & Co reported its fourth straight fall in quarterly profit as it set aside funds for potential legal costs amid an increasingly politicized bogus-account scandal that cost Chief Executive and Chairman John Stumpf his job. The bank, which faces numerous federal and state investigations into its practices, said noninterest expenses rose due in part to higher ...