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

  Reuters India’s central bank has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. The Reserve Bank of India (RBI) made the proposal in its annual report last week, as departing central bank governor Raghuram Rajan hands over the ...

  Bloomberg Axa SA is considering cutting 650 jobs in Belgium over the next two years, as Europe’s second-largest insurer overhauls its range of products sold in the country. Axa Belgium has presented the plan to unions Monday, Jef Van In, head of the unit, said in a statement Monday. The reductions would represent 15 percent of its insurance employees ...

  Bloomberg Barclays Plc is close to naming JPMorgan Chase & Co.’s Tim Throsby to run the corporate and international division, including overseeing the investment bank, which will fill the final vacancy on Chief Executive Officer Jes Staley’s top management team, according to two people with knowledge of the talks. Barclays may announce the appointment over coming days, said one ...

  Bloomberg Mark Carney had better have made the most of his summer break, because he’s about to meet his critics again. In his first public appearance since the central bank unleashed a barrage of stimulus, the Bank of England governor will answer to a panel of lawmakers, including those who campaigned for Britain to leave the European Union. As ...

  Bloomberg ANA Holdings Inc. plans to claim compensation from engine-maker Rolls-Royce Holdings Plc following its cancellation of more than a dozen flights last month after finding broken turbines on three 787 aircraft, according to two people familiar with the plan. The form of compensation hasn’t been decided yet but it may be for discounts on future purchases or free ...

  Bloomberg Hong Kong KFC’s partnership with an Alibaba affiliate puts the pressure on the Golden Arches in China more than ever. By allying with a backer of the country’s top food delivery website, KFC owner Yum Brands has taken a step toward solving the dilemma of slowing growth in its biggest market outside the US. It’s a deal that ...

  Madrid / AFP Spain’s heavily indebted Telefonica said on Monday it plans to float a minority stake in infrastructure subsidiary Telxius and was mulling doing the same with its British unit O2. The Telxius listing is expected by the end of the year with a free float of at least 25 percent, the company said in a regulatory filing. ...

  Bloomberg The reappointed chairman of South Africa’s state airline, Dudu Myeni, should be removed from the post, the opposition Democratic Alliance announced, saying that during her tenure the carrier has lurched among crisis. The party said it will seek court action to declare that Myeni was an “inappropriate and incapable appointment” to run South Africa Airways. Myeni on Friday ...

  Bloomberg Poland’s largest trade union submitted a draft bill to parliament restrict retail trade on Sundays, rejecting warnings from employers’ groups that such regulation would eliminate a quarter of the 400,000 jobs at shopping centers across the country. The Solidarnosc union collected more than half a million signatures, or five times more than required to submit a bill to ...

  Bloomberg Ryanair Holdings Plc warned it won’t be able to cut spending fast enough if a drop in ticket prices accelerates this winter, reflecting the strain facing European airlines as terrorist attacks and volatility stemming from Brexit spook travelers. The carrier, Europe’s largest discount airline, has been able to offset price declines during the summer season with cost cuts, ...