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

  Bloomberg Turkey’s banks are taking their orders from the top. At least seven lenders in the country announced they’d slashed interest charges on mortgage loans after President Recep Tayyip Erdogan said resistance to lower borrowing costs could be ” treason.” The remarks were the harshest yet from Erdogan, who’s been pushing the nation’s central bank for several years to ...

  Regulatory reform was a big part of Donald Trump’s major economic address yesterday, which offered three proposals to reduce excessive regulation. The problem is serious. The proposals aren’t. First, Trump calls for a temporary moratorium on all federal regulations. For starters, that would be unlawful. Congress has required executive agencies to issue regulations involving air pollution, food safety, consumer ...

  Chris Bryant When Eon said almost two years ago it would split in two — separating its traditional business of generating power into a new company, to leave it with renewables and electricity grids — the embattled German utility seemed on the cusp of fresh start. The 3 billion-euro ($3.4 billion) first-half net loss Eon posted on Wednesday shows ...

  Dubai / Emirates Business Dubai Parks and Resorts announced on Thursday that the region’s largest theme park destination will open its gates to the public on October 31. This unique destination will be comprised of three theme parks – Bollywood Parksâ„¢ Dubai, MOTIONGATEâ„¢ Dubai, and LEGOLAND® Dubai, together with LEGOLAND® Water Park. The destination will also include Riverlandâ„¢ Dubai, ...

  Abu Dhabi / Emirates Business Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) held a graduation ceremony on Thursday at the Park Rotana Hotel in Abu Dhabi for 30 Emirati students enrolled in the eighth Tourism Youth Summer Programme. Supporting this programme is consistent with the Authority’s strategic vision, which aims to provide Emirati students with professional development ...

  Dubai / Emirates Business Cars to be ordered in the next few years by selected Dubai government bodies maintaining huge transportation fleets will be 10% electric and hybrid vehicles in the next few years, as per the new Dubai Green Mobility Initiative Committee. Reporting to the Dubai Supreme Council of Energy, a Dubai Green Mobility Initiative Committee was formed ...

  DUBAI / Emirates Business The Dubai Chamber of Commerce and Industry successfully concluded a summer training programme for 16 students from different UAE universities running between July 17 and August 11 as part of its effort to promote Emiratisation in the organisation. Under the annual programme, which is dedicated to the directives of HH Sheikh Mohammed Bin Rashid Al ...

  Paris / AFP The IEA said on Thursday it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain’s vote to leave the European Union. Global oil demand growth is now expected to slow to 1.2 million barrels per day in 2017 from 1.4 mb/d this year “due to ...

  Bloomberg Wal-Mart Stores Inc.’s Mexican unit agreed to sell its Suburbia clothing chain to El Puerto de Liverpool SAB, Mexico’s biggest department store chain operator, in a deal valued at 19 billion pesos ($1.03 billion). The transaction, which involved 119 stores, is subject to regulatory approval, Wal-Mart de Mexico SAB and Liverpool said in statements after markets closed. Liverpool ...

  Paris / AFP Commodities giant Glencore has extended production cuts across key sectors as part of its strategy to reign in debt and offset the damage from slumping prices, the company said on Thursday. First half results put zinc output at 249,000 metric tons, down 31 percent compared to the same period last year. Coal was down 14 percent ...