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

  RIYADH / Reuters Saudi Arabia would not benefit from altering its exchange rate policy and does not intend to do so, its new central bank governor told the state-linked Al Arabiya channel. Ahmed al-Kholifey said the riyal currency has been suffering due to market speculation that the policy might change. “The agency does not intend to change the exchange ...

  Reuters Qatar National Bank (QNB) has closed the syndication of a 2.25 billion euro ($2.50 billion), three-year loan, it said on Sunday. The loan facility, in which 14 banks participated, was increased from 1.5 billion euros due to “strong market over-subscription”, QNB said in a bourse statement. The loan’s annual interest rate is EURIBOR plus 1.05 percent. The money ...

  BLOOMBERG China should quietly allow wider moves in the yuan, a strategy that will reduce the cost of limiting declines, although US pressure against a big devaluation will be a deterrent, according to a former People’s Bank of China adviser. “The currency basket should be allowed to fluctuate within a big band, at least 20 percent,” Yu Yongding said ...

  PARAMARIBO / AP Suriname has landed a $478 million loan from the International Monetary Fund (IMF) to boost an economic reform programme amid a drop in commodity prices, becoming the second South American country to seek such a bailout in nearly a decade. The IMF said it will immediately disburse $81 million as part of a two-year deal announced ...

  NEW YORK / AP Splitting the bill for those pizzas you shared with your buddies or that utility bill that is suddenly due is going to get easier and faster even if you don’t all use the same bank. JPMorgan Chase, Wells Fargo and other big banks are upgrading their online payment services to let customers make instant transfers ...

Bloomberg Banca Carige SpA, the Italian lender working on a new business plan to meet demands of European regulators, ruled out raising additional capital to shore up its finances, denying a report published by la Repubblica. Suggestions that the lender is considering raising as much as 400 million euros ($445 million) as part of its business plan are groundless, the ...

  Bloomberg Scott Rechler, chief executive officer of RXR Realty LLC, is stepping down as vice chairman of the Port Authority of New York and New Jersey after almost five turbulent years as New York Governor Andrew Cuomo’s top appointee at the agency. Rechler, 48, will be replaced by Steven M. Cohen, who formerly served as Cuomo’s senior-most adviser. Rechler ...

  Bloomberg New York REIT Inc. shares had their biggest drop since they began trading more than two years ago after analysts questioned whether the planned sale of the company to closely held JBG Cos. is in the best interest of investors. “The jury is out and New York REIT’s board owes its shareholders a lot more transparency quantitatively why ...

  Bloomberg In 1900, two years before he would be named the president of American Radiator (the predecessor to American Standard), Clarence Wolley built a Tuscan-style estate in Greenwich, Conn. Now its latest owners, Andrew and Judith Ban, entrepreneurs who founded the wholesale jewelry line Leslie’s Jewelry, are putting the house on the market for $12.995 million after living in ...

  Bloomberg China City Construction Holding Group Co., whose recent shareholder change triggered early redemption of its debt, will buy back its 2.5 billion yuan ($382 million) offshore yuan bond before maturity on June 20. Its 2.5 billion yuan notes maturing 2017 jumped 1.5 yuan to 96.3 yuan, the biggest gain since May 9. That leaves it set for the ...