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 A guitar given to Elvis Presley by his father in 1969 went under the hammer for $334,000 in New York during an auction that also saw a Michael Jackson vest fetch $256,000. Vernon Presley is said to have changed the finish of the Gibson Dove acoustic guitar to ebony after his son earned his black belt ...

  Bloomberg Brazilian swap rates slid, even after consumer prices rose faster than forecast, in an early vote of confidence that the new administration will be able to slow inflation. Swap rates on the contract maturing in January 2018, a gauge of expectations for interest-rate moves, declined 0.05 percentage point to 12.72 percent, even as inflation accelerated more than all ...

  Bloomberg The electric-car revolution is here and Chile is looking to ramp up production of the lithium the industry needs for batteries. Or it would be, but for a bitter dispute between the government and the former son-in-law of a military dictator. After Chile’s government moved to withdraw its license to exploit one of the world’s largest deposits, Soc. ...

  New York / AFP Media mogul Sumner Redstone has ousted the head of Viacom from a trust with the power to take over his business interests, putting his daughter in position to control his $40 bn empire, a source close to the matter told AFP. Redstone, 92, is the controlling shareholder of Viacom and CBS whose failing health has set ...

  The British electorate does not need Americans to tell them how to vote in the June 23 referendum, and I wouldn’t dare try. I have always had great admiration for the British people — and great respect for the country’s democratic traditions. But from across the Atlantic, we Yanks are watching the campaign closely — and many of us ...

  Ramesh Ponnuru Interest rates are on the way up, and policy makers at the Federal Reserve want to dispel any doubts you have about it. In the minutes from the Fed’s latest meeting, “most participants” said that raising rates in June “likely would be appropriate” if the economy continues to improve. Presidents of two of the regional Feds said ...

  Vietnamese traffic: locals know it; everyone complains about it. Tourists photograph it and share their experiences back home. But for pedestrians, crossing the streets can be a daunting affair. Vietnam has made great strides economically. But amid the soaring economy and rise in tourism, roads and traffic policing have not kept pace with the increasing number of vehicles on ...

  Bloomberg Collector Bank AB plans to add 80 to 90 employees a year to accommodate growth as the Swedish financial services-provider rolls out new technical solutions and products to challenge the largest banks. Most of the recruitment will be at the IT unit, which currently accounts for 100 of Collector’s 350 full-time employees, Chief Executive Officer Stefan Alexandersson said ...

  Bloomberg CRDB Bank Plc, the largest bank in Tanzania, expects to reduce its non-performing loan ratio to meet a central bank threshold as it shifts its focus to the retail business, Managing Director Charles Kimei said. The lender’s ratio of non-performing loans will fall to 6 percent this year from 8.1 percent a year earlier, when tobacco marketing groups ...

  Bloomberg Brazil’s finance minister nominated Itau Unibanco Holding SA’s chief economist Ilan Goldfajn to head Brazil’s central bank and proposed a constitutional amendment to grant the top monetary authority operational autonomy. Finance Minister Henrique Meirelles also said that Goldfajn, who must still be confirmed by the Senate, would not form part of Acting President Michel Temer’s cabinet and that ...