ABU DHABI / GULF TIME International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, announced on Friday its audited financial results for the full year of 2022 resulting a AED 32.6 billion net profit, the company’s best profit record to date. The fourth quarter of 2022 saw a significant increase in net profit reaching AED 8.3 billion compared to ...

NEW YORK / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 UAE President-Designate, and Michael R Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L and Bloomberg Philanthropies, announced a new partnership to bolster meaningful climate action from cities, businesses, financial institutions, and civil society ahead of ...

BLOOMBERG The US intelligence community assesses that China doesn’t want a military conflict over Taiwan even as it’s determined to bring the independently governed island under its control, officials told a House of Representatives hearing. “It’s not our assessment that China wants to go to war,” Director of National Intelligence Avril Haines told the House Intelligence Committee as part of ...

BLOOMBERG Ukrainian President Volodymyr Zelenskiy accused the Kremlin of deliberately targeting the country’s Zaporizhzhia nuclear plant after the latest Russian missile barrage knocked out its supply for the sixth time before power was restored. “This is a critical situation” and “means, by definition, that Russia cannot be a bona fide participant in any relations in the nuclear sphere,” Zelenskiy said ...

BLOOMBERG Turkish President Recep Tayyip Erdogan officially kicked off the toughest election campaign of his career on Friday, with the broadest-ever opposition alliance standing between him and a third decade in power. Erdogan brought elections forward by more than a month to May 14 from the original date of June 18, despite twin earthquakes devastating much of the country’s southeast ...

BLOOMBERG The US ambassador to Hungary said Prime Minister Viktor Orban has reached a crossroads and that the “time is now” for him to pivot away from Russia and shore up the country’s relations with its western allies. The unusually direct remark for a sitting US ambassador about a Nato partner’s international policy adds to mounting pressure on Orban to ...

BLOOMBERG The Kremlin is opening up Vladimir Putin’s schedule around this year’s G-20 summit in India in September to make it possible for the Russian president to participate in the leaders’ gathering after skipping the last two, according to people familiar with the planning. Kremlin defiance is growing as efforts by the US and its allies to isolate Russia over ...

BLOOMBERG Panic is spreading across the financial world as concerns about the financial stability of Silicon Valley Bank (SVB) prompt prominent venture capitalists including Peter Thiel’s Founders Fund to advise startups to withdraw their money. The turmoil followed a surprise announcement from Santa Clara, California-based SVB that it was issuing $2.25 billion of shares to bolster its capital position after ...

BLOOMBERG Standard Bank Group Ltd, Africa’s biggest lender by assets, is ready to re-capitalise its Ghanaian unit after making provisions to cover more than half of its holdings in the nation’s debt. “It may become necessary for us to inject capital in that business and we will, at the appropriate time,” Chief Executive Officer Sim Tshabalala said in an interview. ...

BLOOMBERG Malaysia left its monetary settings unchanged for a second straight meeting, as the central bank opted to weigh the impact of previous interest-rate increases on economic activity amid a challenging global  outlook. Bank Negara Malaysia (BNM) held its overnight policy rate at 2.75%, a decision seen by 11 of 20 economists in a Bloomberg survey, with the rest expecting ...