Business

BLOOMBERG  India’s shorter-maturity bonds rallied and money market rates eased on bets that a withdrawal of the nation’s highest value currency note would leave banks with surplus cash to invest. As much as 1 trillion rupees ($12.1 billion) may be added to India’s financial system as authorities remove 2,000 rupee notes from circulation, according to QuantEco Research and Kotak Mahindra ...

MUSCAT / GULF TIME Represented by The Ministry of Heritage and Tourism (MHT), The Sultanate of Oman celebrates on Thursday, the International Museum Day, which falls on 18th May of every year. This year celebration comes under the theme of “Museums, Sustainability and Well-Being”, a slogan announced by the International Council of Museums, to highlight the potential of museums around ...

KUWAIT / GULF TIME Abbey’s Productions continues to achieve consecutive successes by producing television series admired and watched by millions of viewers in the Arab world. During the holy month of Ramadan this year, the company topped the Ramadan race through the much-loved series “Manzel 12″ and “Saqata Sahwan” series. Garnering premium and advanced position on global digital platforms and ...

BLOOMBERG Emmanuel Macron made his pitch that France is a leading hub for foreign investments and electric cars directly to Elon Musk, as the president seeks to attract global businesses. Macron and Musk, the head of electric-car maker Tesla Inc and the world’s second-richest person, discussed prospects for development in the electric vehicle and energy sectors at the presidential palace, ...

BLOOMBERG A gauge of New York state manufacturing activity slumped in May by the most in more than three years as orders and shipments shrank abruptly. The Federal Reserve Bank of New York’s general business conditions index dropped 42.6 points to minus 31.8 in May, data showed. Readings below zero indicate contraction and the gauge was weaker than all estimates ...

BLOOMBERG The European Commission raised its euro-zone inflation outlook and warned of “persistent challenges” even as it acknowledged the resilience of the region’s economy. Citing the strength of underlying pressures, European Union (EU) officials lifted their projections for consumer-price growth to 5.8% this year and 2.8% in 2024 from 5.6% and 2.5% respectively. Forecasts for economic expansion were also increased ...

NEW DELHI / WAM With an eye of markets in the Gulf, India is to expand the cultivation of dragon fruit by more than 16 times, the Ministry of Agriculture and Farmers Welfare here has announced. To help augment this effort, the ministry has authorised the setting up of a Centre of Excellence for dragon fruit cultivation in Bengaluru in ...

BLOOMBERG As the US and EU throw billions at building out the industry needed for the transition to a low-carbon economy, Norway is spooking investors by slapping taxes on wind farms. Norway’s Labour-Centre government is boosting taxes as the cost of pensions, health services and care for the elderly outpace mainland revenues. Salmon farmers, wind turbine owners and hydropower producers ...

BLOOMBERG UK companies are increasingly relying on short-term workers amid hiring freezes and economic uncertainty, a new survey showed. Permanent staff hiring declined at the sharpest pace in over two years in April, according to a report from KPMG and the Recruitment and Employment Confederation (REC). At the same time, companies registered the quickest jump in billings from temporary staff ...

BLOOMBERG Spanish Prime Minister Pedro Sanchez will ask President Joe Biden to scrap Trump-era duties on his country’s olives that have strained trade ties between the US and European Union (EU). In his first official visit to the White House since he took office in 2018, Sanchez will appeal to Biden to remove the tariffs and put an end to ...