The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
BLOOMBERG Some smaller Chinese lenders cut interest rates for time deposits over the weekend, following a similar move by their larger rivals last year, after several lending rate reductions by policy makers started to squeeze their margins. Rural lenders in provinces including Henan and Hubei lowered deposit rates by as much as 45 basis points on some tenors, according to ...
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April, 2023
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11 April
BNP Paribas raises bonus pool for top investment bankers by 14% in 2022
BLOOMBERG BNP Paribas SA raised the bonus pool for its top investment bankers last year after the employees’ unit posted revenue gains on increased market volatility. The variable compensation pool for what it calls “material risk takers†at its investment banking operation rose 14% to €504.3 million ($550 million), according to a filing. Since the number of such bankers slightly ...
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11 April
Ueda starts as BOJ governor in first transition in a decade
BLOOMBERG Kazuo Ueda took over the reins at the Bank of Japan (BOJ), replacing Haruhiko Kuroda, whose decade-long aggressive easing efforts made the central bank capable of jolting global financial markets with just a small tweak to its policy. Ueda began his five-year term, inheriting a monetary stimulus program from Kuroda after $11.7 trillion was spent in the pursuit of ...
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11 April
US bank lending slumps by most on record in March
BLOOMBERG US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy. Commercial bank lending dropped nearly $105 billion in the two weeks ended on March 29, the most in Federal Reserve data back to 1973. ...
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11 April
Mastercard to require banks to use recycled materials for cards
BLOOMBERG Mastercard Inc wants the plastic in consumers’ wallets to do less damage to the environment. Starting in 2028, the company will require all banks issuing one of its payment cards to use sustainable materials as it seeks to remove first–use, PVC plastics from its network, according to a statement. Acceptable alternatives include recycled or bio-sourced plastics. The move comes ...
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11 April
Abdullah bin Zayed receives FM of Malta, signs three MoUs
ABU DHABI / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, received Ian Borg, Minister for Foreign and European Affairs and Trade of the Republic of Malta. During the meeting, which was held at the Ministry’s HQ in Abu Dhabi, ways of expanding cooperation and partnership were discussed within the framework of the ...
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11 April
Tahnoun bin Zayed: ‘Zayed Humanitarian Work Day an everlasting stop on a national march of generosity and kindness for all peoples on earth’
ABU DHABI / WAM HH Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Ruler of the Emirate of Abu Dhabi and National Security Adviser, said that Zayed Humanitarian Work Day is an everlasting stop on a national march of generosity and kindness for all peoples on earth. In statements marking theZayed Humanitarian Work Day, Sheikh Tahnoun added: “Late Sheikh Zayed bin ...
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11 April
UAE President sends COP28 invitation to Chairman of Yemeni Presidential Council
ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan sent a written letter to Dr Rashad Al-Alimi, Chairman of the Presidential Leadership Council of the Republic of Yemen, which discussed bilateral relations and also included an invitation to attend COP28, which will be held in the UAE this November. The letter was received by Al-Alimi from ...
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11 April
G42-Microsoft deal to speed up digital transformation in UAE
ABU DHABI / WAM G42 and Microsoft announced their intention to collaborate on the development of the public sector and industry-focused solutions that leverage Microsoft’s partner ecosystem and cloud capabilities. These solutions will benefit UAE organisations to address citizen and customer needs. Formalised in a memorandum of understanding (MoU) that was signed at G42’s premises, the agreement will allow both ...
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11 April
Al Jalila Foundation recognizes Dubai’s Marriott International with a ‘Crystal of Hope’
DUBAI / WAM Al Jalila Foundation, a member of the Mohammed Bin Rashid Al Maktoum Global Initiatives dedicated to transforming lives through medical innovation, has recognised Marriott International, the world-renowned hospitality chain, as a long-standing partner and major supporter of their mission. Since the collaboration began in 2015, Marriott International has raised AED11 million making it the largest contribution by ...
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