The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / WAM Dubai Electricity and Water Authority (Dewa) has commissioned 389 11kV substations in Dubai in the third quarter of 2022. This is part of its efforts to deliver state-of-the-art infrastructure according to the highest international standards. These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1. The construction of ...
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October, 2022
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31 October
‘UAE Codes’ Day hackathons attract 200 students from 50 schools
Dubai / WAM The Emirates Schools Establishments (ESE), in cooperation with the National Programme for Coders, organised school hackathons that attracted more than 200 participants from 50 different schools across the UAE, along with coding ambassadors to activate their coding role on the “UAE Codes†Day. The Hackathons that started on October 29 as part of the “UAE Codes†day, ...
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30 October
UK banks park $1.5b to cover bad loans as recession looms
Some of the UK’s biggest high street banks are bracing themselves for trouble. Barclays Plc, Lloyds Banking Group Plc and NatWest Group Plc have together put aside nearly £1.3 billion ($1.5 billion) to cover bad loans, earning reports this week showed. HSBC Holdings Plc, which makes most of its money in Asia, also set aside $200 million “in respect of ...
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30 October
Colombia’s central bank raises key interest rate to 21-year high
Colombia’s central bank ignored complaints from President Gustavo Petro and raised interest rates to the highest level in more than two decades, while also deciding against intervention in the currency market. The bank lifted its benchmark rate by one percentage point to 11%, after the peso plunged and foreign investors dumped the nation’s bonds. The unanimous decision, which was in ...
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30 October
Porsche profit soars with 911 sales driving returns
Porsche AG’s surging income failed to impress investors as concerns over headwinds in the final months of the year weighed on luxury-car maker’s shares. Operating profit jumped 41% to €5.05 billion in the first nine months from the same period last year, partly due to exchange-rate effects, the luxury-car maker said. But the company didn’t raise its full-year guidance, suggesting ...
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30 October
Global currency trading soars to $7.5 trillion a day, says BIS
Trading in the global foreign-exchange market jumped to an all-time high amid heightened volatility, according to the Bank for International Settlements (BIS). Average daily transactions in April increased to $7.5 trillion, up 14% from the same month in 2019, the BIS said in its triennial survey. That compares with a growth rate of 30% in 2019 and a contraction of ...
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30 October
Indian carmaker beats profit forecast as supply woes ease
Maruti Suzuki India Ltd., India’s biggest carmaker, reported a higher-than-expected quarterly profit, aided by a weaker Japanese yen and easing of some supply chain constraints that boosted production recovery. Net income was 20.6 billion rupees ($250 million) for the three months ending September 30, the unit of Japan’s Suzuki Motor Corp. said in a statement to exchanges, compared with a ...
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30 October
Musk takes Twitter helm after closing $44 billion deal
Elon Musk wasted no time taking complete control of Twitter Inc. The billionaire appointed himself chief executive officer, dismissed senior management and immediately began reshaping strategy at one of the world’s most influential social media platforms as his $44 billion take-private deal closed. Musk, 51, is replacing Parag Agrawal, who was fired along with three other top executives. The mercurial ...
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30 October
Appliance maker Electrolux to cut 8% of 50,000 staff
A slump in demand for household appliances has prompted Swedish manufacturer Electrolux AB to scale back its North American operations in a move that affects as much as 8% of its 50,000-strong workforce. The job cuts of 3,500 to 4,000 employees form part of a cost reduction problem that was announced alongside Electrolux’s third-quarter earnings. The company, which makes cookers, ...
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30 October
Scotiabank cuts Asia capital-markets jobs in shift to Americas
Bank of Nova Scotia’s capital-markets unit is cutting some jobs in Asia and offering other staff members retention and relocation packages as the bank narrows its focus on regions closer to home. The move is part of the bank’s push to concentrate on North and South America, and its global banking and markets division in the Asia-Pacific region will focus ...
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