The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg Central banks in five of eight major African nations will likely hold interest rates in the next two weeks to shore up their sickly economies, even as the inflation pressures build. Surging food and fuel prices from the war in Ukraine, renewed virus lockdowns in China and the US unwinding coronavirus stimulus have clouded the outlook for the ...
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May, 2022
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16 May
Sheikh Khalifa: A vision for sustainable development
Abu Dhabi / WAM Since its founding in 1971, the Abu Dhabi Fund for Development (ADFD) has received special attention from the late Sheikh Khalifa bin Zayed Al Nahyan, who carried the legacy of the Founding Father, the late Sheikh Zayed, in promoting the UAE globally as a unique model of tolerance and giving. His unlimited support had a considerable ...
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16 May
Saudi Aramco’s net profit rises 82% to $39.5b in Q1
Bloomberg Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine. Aramco, which last week surpassed Apple to become world’s most valuable company, followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi ...
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16 May
Dollar’s strength stoking financial-market volatility
Bloomberg The soaring dollar is propelling the global economy deeper into a synchronised slowdown by driving up borrowing costs and stoking financial-market volatility — and there’s little respite on the horizon. A closely watched gauge of the greenback rises 7% since January to a two-year high as the Federal Reserve embarks on an aggressive series of interest-rate increases to ...
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16 May
Sheikh Mohamed bin Zayed: A born leader
Abu Dhabi / WAM The UAE, on May 14 pledged allegiance to the UAE new president, His Highness Sheikh Mohamed bin Zayed Al Nahyan, as the leader of the nation’s march, amidst a deep belief in his ability to continue to forge ahead with the nation’s illustrious drive of glory, development and construction. President His Highness Sheikh Mohamed bin ...
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16 May
UAE president continues accepting condolences from world leaders
Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan continued to accept the condolences of world leaders and heads of their delegations over the passing of the late Sheikh Khalifa bin Zayed Al Nahyan. His Highness Sheikh Mohamed accepted condolences in the UAE capital, Abu Dhabi, from President Mohamed Ould Cheikh El Ghazouani of Mauritania; Emmanuel ...
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16 May
Smelting giant Korea Zinc to invest $6.6b in green power
Bloomberg After nearly half a century expanding its bread-and-butter business into one of the world’s largest metal smelting operations, Korea Zinc Co is setting its sights on renewable energy to cut costs and drive growth. The Seoul-headquartered zinc, gold, silver and lead smelter plans to invest $6.6 billion over the next eight years developing solar and wind power generation ...
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16 May
EU mulls gas price cap in Russian supply row
Bloomberg The European Union could cap natural-gas prices to avoid “unbearably high†costs if Russia, the region’s biggest supplier, significantly limits or cuts off the flow. The European Commission is mapping out energy-market intervention measures as part of a package to replace Russian gas imports after the invasion of Ukraine. It is set to recommend agreeing on common principles ...
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16 May
Fortum plans ‘controlled exit’ from Russia through sales
Bloomberg Finland’s Fortum Oyj plans to leave Russia by selling assets as policy makers pushed for the state-owned utility to exit because of the war in Ukraine. “We have decided to pursue a controlled exit from the Russian market,†Chief Executive Officer Markus Rauramo said in a statement. “As the preferred path, this decision includes a potential divestment of ...
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16 May
Chile copper mines dodge radical changes
Bloomberg Major copper producers from BHP to Freeport-McMoRan will likely avoid drastic changes in the way they do business in Chile as writers of a new constitution wrapped up deliberations on mining proposals. In a vote on the Constitutional Convention floor, a plan to replace the nation’s investor-friendly concession model with a system of temporary and revocable permits fell ...
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