The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
There’s a good reason that breaking up tech giants is the nuclear option: It’s a deterrent. If everything works as planned, you should never have to do it. European Union antitrust chief Margrethe Vestager and internal market commissioner Thierry Breton announced a range of new tools to tackle the excesses of the West Coast’s finest, including the ability to dismantle ...
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December, 2020
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16 December
Some bankers certainly deserve a 2020 bonus
The European Central Bank (ECB) is due to update its guidance for next year on how banks handle their capital buffers. There has been an effective ban on dividends and stock buybacks since July and extreme moderation urged on banker pay. While the ECB review might lift the cap on shareholder payouts partially, banker compensation is trickier. A slew of ...
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16 December
China offers $145 billion to banks as cash supply tightens
Bloomberg China injected cash into the financial system by offering medium-term loans, in the government’s latest effort to ensure the country’s banks have sufficient liquidity. The People’s Bank of China (PBOC) added 950 billion yuan ($145 billion) of one-year cash via the medium-term lending facility, more than offsetting the 600 billion yuan that matures in December. That’s the fifth straight ...
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16 December
Canada’s economy may shrink again, warns BOC
Bloomberg Bank of Canada (BOC) Governor Tiff Macklem warned the nation’s economy could temporarily shrink again amid a second wave of virus cases, tempering good news on the start of inoculations against Covid-19. In his last speech of the year, Macklem said uncertainty remains elevated and new restrictions could trigger a small contraction at the start of 2021. On the ...
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16 December
Credit Suisse cuts staff at asset management
Bloomberg Credit Suisse Group AG — Switzerland’s second largest lender — cut 10 percent of the staff at its asset management business this year as it seeks to turn around a unit that has been hit by fund implosions in the wake of the pandemic. Switzerland’s second largest lender made the reductions as it closed some investment vehicles and wrote ...
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16 December
Global stocks advance ahead of Fed decision; Treasuries steady
Bloomberg Global stocks advanced as Congress moved towards agreement on a spending package that would boost the economy. Treasuries were flat ahead of the Federal Reserve’s policy decision. Gains across markets were modest but broad-based, with the Stoxx 600 Index notching a third day of gains. The pound strengthened as Brexit negotiators worked to strike a trade agreement before the ...
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16 December
MSCI is third index giant to cull Chinese stocks banned by US
Bloomberg MSCI Inc. became the third index provider to delete some Chinese stocks from its benchmarks, after the Trump administration banned US investments in companies with links to the Chinese military. The firms include China Railway Construction Corp, China Spacesat, China Communications Construction, CRRC Corp., Hangzhou Hikvision Digital Technology Co., Dawning Information Industry Co. and Semiconductor Manufacturing International Corp, according ...
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16 December
India stocks advance
Bloomberg India stocks advanced, with benchmarks headed for fresh peaks, on another sign that the economy is recovering. The S&P BSE Sensex climbed 0.7% to 46,577.84 as of 9:36 am in Mumbai, while the NSE Nifty 50 Index rises by the same magnitude. Both measures are headed for a fourth day of gains. Asian equities gained as US lawmakers moved ...
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16 December
Mubadala to invest in Asper’s AED2.1b investment vehicle
ABU DHABI / WAM Mubadala, the Abu Dhabi-based sovereign investment company, on Tuesday announced that it will be taking a significant stake into Asper Investment Management’s (Asper) Dorothea investment vehicle (Dorothea). Dorothea is targeting to deploy more than AED 2.1 billion (€ 500 mn) into building a network of district heating services across the Netherlands. Asper is Europe’s leading independent ...
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16 December
President calls for rain prayer across country’s mosques
ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has called for a prayer for rain, known in Arabic as Salaat Al Istisqaa, to be performed at all mosques and prayer areas across the UAE, ten minutes before the Friday prayer, on December 18. The prayers were held to keep with the tradition of the Prophet ...
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