The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

DUBAI / WAM Emirates Global Aluminium (EGA) on Wednesday announced that EGA’s CelestiAL solar aluminium will be blasted into space through a partnership with Gulf Extrusions and the Mohammed bin Rashid Space Centre (MBRSC). EGA’s metal has been formed in Jebel Ali into parts for MBRSC’s MBZ-SAT, the region’s most advanced commercial satellite in the field of high-resolution satellite imagery, ...

DUBAI / WAM Emirates NBD has announced the launch of the Emirates NBD Digital Asset Lab, a platform that will enable and accelerate digital asset and financial services innovation in the UAE. Through the Digital Asset Lab, the bank is establishing a robust platform with industry experts, enabling co-creation and experimentation for the development of innovative ideas in financial services ...

BRUSSELS / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, held a meeting with Josep Borrell, European Union High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission. The discussions, which took place in Brussels, focussed on strengthening bilateral relations between the UAE, the EU, and its member states ...

DUBAI / WAM The UAE Ministry of Education announced a collaboration agreement with its counterpart in the Sultanate of Oman, during an official visit by Dr Ahmad Belhoul Al Falasi, Minister of Education and the ministry’s delegation to Oman. This agreement aims to enhance collaboration and the exchange of expertise in the field of education between the two ministries. Dr ...

BLOOMBERG Microsoft Corp’s Azure cloud business has been targeted by the European Union’s antitrust arm, amid concerns the US software firm is leveraging its market power to squeeze out rivals. As part of an informal probe, regulators are quizzing competitors and customers about how Microsoft may be abusing its access to business-sensitive information belonging to cloud firms it has commercial ...

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 ...

BLOOMBERG UBS Group AG is gearing up for an estimated $34.8 billion gain as a result of its emergency takeover of Credit Suisse Group AG, while warning it faces billions in potential legal and regulatory costs from the rescue of its stricken former rival. The Swiss bank stands to benefit from the combined firms’ negative goodwill, based on a first ...

BLOOMBERG  More than half of all Swiss cash in circulation, almost 50 billion francs ($56 billion), is held in 1,000-franc bills, though a significant part of those notes might be in other countries, according to Swiss National Bank (SNB) Vice President Martin Schlegel. “We assume that a good portion is also circulating abroad and is used to store value,” Schlegel told ...