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

BLOOMBERG China’s biggest consumer brands like sneaker makers say they’ve seen a boom in demand as the country leaves the dark days of Covid Zero behind. But beneath the surface, a lingering sense of caution about the sustainability of the rebound points to a potentially rocky year ahead. A recovery in business since the Lunar New Year is still going ...

BLOOMBERG Germany’s air and rail services ground to a halt during a one-day strike as workers join peers in France and the UK to fight for higher pay. The walkout also affects some ports, with the Verdi and EVG transport and railway unions coming together in a strike that resulted in severe disruption to travel. Verdi is demanding a raise ...

BLOOMBERG  India’s decision to tax returns from fixed-income mutual funds is set to bolster its lenders’ efforts to lure deposits for financing a resurgent credit growth and boost profits. The nation scrapping tax incentives for some debt mutual funds has paved the way for banks to garner as much as $36 billion in deposits from the asset managers, according to ...

BLOOMBERG  The boss of ClearBank Ltd said clients moved 20% more money through its platform in the week of Silicon Valley Bank’s (SVB) implosion, adding the firm to a cohort of rivals benefiting from the collapse. Charles McManus, chief executive officer (CEO) of the London-based clearing bank, said business has now begun to stabilise after the sudden jump. The firm’s ...

BLOOMBERG  First Citizens BancShares Inc agreed to buy Silicon Valley Bank (SVB), which was seized by regulators following a run on the lender. The bank agreed to take on all deposits and loans, a deal that includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion, according to a statement from the Federal Deposit Insurance ...

BLOOMBERG  Malaysian construction firm Gamuda Bhd has bought Deutsche Bank AG’s soon-to-be-vacated London office for $315 million in one of the City’s biggest property deals this year. Gamuda partnered with UK private equity firm Castleforge for the purchase of Winchester House, the company said in a statement. The buyers plan to refurbish the premises into a sustainable office for global ...

BLOOMBERG  Bank of England (BOE) Governor Andrew Bailey said the global banking system is more robust and better capitalised than in was in 2008, making a repeat of the crisis more than a decade ago unlikely. “We’ve learned a lot of lessons in the financial crisis,” Bailey said in a pooled clip for broadcasters. “Of course we keep learning lessons. ...

DUBAI / GULF TIME Dubai Police announced its collaboration with Informa Markets to support the upcoming Seatrade Maritime Logistics Middle East (SMLME) event. Held under the patronage of the UAE Ministry of Energy and Infrastructure, the leading maritime and logistics event in the region is scheduled to take place on May 16-18, at the Dubai World Trade Centre. Dubai Police ...

BLOOMBERG While Russian President Vladimir Putin’s plan to station nuclear weapons in neighbouring Belarus is unlikely to change Europe’s strategic balance, it has put him at odds with a pledge he made with Chinese counterpart Xi Jinping just days earlier. Russia and China declared that “all nuclear weapons states should refrain from deploying nuclear weapons abroad” in a joint statement ...

BLOOMBERG North Korea test-launched two short-range ballistic missiles, adding to its barrage in recent weeks as Pyongyang protests joint military exercises by the US and South Korea. The missiles were fired starting about 7:47 am local time from the Chunghwa area just south of Pyongyang, South Korea’s Joint Chiefs of Staff said in a text message. The missiles were launched ...