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

BLOOMBERG Hindustan Zinc Ltd’s plan to dole out $1.3 billion in dividends, a fourth such disbursement to shareholders this financial year, is raising concerns over the use of cash at Anil Agarwal’s zinc unit. The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totalling 109.9 billion rupees, according to an exchange filing. Key beneficiaries will be ...

BLOOMBERG Sembcorp Industries Ltd, a Singaporean energy company backed by state-owned investor Temasek Holdings Pte, is considering selling its waste management unit, according to people with knowledge of the matter. The company is working with a financial adviser on the potential divestment of SembWaste Pte and could seek as much as $700 million for the unit, the people said. Other ...

BLOOMBERG A Singapore-based fintech investment firm is close to raising $100 million to back finance and blockchain startups in China and Southeast Asia. BitRock Capital, backed by logistics real estate operator GLP Pte, targets a closing of the new fund by the third quarter, Alfred Shang, its chief executive officer and co-founding partner, said in an interview. It would more ...

BLOOMBERG Additional Tier 1 (AT1) bonds issued by lenders from UBS Group AG to Kookmin Bank in South Korea are rising as regulators’ assurances helped boost confidence and Goldman Sachs Group Inc analysts highlighted opportunities in the notes. UBS’s $1.5 billion 4.375% perpetual notes were among the biggest gainers in Europe on Wednesday, having risen around 2 points to 66.31 in ...

BLOOMBERG US equity futures were steady and European stocks edged higher as investors prepared for the Federal Reserve’s much-anticipated interest-rate decision. The pound rallied to a six-week high after a surprise rise in UK inflation increased pressure for action from the Bank of England. Contracts for the S&P 500 and the tech-heavy Nasdaq 100 were marginally lower. Virgin Orbit Holdings ...

DUBAI / GULF TIME HE Abdullah Bin Touq Al Marri, UAE Minister of Economy, witnessed the opening of the new Malabar Gold & Diamonds international hub in Dubai Gold Souk. MP Ahammed, Chairman of Malabar Group; and other directors, distinguished guests, officials, well-wishers, and management team members of Malabar Gold & Diamonds were present on the occasion. The group is ...

DUBAI / GULF TIME Tanishq signs a memorandum of understanding (MoU) with Sharaf Group UAE on Wednesday. Through this strategic alliance, Tanishq aims to extend its highly focused value offering in gold and diamond jewellery and utilise Sharaf Group’s retail expertise to drive their already robust growth story in the GCC. The two entities will kickstart this collaboration with the ...

LONDON / WAM The Arab London Foundation awarded Sheikha Fatima bint Hazza bin Zayed Al Nahyan, Chairwoman of the Board of Directors of the Fatima bint Mubarak Ladies Sports Academy and the Fatima bint Hazza Cultural Foundation, the Arab Woman Award 2023, in recognition of her outstanding achievements and efforts in empowering women in various fields, especially cultural and sports. ...

ABU DHABI / WAM The UAE has condemned statements by Israeli Minister of Finance Bezalel Smotrich in which he denied the existence of the Palestinian people. The UAE also condemned his use of a map of Israel that includes lands from the Hashemite Kingdom of Jordan and the occupied Palestinian territories. In a statement, the Ministry of Foreign Affairs and ...

ABU DHABI / WAM The Emirates Nuclear Energy Corporation (Enec) and Nuclearelectrica have announced the signing of a memorandum of understanding (MoU) for bilateral cooperation within the nuclear energy sector to support the growth of this critical energy source in tackling the dual challenges of energy security and climate change. The objective of the MoU is to provide both parties ...