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

BLOOMBERG Indonesia said Perry Warjiyo, who steered the Southeast Asian economy’s monetary policy through the pandemic years, will continue as central bank governor for a second term. His appointment was approved by a parliament commission on Monday, after he was named the lone candidate by President Joko Widodo. A second term at Bank Indonesia will allow Warjiyo, 64, to continue ...

BLOOMBERG The European Central Bank (ECB) must fight inflation until the job is done, while acknowledging the rising risk of pushing interest rates too high as the peak nears, Governing Council member Martins Kazaks said. Price pressures remain too strong and warrant further action — assuming the market turmoil that saw off Silicon Valley Bank and rocked Credit Suisse Group ...

BLOOMBERG UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per ...

BLOOMBERG GoTo Group reported a narrower adjusted loss for the fourth quarter, helped by extensive cost cuts at the Indonesian ride-hailing and e-commerce provider. The adjusted loss before interest, taxes, depreciation and amortisation (Ebitda) shrank to 3.1 trillion rupiah ($202 million) in the quarter through December from 6.5 trillion rupiah a year earlier, the Jakarta-based company said. Net revenue, which ...

HANOI / WAM Vietnam is attracting more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI), the state news agency VNA reported. Phase VIII of the initiative, launched in 2003, concluded in March 2023, under which 497 out of the 597 items were completed. To promote its role, the Vietnamese Ministry of Planning ...

BLOOMBERG Sea Ltd has made the changes it needs to deliver profits over the long haul, billionaire founder Forrest Li said in a memo to staff, assuring workers who had survived months of steep job cuts that the worst is over. The Asian internet giant’s first-ever quarterly net profit marks a turning point for the company, the chief executive officer ...

BLOOMBERG European stocks decline and US equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group AG failed to soothe market jitters over the health of the banking system. Investors turned to the safest assets, spurring gains in Treasuries, while gold rose on haven demand. The Stoxx Europe 600 index dropped 0.7%, with a ...

BLOOMBERG Turmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months. The largest digital coin topped $28,000 for the first time since June 2022, trading at around $28,200 on Monday. Bitcoin is now up more than 70% since the start of the year. ...

DUBAI / GULF TIME Zen Film Productions, a Dubai-based boutique film production company with a premier focus on content that transcends international barriers, is now prepared to debut their original content on popular Mena OTT platform Starzplay Arabia. Starzplay, along with Netflix, is said to control two thirds of the Middle East and North Africa’s OTT services, a report by ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the “1 Billion Meals Endowment” campaign, which will establish a food endowment fund as a means to achieve sustainable food aid. Coinciding with the holy month of Ramadan, the campaign aims to mobilise local, regional ...