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

BLOOMBERG Walmart Inc’s online subscription service is narrowing the gap with Amazon.com Inc in a key demographic: affluent shoppers. Launched in 2020 as a competitor to Amazon Prime, Walmart+ is resonating with higher-income households eager to fend off inflation. At $98 a year, Walmart+ costs $41 less than Prime and offers many of the same perks, such as shipping discounts ...

BLOOMBERG When the European Central Bank (ECB) sets interest rates, attention will be on the increasingly acrimonious path that lies ahead. Despite its insistence on decisions being taken “meeting by meeting,” investors have grown accustomed to getting a preview of where borrowing costs are likely to head in the ensuing weeks and even months. But with officials bickering over how ...

BLOOMBERG The pain in the US banking sector may turn out to be a blessing for incoming Bank of Japan (BOJ) Governor Kazuo Ueda. Yield on Japan’s benchmark 10-year government note dropped below 0.3% for the first time since the BOJ unexpectedly doubled the yield cap to 0.5% on December 20. The move came in the wake of a slide ...

BLOOMBERG The troubles at Silicon Valley Bank and its subsequent collapse have driven investor attention to the heavy investment in US bonds by Japan’s lenders, casting a pall over their shares. SVB’s woes have been rooted in tens of billions of dollars it plowed into longer-term bonds, confident that rates would stay steady. Japanese banks have also stepped up investment ...

BLOOMBERG Binance Holdings Ltd, the world’s largest crypto exchange, is suspending deposit and withdrawal services via bank transfers and card payments for UK customers after its local banking partner stopped providing support for transactions in British pounds. Paysafe, a London-based online payments company, said it would stop providing one of its products to Binance’s customers in the UK, citing local ...

BLOOMBERG Credit Suisse Group said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators. The Zurich-based bank said it will take steps to fix ineffective checks on the process it follows to pull together its financial reports. But the firm said its statements for 2022 and 2021 “fairly present” ...

BLOOMBERG Volkswagen AG boosted its five-year investment plan to €180 billion ($193 billion) as Europe’s biggest carmaker intensifies a push to challenge Tesla Inc’s leadership on electric vehicles (EV).  More than two-thirds of the total — €122 billion — will go to software and electric vehicles, the company said. The previous update of VW’s rolling investment saw the carmaker invest ...

BLOOMBERG Novartis AG is kicking off the sale of some ophthalmology assets, people with knowledge of the matter said, as it seeks to prune its portfolio and focus on growth areas. The Swiss pharmaceuticals group is working with an adviser to gauge interest in the so-called front-of-eye treatments, the people said. The portfolio includes Xiidra, a drug used to treat ...

BLOOMBERG Wheat fluctuated as Russia and Ukraine gave conflicting signals on whether a key grain-export deal had been extended. Wheat futures traded in Chicago fell 0.8%, after earlier gaining as much as 0.6%. Traders are watching to see whether the Black Sea Grain Initiative, which allows Ukraine to export crops from three ports, will be renewed when it expires. A ...

BLOOMBERG The UK labour market showed some signs of cooling as wage growth slowed for the first time in more than a year. Average earnings growth excluding bonuses fell to 6.5% from a year earlier, the Office for National Statistics (ONS) said. That’s down from a record outside the pandemic of 6.7% in the previous three-month period. Job vacancies fell ...