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

BLOOMBERG The European Central Bank (ECB) will raise interest rates as high as necessary to bring inflation back down to 2%, said Governing Council member Ignazio Visco. It’s impossible for now to say what level borrowing costs will have to reach to achieve that target, Visco, who also heads Italy’s central bank, said in a Bloomberg TV interview. Policy will ...

DUBAI / GULF TIME Cybersecurity teams have long feared a black swan event. It appeared in 2020 in the form of Covid-19 and the severe security risks posed by shutdowns and a dispersed workforce. Its lingering effects will continue to challenge security teams in 2023. First, the remote/hybrid working trend that it triggered has proved resilient and employees demand a ...

BLOOMBERG Executives for JetBlue Airways Corp and Spirit Airlines Inc met with Justice Department officials in a final bid to persuade the antitrust agency to approve their $3.8 billion merger, said people familiar with the matter. The agency is expected to decide whether to challenge the deal in the next several weeks, the people said, asking not to be named ...

BLOOMBERG American Airlines Group Inc Chairman Doug Parker, a longtime advocate for consolidation who oversaw a merger that made the carrier the world’s largest, plans to retire from the board, a little over a year after stepping down as chief executive officer. Greg Smith, a former Boeing Co chief financial officer who joined the airline’s board in January 2022, will ...

BLOOMBERG Alibaba Group Holding Ltd is pushing aggressive cost-cutting to boost profit as growth in its domestic China market remains anemic, a conservative shift for a tech giant that once spent aggressively to dominate wide swaths of the economy. The online retailer reported net income rose a better-than-anticipated 69% to 46.8 billion yuan ($6.8 billion), but revenue rose just 2.1% ...

BLOOMBERG Hong Kong’s goal to reclaim its spot as Asia’s premier financial hub is being tested by a scarcity of workers in the air industry that’s vital for reestablishing the city’s international links. The damage caused by years of closed borders is proving hard to undo. The number of workers employed at the Norman Foster-designed airport at the end of ...

BLOOMBERG Apple Inc. has a moonshot-style project underway that dates back to the Steve Jobs era: noninvasive and continuous blood glucose monitoring. The goal of this secret endeavour — dubbed E5 — is to measure how much glucose is in someone’s body without needing to prick the skin for blood. After hitting major milestones recently, the company now believes it ...

BLOOMBERG Mercedes-Benz AG has tapped Google to assist with a reboot of software-based features it’s expecting to generate just under €10 billion ($10.6 billion) of additional revenue by the end of the decade. The new operating system, to debut around 2025, will go into models spanning Mercedes’s entire lineup and keep vehicles updated throughout their lifespan, the luxury-car maker said. ...

Abu Dhabi / WAM Tawazun Council signed 11 deals, worth AED2.2 billion, with local and international companies on behalf of the Ministry of Defence on the fifth and final day of the International Defence Exhibition (Idex) and the Naval Defence Exhibition (Navdex) 2023. This makes the cumulative value of the deals Tawazun Council signed on behalf of the Ministry of ...

Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Alar Karis of Estonia on the occasion of his country’s Independence Day, marked on February 24. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, dispatched similar messages ...