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

  Bloomberg The Federal Reserve will likely have to keep raising interest rates to rein in price growth, which could slow economic expansion and affect the jobs market, Governor Michelle Bowman said. “We are still far from achieving price stability, and I expect that it will be necessary to further tighten monetary policy to bring inflation down towards our goal,” ...

Bloomberg Credit Suisse Group AG warned part of its workforce that a former employee copied and took some of their personal data years ago, including descriptions of their compensation. The staffer, who had legitimate access to data at the time, transferred the information onto a personal device in breach of Credit Suisse policies and later left the company, the Swiss ...

  Bloomberg The policy chief for Japan’s ruling Liberal Democratic Party (LDP) said the country’s easy monetary policy should be maintained, but has room for adjustment and reform. Koichi Hagiuda, head of the Policy Research Council at the LDP, made the comments on a program on national broadcaster NHK while discussing the imminent nomination of the Bank of Japan’s next ...

  Bloomberg Chinese banks extended a record amount of new loans in January after authorities prodded them to lend more to businesses, though consumer borrowing remained subdued. Financial institutions offered 4.9 trillion yuan ($719 billion) of new loans last month, higher than the 4.2 trillion yuan estimated by economists, and compared with a record 3.98 trillion yuan a year ago. ...

  Bloomberg Ghana’s currency surged as much as 3.1% against the dollar after the government said that it had received support from more than 80% of bondholders to restructure its local-currency debt. The cedi was trading 1.3% stronger, heading for the biggest gain in almost three weeks. It’s still the worst-performing currency tracked by Bloomberg after the Lebanese and Egyptian ...

  Bloomberg European stocks advanced and Wall Street equity futures were little changed in the build up to key US inflation data, after a drop in wage-growth expectations eased some of the concern over rising prices. Gains in European telecommunications and travel and leisure shares helped push the Stoxx 600 index 0.4% higher. Vodafone Group Plc shares rose after Liberty ...

Bloomberg Hong Kong’s de facto central bank bought local dollars to defend its peg to the greenback for the first time since November, as a slump in bank borrowing costs made shorting the city’s currency a popular trade. The Hong Kong Monetary Authority (HKMA) purchased HK$4.2 billion ($538 million) worth of local dollars. The operation will reduce the city’s aggregate ...

  Bloomberg While equity markets are on a relentless march higher amid optimism around stronger economic growth and cooling inflation, most investors aren’t convinced the gains will last, according to Bank of America Corp’s (BofA) latest global fund manager survey. About 66% of participants in the bank’s February survey said stocks are seeing a bear market rally — signalling they ...

  Abu Dhabi / WAM Adnoc Drilling Company on Monday announced its financial results for the fourth quarter and full year ending December 31, 2022. It reported AED2.94 billion ($802 million) net profit for the twelve-month, up 33 percent year-on-year. Full year earnings before Ebitda (interest, taxes, depreciation and amortisation) was $1.23 billion, with a margin of over 46 percent, ...

Ras Al Khaimah / WAM The National Bank of Ras Al Khaimah (Rakbank) has announced its financial results for the year ending December 31, 2022, and the fourth quarter of 2022. The bank reported a net profit growth of 53.4% YoY for FY’22, reaching a total of AED1.163 billion, its highest in over a decade. The Q4’22 net profit was ...