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

  Bloomberg Credit Suisse Group AG plans to shift an asset management business that helps buyout firms raise funds to its First Boston spinout as the firm works to reshape its investment bank after losses. Internal discussions are taking place on moving the Private Funds Group, co-headed by David Klein in the US and Michael Murphy in London, to First ...

  Bloomberg Europe’s largest banks kicked off earnings season with pledges to return more than $12 billion to shareholders, following an interest rate bonanza that’s bolstering lenders from Milan to Stockholm. UBS Group AG Chief Executive Officer Ralph Hamers vowed to return more than $6.7 billion to shareholders this year, after income from lending to wealthy clients surged in the ...

  Bloomberg Citigroup Inc is hiring Cyril Besseddik from JPMorgan Chase & Co. to lead coverage of health-care companies in Europe, the Middle East and Africa for its investment bank. Besseddik is set to join Citigroup’s banking, capital markets advisory group in May and will be based in London, according to an internal memo seen by Bloomberg News. He was ...

  Bloomberg PayPal Holdings Inc. said it will cut 2,000 staffers as it contends with a macroeconomic slowdown that’s weighed on the firm’s business in recent quarters. The cuts, which will affect about 7% of employees, will take place in the coming weeks, Chief Executive Officer Dan Schulman told employees. “While we have made substantial progress in right-sizing our cost ...

  Bloomberg Kenya surprised most analysts by keeping its benchmark interest rate unchanged for the first time since July, as it sees inflation declining in the near term. The monetary policy committee held the rate at 8.75%, Governor Patrick Njoroge said in an emailed statement. Only two of five economists in a Bloomberg survey expected the rate to remain unchanged. ...

  Bloomberg Brazil’s central bank will likely hold its interest rate steady for the fourth straight meeting as inflation expectations rise further above target and President Luiz Inacio Lula da Silva questions the institution’s goals. All 32 economists in a Bloomberg survey expect board members to keep the benchmark Selic rate unchanged at 13.75%, when the central bank wraps up ...

Bloomberg The crisis of confidence plaguing Gautam Adani is deepening, with the selloff in the Adani group shares triggered by Hindenburg Research’s fraud allegations rapidly turning into a meltdown despite the completion of a key share sale. The declines accelerated in afternoon trading in Mumbai after Bloomberg reported Credit Suisse Group AG has stopped accepting bonds of Adani’s group of ...

Bloomberg Stocks in Europe edged higher while US equity futures slipped on a day abounding with risks including key economic data, company earnings and the Federal Reserve policy meeting. The Stoxx Europe 600 index held a modest advance after a report showed inflation in the euro area slowed more than economists’ expectations in January, suggesting heated debate to come at ...

Dubai / WAM Dubai Chamber of Digital Economy, one of three chambers operating under Dubai Chambers, has released a report detailing plans to boost the emirate’s digital economy. The report projects the national digital economy will reach $140 billion in 2031 from $38 billion today. The study highlights the importance of the chamber’s efforts and collaboration with stakeholders to establish ...

  WASHINGTON / WAM The International Monetary Fund (IMF) has forecast that the global economic growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below ...