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

BLOOMBERG Cloud computing is expensive. As the tech economy stumbles and businesses pare back, growth at the largest cloud-computing companies has slowed. That’s created an opportunity for startups that want to help trim those bills. Vantage, a New York City-based company has raised $21 million from investors. The haul follows two larger investment rounds in recent months by competing companies ...

BLOOMBERG Tesla Inc. is under investigation by US regulators over complaints the steering wheel can fall off certain new Model Y vehicles while they’re in use. The National Highway Traffic Safety Administration (NSTSA) said it’s aware of two incidents in which the wheel detached from the steering column while drivers were operating the 2023 model year SUVs. The preliminary evaluation ...

BLOOMBERG Nissan Motor Co. is developing new modular powertrains that will help streamline production and drive manufacturing costs for hybrid cars down by as much as 30%. By enhancing the common parts that underpin a vehicle, the Yokohama-based automaker expects to be able to lower the cost of its hybrid cars to the same level as gasoline-powered cars by 2026, ...

ABU DHABI / WAM Masdar has announced the signing of an agreement with the Ministry of Mining, Petroleum and Energy for the Republic of Côte d’Ivoire to explore the development of a solar power plant with a capacity of up to 70 MW. The agreement was signed in the presence of Tiémoko Meyliet Koné, Vice President of the Republic of ...

ABU DHABI / WAM The UAE on Friday sent an aircraft carrying 14 tonnes of relief aid, including blankets and personal care supplies, and LED bulbs to help the people of Ukraine live through the harsh winter conditions. These supplies are part of the UAE’s ongoing humanitarian assistance aimed at alleviating the suffering of the Ukrainian people amid the crisis. ...

ABU DHABI / GULF TIME International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, announced on Friday its audited financial results for the full year of 2022 resulting a AED 32.6 billion net profit, the company’s best profit record to date. The fourth quarter of 2022 saw a significant increase in net profit reaching AED 8.3 billion compared to ...

NEW YORK / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 UAE President-Designate, and Michael R Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L and Bloomberg Philanthropies, announced a new partnership to bolster meaningful climate action from cities, businesses, financial institutions, and civil society ahead of ...

BLOOMBERG The US intelligence community assesses that China doesn’t want a military conflict over Taiwan even as it’s determined to bring the independently governed island under its control, officials told a House of Representatives hearing. “It’s not our assessment that China wants to go to war,” Director of National Intelligence Avril Haines told the House Intelligence Committee as part of ...

BLOOMBERG Ukrainian President Volodymyr Zelenskiy accused the Kremlin of deliberately targeting the country’s Zaporizhzhia nuclear plant after the latest Russian missile barrage knocked out its supply for the sixth time before power was restored. “This is a critical situation” and “means, by definition, that Russia cannot be a bona fide participant in any relations in the nuclear sphere,” Zelenskiy said ...

BLOOMBERG Turkish President Recep Tayyip Erdogan officially kicked off the toughest election campaign of his career on Friday, with the broadest-ever opposition alliance standing between him and a third decade in power. Erdogan brought elections forward by more than a month to May 14 from the original date of June 18, despite twin earthquakes devastating much of the country’s southeast ...