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

BLOOMBERG First Republic Bank shares rallied in US premarket trading after falling to a record low, as investors ponder what’s next for the struggling midsize lender following an offer of help from JPMorgan Chase & Co. The stock jumped as much 27% in US premarket trading, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also rising. The …

BLOOMBERG Treasury Secretary Janet Yellen said that the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Yellen will say, according …

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 40% cash dividends (AED0.40 per share, implying total cash dividends of AED228 million) for the financial year ended on December 31, 2022, after concluding its Annual General Meeting (AGM) on Wednesday. Shareholders discussed and approved all items on the agenda for the AGM, including Adnic’s …

DUBAI / WAM Dubuy.com has welcomed the UAE’s Al Naboodah group onto its wholesale e-commerce platform to help accelerate its growth, by providing instant access to new markets via its online business-to-business marketplace. Al Naboodah group will partner with DP World’s innovative and trusted platform Dubuy.com to sell its diverse portfolio of brands. By providing end-to-end supply chain solutions, Dubuy.com …

BLOOMBERG China approved its first messenger RNA vaccine for Covid-19, clearing a shot from a local drugmaker that harnesses the powerful technology months after the world’s most-populous nation abandoned pandemic curbs. The mRNA vaccine, developed by CSPC Pharmaceutical Group Ltd and which targets the Omicron variant, has been approved for emergency use, according to a statement from the company to …

BLOOMBERG Sembcorp Industries Ltd, a Singaporean energy company backed by state-owned investor Temasek Holdings Pte, is considering selling its waste management unit, according to people with knowledge of the matter. The company is working with a financial adviser on the potential divestment of SembWaste Pte and could seek as much as $700 million for the unit, the people said. Other …

BLOOMBERG Hindustan Zinc Ltd’s plan to dole out $1.3 billion in dividends, a fourth such disbursement to shareholders this financial year, is raising concerns over the use of cash at Anil Agarwal’s zinc unit. The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totalling 109.9 billion rupees, according to an exchange filing. Key beneficiaries will be …

BLOOMBERG A Singapore-based fintech investment firm is close to raising $100 million to back finance and blockchain startups in China and Southeast Asia. BitRock Capital, backed by logistics real estate operator GLP Pte, targets a closing of the new fund by the third quarter, Alfred Shang, its chief executive officer and co-founding partner, said in an interview. It would more …

BLOOMBERG Additional Tier 1 (AT1) bonds issued by lenders from UBS Group AG to Kookmin Bank in South Korea are rising as regulators’ assurances helped boost confidence and Goldman Sachs Group Inc analysts highlighted opportunities in the notes. UBS’s $1.5 billion 4.375% perpetual notes were among the biggest gainers in Europe on Wednesday, having risen around 2 points to 66.31 in …

BLOOMBERG US equity futures were steady and European stocks edged higher as investors prepared for the Federal Reserve’s much-anticipated interest-rate decision. The pound rallied to a six-week high after a surprise rise in UK inflation increased pressure for action from the Bank of England. Contracts for the S&P 500 and the tech-heavy Nasdaq 100 were marginally lower. Virgin Orbit Holdings …