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

  Bloomberg Zimbabwe’s currency plunged to a record in the unauthorised market after the central bank urged suppliers not to buy foreign exchange with payment they recently received from the government. The Zimbabwean dollar traded at between Z$950-Z$1,100 to the US dollar in the parallel market, according to Zimpricecheck.com, a website which monitors unofficial and official rates. That’s the lowest ...

  Bloomberg Morgan Stanley Chief Operating Officer Jon Pruzan, a longtime lieutenant to James Gorman and once considered a potential candidate to succeed him as chief executive officer, is exiting firm. Pruzan, who’s leaving at the end of the month, departs after a 28-year run that included a six-year stint as chief financial officer — the public face of the ...

  Bloomberg Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce, as the worsening crypto slump spurs another round of layoffs at the biggest US digital-asset exchange. Co-founder and Chief Executive Officer Brian Armstrong announced the job reductions in a blog post on Tuesday, saying the steps were needed to weather the industry downturn. In June, ...

  Bloomberg European stocks decline and Wall Street equity futures were steady as investors weighed hawkish comments from Federal Reserve officials and looked towards the release of US inflation data due on Thursday for clarity on the trajectory for interest rates. The Stoxx Europe 600 Index dropped 0.7%, retreating from an eight-month high as retail and technology stocks led declines. ...

  Bloomberg Indonesian stocks inched closer to a technical correction on Tuesday as investors looked to cash out from one of Asia’s hottest markets for 2022 in search of cheaper valuations elsewhere. The Jakarta Composite Index closed 1% lower, trimming intraday declines that saw it slide more than 10% from a record notched on September 13. Financial and health-care stocks ...

  Dubai / WAM Emirates Global Aluminium (EGA) on Monday announced that the company recruited more than 220 UAE nationals in 2022, including 100 women. The average age of EGA’s new UAE national recruits was 23 years old. While EGA recruits mid-career experts, the company focuses on attracting and developing young people who are starting their careers as talent for ...

  Bloomberg Oil rallied at the start of the week on hopes of renewed Chinese crude buying and as the dollar extended its decline. West Texas Intermediate futures surged as much as 3.8% to move above $76 a barrel on Monday. China issued a fresh batch of crude oil import quotas in a sign that the world’s largest purchaser may ...

  New Delhi / WAM The UAE-India Comprehensive Economic Partnership Agreement (CEPA) helped achieve an increase in India’s gem and jewellery exports in this financial year by 8.26 percent, according to Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC) in India. “The Ministry of Commerce and Industry in New Delhi operationalised the CEPA with the UAE ...

  Abu Dhabi / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a Federal Decree appointing Saif Sultan Al Aryani as Advisor at the Presidential Court with the rank of minister. The Decree shall be effective from the date of issuance and shall be published in the Official Gazette. His Highness Sheikh Mohamed bin Zayed ...

Abu Dhabi / WAM Gross banks’ assets, including bankers’ acceptances, rose by 0.9%, from AED3.583 trillion at the end of September 2022 to AED3.615 trillion at the end of October 2022, according to the central bank of the UAE (CBUAE). In its report on the monetary and banking developments in October 2022, the bank said that gross credit grew by ...