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

  Bloomberg The UK’s largest lenders have set up a company to encourage the spread of shared banking hubs to make sure consumers can still access cash as branch closures accelerate. Nine firms including Barclays Plc and HSBC Holdings Plc have incorporated Cash Access UK Ltd, a non-profit designed to protect cash access, according to a Companies House filing. So ...

  Bloomberg Credit Suisse Group AG shares are hovering near record lows as some analysts question the lender’s credibility due to a lack of visibility on its ambitious turnaround plan. The stock slipped as much as 3.9% on Tuesday, declining for a seventh straight session, after Citigroup Inc, alongside RBC Capital Markets LLC, flagged future uncertainties. The banks’ sell-side analysts ...

  Bloomberg Six of the UK’s biggest lenders will start offering mortgages for high-rise flats affected by the cladding scandal in a move that could help thousands of Britons sell their homes. Barclays Bank Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide Building Society, NatWest Group Plc, and Banco Santander SA will consider new mortgage applications for buildings affected ...

  Bloomberg The World Bank Group’s private-sector arm is divesting its holdings in one of Myanmar’s largest banks nearly two years after a military coup, according to the lender’s largest shareholder. First Myanmar Investment Co has agreed to buy the International Finance Corp’s 4.5% stake in Yoma Bank Ltd, according to Tun Tun, FMI’s executive director and chief operating officer. ...

  Bloomberg The Bank of Japan’s (BOJ) unexpected hawkish shift sent shock waves through global markets as the developed world’s last holdout for rock-bottom interest rates inches towards policy normalisation. Japanese government bonds and Treasuries both slumped, while the yen surged after the BOJ raised its cap on benchmark 10-year yields to around 0.5% from 0.25%, surprising every economist surveyed ...

  Bloomberg In 2021, a Swedish property company was one of Europe’s top stocks. It’s ending 2022 at the very bottom of the leaderboard, with a 73% slump that underpins a sector-wide reset. The reversal of fortunes for Samhallsbyggnadsbolaget i Norden AB — known as SBB — illustrates the woes of Swedish real estate stocks as they grapple with the ...

Abu Dhabi / WAM Emirates Global Aluminium (EGA), the largest industry company in the UAE outside of oil and gas, has agreed to supply CelestiAL solar aluminium to Kobe Steel to make automotive body sheet for Nissan The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan. ...

  Abu Dhabi / WAM The United Arab Emirates was announced as the host of the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO). The foremost deliberation body of the WTO, which meets once every two years, will be coming to Abu Dhabi in the first quarter of 2024, placing the UAE at the heart of the conversations ...

  Ajman / WAM His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, approved the Ajman Government’s public budget worth AED2.920 billion, a rise of 21 percent compared to last year’s budget, which is deemed the largest in the emirate’s history. HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman ...

  Abu Dhabi / WAM The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport (DMT), has selected French consortium EDF (Eléctricité de France) and Engie to deliver Phase 2 of its Road Lighting LED public-private partnership (PPP) project. DMT has signed a partnership agreement with Nojoom, a joint venture between EDF and Engie, to ...