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

  Bloomberg HSBC Holdings Plc and Standard Chartered Plc are raising their main lending rates in Hong Kong for the third time this year, a move that signals higher borrowing costs for property owners amid a real estate and economic downturn. HSBC, the city’s biggest lender, is boosting its prime rate by 25 basis points to 5.625%. The move came ...

  Bloomberg Elon Musk sold another $3.58 billion worth of Tesla Inc. shares, bringing the total amount he’s offloaded since late last year to almost $40 billion. The latest disposal of about 22 million shares this week coincided with Musk falling from the top spot on the Bloomberg Billionaires Index, a position he’d occupied since September of last year. Tesla’s ...

  Bloomberg US equity-index futures and European stocks declined after the Federal Reserve rebuffed expectations for a dovish tilt and said interest rates will go higher for longer. Contracts on the S&P 500 and Nasdaq 100 gauges fell at least 1.1% each. Demand for haven assets sent the dollar and Swiss franc higher amid a wave of rate hikes from ...

  Abu Dhabi / WAM The Federal Decree-Law No. (9) of 2022 regarding domestic workers will come into force as of December 15, said the Ministry of Human Resources and Emiratisation (MoHRE) on Wednesday. The decree-law establishes a comprehensive framework to strengthen and regulate labour relations for the recruitment and employment of the domestic workers in the UAE and defines ...

  Abu Dhabi / WAM AD Ports group signed two major agreements with the government of Kyrgyzstan to promote trade and strengthen economic ties with the Central Asian nation. Under the first agreement, the Ministry of Economy and Commerce has entered negotiations with AD Ports group to secure more than 300,000 square metres of land within the Khalifa Economic Zone ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to His Majesty King Hamad bin Isa Al Khalifa of Bahrain, on the 23rd anniversary of his accession to the throne. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, ...

  Abu Dhabi / WAM In line with the open data policy followed by the UAE, the Ministry of Finance announced on Wednesday the results of the preliminary government finance statistics report for the third quarter (Q3) of 2022, based on the standards of the Government Finance Statistics Manual issued by the International Monetary Fund. The preliminary results showed an ...

  Abu Dhabi / WAM Aldar Properties (Aldar) and Mubadala Investment Company (Mubadala), an Abu Dhabi sovereign investor, have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property located on Al Maryah Island, Abu Dhabi’s premium lifestyle destination and international financial centre. The transaction reflects Mubadala’s collaborative approach to driving the growth of Abu Dhabi’s real ...

  Abu Dhabi / WAM GPRC Summit 2023 will host discussions on Governance, Risk and Compliance (GRC), integrated with performance and strategy. GPRC Summit 2023, organised by Ejtemaat Events and hosted by Corporater – a global software company that enables organisations worldwide to manage their business with integrated GPRC (Governance, Performance, Risk and Compliance) solutions – will bring together GRC ...

  Abu Dhabi / WAM Adnoc Drilling Company PJSC (Adnoc Drilling) on Wednesday announced that it has signed an agreement to acquire an additional two premium high-specification Gusto MSC CJ46-X100-D design offshore jack-up drilling units. The rigs have a combined cost of $200 million. The acquisition is part of the company’s fleet expansion and growth strategy that is a key ...