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

  Bloomberg A Hong Kong court overturned the conviction of a prominent local democracy activist for her role in a banned Tiananmen memorial last year, in a rare victory for the city’s beleaguered opposition. Chow Hang Tung was cleared by the High Court of charges of inciting others to take part in an unauthorised assembly in June 2021 to commemorate ...

  Bloomberg The Philippines’ Department of National Defense said it “views with great concern the reported swarming” of Chinese vessels in the Iroquois Reef and Sabina Shoal in the South China Sea. “Our lines remain open to dialogue,” the agency said. “However, we maintain that activities which violate our sovereignty, sovereign rights, and jurisdiction, and undermine the peace and stability ...

Bloomberg US President Joe Biden is at pains to fix perceptions in Africa that the US has neglected the continent while China and Russia make inroads. He’ll get a chance when he hosts the first summit of its kind in eight years, one that will see him personally interact with leaders from the continent on trade, climate, and governance. The ...

  Bloomberg European Union (EU) and British officials are seeking to unlock an agreement on their post-Brexit trade relationship by February and put to rest a contentious dispute that’s overshadowed relations since the UK left the bloc three years ago. The two sides have intensified talks over recent weeks on the so-called Northern Ireland protocol after months of stalemate, according ...

  Bloomberg Sweden has outlined Europe’s security as the primary task for its six-month presidency of the European Union (EU) from the start of next year. The nation will prioritise continued economic and military support for Ukraine, as well as support for Ukraine’s path towards the EU, and work to build consensus towards “a robust European security and defense policy,” ...

Bloomberg Danske Bank A/S admitted to fraud and will pay $2 billion to end a long-running US probe into money laundering at its Estonia branch, helping draw a line under the worst scandal in the bank’s recent history. The Danish lender pleaded guilty to conspiring to commit bank fraud and admitted providing banking services to suspicious customers — including in ...

Bloomberg The European Central Bank (ECB) will let staff work remotely for 110 days a year — roughly half their time. The rules, which take effect from January 1, permit as many as 10 days a month away from desks. That’s stricter than the current system, under which employees must show up at the office at least eight days a ...

Bloomberg The Indian rupee’s most appealing trait for traders is fast deteriorating, helping turn the currency into emerging Asia’s worst performer over the past month. Twelve-month implied rupee yields — typically a reflection of interest rate differentials with the US — fell to the lowest since 2009. That’s bad news for carry traders, who seek profits from capturing the difference ...

  Bloomberg Reserve Bank of Australia (RBA) Governor Philip Lowe called on the nation’s lenders to intensify efforts to reduce the cost of payments and increase their speed, including for cross-border transactions. “Slow progress by the major banks imposes a cost on the rest of the industry,” Lowe said in a speech, referring to delays in launching a direct-debit service ...

  Bloomberg Mitsubishi UFJ Financial Group Inc is in talks to invest about $200 million in Akulaku Inc, an Indonesian online lender backed by Jack Ma’s Ant Group Co, according to people familiar with the matter. MUFG, as Japan’s biggest lender is known, is negotiating the terms of a potential financing for Akulaku as it seeks to expand its presence ...