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

Bloomberg The Philippine peso is heading for its best quarter in 15 years but the bulk of its rally may already be over. Growing headwinds facing the currency include accelerating inflation, rising oil import costs and a worsening trade balance. Technical signals also indicate the peso is approaching a level of resistance that may prove a barrier to further gains. ...

  Bloomberg US Treasury Secretary Janet Yellen says inflation will be much lower by the end of next year, as long as there are no unanticipated shocks to the economy. “I believe inflation will be lower,” Yellen said during an interview on CBS’ “60 Minutes.” “I am very hopeful that the labour market will remain quite healthy so that people ...

  Bloomberg Berenberg has laid off about 10 employees in New York, cutting the German investment bank’s headcount in the country by half over the past 12 months in a dramatic reversal of its previous growth plans. The staff worked for Berenberg’s US unit and they left in recent days, a spokesperson said in an emailed statement. Most of them ...

  Bloomberg China’s credit expanded at a slightly slower pace than expected in November after plunging in the previous month, despite efforts by the central bank to boost lending and ease restrictions on property loans. Aggregate financing, a broad measure of credit, was 2 trillion yuan ($287 billion) last month, the People’s Bank of China (PBOC) said, marginally below the ...

Bloomberg Global investors who put their faith in three of Southeast Asia’s high-profile tech startups are facing a grim reality that’s seen the firms lose $51 billion in value in the past year-and-a-half since their equity debuts. Singapore-based ride-hailing firm Grab Holdings Ltd., which listed in New York about a year ago, has shed over 70% of its market value. ...

Bloomberg This week’s US inflation print and Federal Reserve decision might be at the forefront of most investors’ minds, but for some of Wall Street’s most prominent strategists it’s the prospect of future profit downgrades that’s the biggest worry for stocks. According to notes from Morgan Stanley’s Michael Wilson and Goldman Sachs Group’s David Kostin, earnings could contract more than ...

Riyadh / WAM Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent in the third quarter of 2022 compared to the same period last year driven by an increase in oil activities, according to a report released by the General Authority for Statistics (Gastat). Gastat noted that the real GDP growth in the third quarter was up 2.1 ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan sent a congratulatory cable to Ibrahim Traoré, the President of the transitional period and President of Republic of Burkina Faso, on the occasion of his country’s Republic Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler ...

  Geneva / WAM Some 20 million jobs could be created by investing in policies that support nature and address climate change, disaster risk, food insecurity, and other major challenges, according to a UN report Launched by the International Labour Organization (ILO), UN Environment Programme (UNEP) and International Union for Conservation of Nature at the UN’s Biodiversity Conference (COP15) in ...

  Bloomberg Tata group-owned Air India Ltd. is close to signing a deal with Boeing Co to buy up to 150 737 Max planes, marking the first major aircraft order after the carrier’s privatisation, the Economic Times reported, citing people it did not identify. Air India is likely to place a firm order for 50 737 Max jets with an ...