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

  Bloomberg Morgan Stanley is embarking on a fresh round of job cuts as rival banks sounded caution that a looming US recession will dampen hiring. Goldman Sachs Group Inc Chief Executive Officer David Solomon said the bank may have to prune staff in certain areas and exercise caution with its financial resources amid mounting economic uncertainty. As fewer Bank ...

  Bloomberg Credit Suisse Group AG bankers are trying to entice rich clients with higher-yield notes and bonus deposit rates in a bid to quickly recoup as much as possible of the almost $90 billion recently pulled from the bank. The head of the Swiss lender’s wealth unit, Francesco de Ferrari, is mobilising his 1,800 relationship managers in a mass ...

Bloomberg The chief executive of Deutsche Bank’s investment unit, DWS Group, said it’s time to dial back the “exuberant” language used in ESG sales pitches. Stefan Hoops, who took over as CEO after allegations of greenwashing expedited the departure of his predecessor earlier this year, acknowledged there’s been a need to rethink how DWS markets environmental, social and governance investing ...

  Bloomberg Sumitomo Mitsui Financial Group (SMFG) Inc is facing a 55 billion rupee ($670 million) tax bill from India on its roughly $2 billion acquisition of Fullerton India Credit Co, far outweighing what the Japanese lender has set aside, according to people familiar with the matter. The South Asian government’s tax department has asked the bank to pay the ...

  Bloomberg Dozens of Swiss banks are facing a preliminary investigation by the nation’s competition watchdog on suspicion lenders colluded to limit the pay of junior recruits in one of Europe’s biggest financial centers. “It concerns the market for young talent,” Patrik Ducrey, the director of Switzerland’s Competition Commission said in a telephone interview. “We have indications employers are talking ...

  Bloomberg In the Federal Reserve’s quiet period before its officials meet to decide their final actions this year, Wall Street watchers are filling the void, loudly warning that next year’s outlook for the US economy and stocks is grim. From Goldman Sachs group’s David Solomon caution that the economy faces “bumpy times ahead,” to JPMorgan Chase & Co.’s Jamie ...

  Bloomberg Order has been restored to the world for bearish traders, with their favorite targets under pressure again after surging during the recent equity rally. Stocks with the heaviest short interest dropped 3.5%, more than double the losses in the S&P 500, going by thematic baskets compiled by Goldman Sachs In what may be a sign bears are reloading, ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) is accelerating operationalisation of its board mandated low carbon growth strategy, by establishing a new Low Carbon Solutions and International Growth vertical that will focus on renewable energy, clean hydrogen and carbon capture and storage, as well as international expansion in gas, liquefied natural gas (LNG) and chemicals. Musabbeh ...

  Abu Dhabi / WAM The UAE has welcomed the agreement of an initial political framework reached by Sudanese parties to complete the transitional period in a way that enhances the stability and prosperity of the Republic of Sudan. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed that the agreement is an essential step towards ...

Abu Dhabi / WAM AD Ports group on Tuesday announced the merger of Kezad Communities with Al Eskan Al Jamae LLC (EAJ) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports group will retain a controlling majority stake. The combined entity will have an equity value of approximately AED7 billion, positioning it as one of the ...