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

  Bloomberg Pakistan unexpectedly raised its benchmark interest rate by a full percentage point to prevent stronger-than-anticipated inflation from spiraling out of control. State Bank of Pakistan increased the target rate to 16%, a move expected by just one of 44 economists in a Bloomberg survey while the rest had predicted no change. The authority also raised its annual inflation ...

  Bloomberg China’s central bank cut the amount of cash lenders must hold in reserve for the second time this year, ramping up support for an economy racked by surging Covid cases and a continued property downturn. The People’s Bank of China (PBOC) reduced the reserve requirement ratio for most banks by 25 basis points, it said in a statement. ...

  Bloomberg The UK is on course to botch the shift away from the combustion engine and end up a carmaking minnow. This week, mostly UK-based electric-van startup Arrival announced its CEO and president were stepping down. Last week, the CEO of Britain’s biggest auto manufacturer, Jaguar Land Rover, resigned after making little headway on an all-electric shift announced almost ...

  Bloomberg Foxconn Technology Group has begun offering 10,000 yuan ($1,400) to any workers who choose to leave, an unusual decision intended to appease disgruntled new hires who played a central role in violent protests that rocked the world’s largest iPhone factory. Apple Inc.’s main global production partner said in an online notice the sum, to be paid out in ...

  Bloomberg BMW AG is doubling its investment at its Hungarian factory to $2.1 billion, adding a high-voltage battery assembly facility that will create more than 500 jobs. Locating the battery assembly at the Debrecen plant will help BMW streamline logistics for production of its next generation electric cars that will use the ‘Neue Klasse’ underpinnings, the carmaker said. Output ...

  Bloomberg Mercedes-Benz Group AG cut prices on two electric car models in China by as much as $33,000, as heated competition in the world’s biggest EV market impacts sales. The luxury automaker said in a statement that it was reducing prices on certain models from its EQ range, and that it would provide subsidies to customers who recently bought ...

QUETTA / WAM Pakistan’s Army Chief of Staff General Qamar Javed Bajwa opened the Sheikh Mohamed bin Zayed Al Nahyan Institute of Cardiology, which was implemented in the city of Quetta, the capital of Balochistan province. The building is constructed on an area of 121,406 square metres, and at a cost of $27.30 million funded by the Abu Dhabi Fund ...

Dubai / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to the newly sworn-in Malaysian Prime Minister Anwar Ibrahim. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, dispatched a similar message of congratulations to the Malaysian PM.

  Dhaka WAM The UAE participated in the Indian Ocean Rim Association’s (IORA) 22nd Council of Ministers (COM) meeting and the 24th Committee of Senior Officials (CSO) meeting held in Dhaka, the People’s Republic of Bangladesh. The UAE delegation was led by Ahmed Ali Al Sayegh, Minister of State, and included Dr Abdulnasser Al Shaali, UAE ambassador to India, and ...

  Dubai / WAM A total of 2,867 real estate transactions worth over AED15 billion were conducted during the week ending November 25, according to figures released by the Dubai Land Department (DLD). The DLD report revealed that Dubai saw the sale of 313 plots for AED1.57 billion, as well as 1,936 apartments and villas for AED4.48 billion. Al Hebiah ...