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

Bloomberg The race to be Britain’s next prime minister will be mostly conducted behind closed doors, as contenders embark on a frantic weekend of lobbying Conservative lawmakers to get onto Monday’s party ballot. Liz Truss’s dramatic resignation on Thursday triggered a leadership contest that, coming so soon after the bitter one that put her into 10 Downing Street, is likely ...

Bloomberg Imran Khan, Pakistan’s former prime minister, was disqualified as a lawmaker and barred from holding public office after officials found him guilty of hiding his assets, the latest legal woe for the ousted leader as he pushes for early national elections in a bid to return to power. A five-member panel of the election commission issued its order on ...

Bloomberg Ukrainian President Volodymyr Zelenskiy told European leaders that Russian forces have mined a dam in the occupied south, threatening “hundreds of thousands” with flooding and endangering the Zaporizhzhia nuclear plant. Addressing a two-day summit of European Union leaders on Thursday, Zelenskiy said Kremlin forces had packed a dam with explosives at the Kakhovka Hydroelectric Power Plant, more than 40 ...

  Bloomberg Four months into a sweeping ban on imports from China’s Xinjiang region, the top US customs official is signaling confidence that companies are observing the embargo. “There are going to be some rough spots along the way, but I think we’ve been off to a remarkably good start,” Chris Magnus, the commissioner of US Customs and Border Protection, ...

  Bloomberg Turkish President Recep Tayyip Erdogan said he is willing to meet Sweden’s leader to discuss the Nordic country’s bid to join Nato. Erdogan said he instructed his staff to respond positively to a request from Swedish Prime Minister Ulf Kristersson for talks. “We will discuss these topics with him in our country,” state-run Anadolu Agency cited Erdogan as ...

  Bloomberg A surge in bad loans awaits UK banks as higher interest rates saddle homeowners with an estimated £52 billion ($58.6 billion) of added mortgage payments over the next three years, an analyst warned as he downgraded his ratings on several lenders. The jump in costs will help push the personal debt service burden towards about 10% of post-tax ...

Bloomberg Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rises 0.5 basis points to 0.255% as the Bank of Japan (BOJ) held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders ...

  Bloomberg Indonesia’s central bank hardened its wording around its currency interventions, saying it would look to “control” the rupiah with the dollar expected to stay strong in the coming months. “What we will continue to do is to control the exchange rate,” Bank Indonesia Governor Perry Warjiyo said after the policy rate decision. “We don’t want the strengthening dollar ...

  Bloomberg US banks seem to be having a Goldilocks moment with their credit card portfolios. Spending is up — partly due to inflation and partly due to the fact consumers are embracing travel and dining out as the pandemic recedes — and that means fees they collect from merchants each time a customer swipes their cards are also up. ...

Bloomberg ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations. The probe is related to actions dating from the period before ING bought Payvision, the bank said in a statement in response to a report by Dutch newspaper Financieele Dagblad. ING said it is aware of the Payvision probe but is not itself a subject of ...