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

  Bloomberg Polish Prime Minister Mateusz Morawiecki’s chief aide resigned after becoming embroiled in an email-hacking scandal that has plagued the government for more than a year. Leaks of emails allegedly stolen from aide Michal Dworczyk’s private inbox exposed sensitive correspondence with administration officials including Morawiecki and became frequent media fodder. Dworczyk, who stepped down Friday, said the account was ...

  Bloomberg German inflation reached double digits for the first time since the euro was introduced more than 20 years ago, surging more than anticipated after temporary government-relief measures ended and Europe’s energy crisis worsened. Consumer prices jumped 10.9% from a year ago in September, topping August’s 8.8% advance, the Federal Statistics Office said. That’s more than the 10.2% economists ...

  Bloomberg Applications for US unemployment insurance dropped unexpectedly to a five-month low, led by a sizable decline in Michigan, suggesting robust demand for workers amid economic uncertainty. Initial unemployment claims decreased by 16,000 to 193,000 in the week ended September 24, after downward revision in the prior week, Labour Department data showed. The median estimate in a Bloomberg survey ...

  Bloomberg Canadian economic activity remained weak through the summer and job vacancies fall, a clear sign growth has begun to sharply slow down. Gross domestic product was flat in August, preliminary data from Statistics Canada show, after gaining just 0.1% in July and June. Since April, growth has averaged just 0.1% on a monthly basis. In a separate report, ...

  Bloomberg Porsche AG gained during its trading debut after parent Volkswagen AG set the final listing price for the sports-car company at the upper limit in defiance of market upheaval. The maker of the 911 rises as much as 2.9% to €84.88 in Frankfurt, against a decline of as much as 2% in Germany’s leading DAX index. The offer ...

  Bloomberg Tremors are continuing to ripple through the UK mortgage market despite the Bank of England’s intervention to calm financial turbulence. Higher borrowing costs for lenders means the average monthly cost of a two-year fixed-rate mortgage will rise by 70% by March from January this year, Bloomberg Economics estimates. The cost of a two-year fixed-rate mortgage on an average-priced ...

Bloomberg Tencent Holdings Ltd has lost its title as China’s biggest company, the latest sign of how far regulatory risk and dimming growth prospects has set back the country’s technology industry. Shares of the online gaming company have tumbled 64% in Hong Kong since a January 2021 peak, wiping $623 billion off its market value. That’s more than any other ...

  Bloomberg UK equity outflows are on track for their worst year ever, with investors pulling $18 billion from the country’s stock funds so far in 2022, according to Bank of America Corp. The figure eclipses prior years, and would mark a seventh straight year of UK equity outflows — every year since the 2016 Brexit referendum — according to ...

  Abu Dhabi / WAM Global Mission, an Abu Dhabi based non-profit, along with its global partners, has established a $US17 billion fund to help achieve the United Nations’ 17 Sustainable Development Goals (SDGS) across the globe, a senior executive told the Emirates News Agency (WAM). “This ‘Global Fund for Sustainable Development’ is the most ambitious SDG-fund worldwide. Based in ...

  Dubai / WAM Dubai Multi Commodities Centre (DMCC) has successfully concluded Made For Trade Live events in Miami and New York as it seeks to attract more companies from the US to the UAE. DMCC sees significant opportunities for growth in the UAE–US trade corridor, which was worth $23 billion in 2021, not least because of the recently signed ...