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

Bloomberg Mitsubishi UFJ Financial Group Inc. plans to sell about 86 billion yen ($608 million) worth of Marelli Holdings Co. loans to Deutsche Bank AG, as the auto-parts supplier undergoes a court-led rehabilitation. The Japanese bank has already written off most of the amount, and is seeking to recover income by selling the debt. The bank is seeking to complete ...

  Bloomberg HSBC Holdings is trimming the number of bankers focused on Chinese debt issuance amid a slump in bond deals from the world’s second-largest economy. Two vice presidents, who covered China debt markets, are leaving the firm, according to people familiar with the matter. With that the Hong Kong-based team covering Greater China debt capital markets will shrink to ...

  Bloomberg Crypto.com, the digital currency app that was fronted by Matt Damon in a Super Bowl TV ad, is seeking the return of about A$10.5 million ($7.2 million) it accidentally transferred to a woman in Melbourne. But some of it has already been spent, including on a A$1.35 million five-bedroom property in suburban Melbourne. The firm discovered during an ...

Bloomberg A fresh sell-off hit Asian equities on Wednesday as concerns over a stronger dollar and rising global interest rates added to pressure on capital flows. The MSCI Asia Pacific Index dropped as much as 1.8% to its lowest since May 2020 as most sectors were in the red. Tech shares led declines, given the sector’s sensitivity to higher borrowing ...

Bloomberg Global stocks are on pace for their worst run since the European debt crisis a decade ago and Goldman Sachs group Inc strategists are among those warning that more selling is possible. The MSCI All Country World Index is falling for a ninth day Wednesday, the longest losing stretch since 2011 — a period when the burden of public ...

  ABU DHABI / WAM The UAE strongly condemned the stabbing attacks that targeted a number of people in several areas in Saskatchewan, western Canada, which resulted in deaths and injuries. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) confirmed that the UAE expresses its strong condemnation of these criminal acts and its permanent rejection of ...

  DUBAI / WAM Ducab Group and Etihad Water and Electricity have announced a new turnkey partnership to strengthen the country’s power transmission network. The latest collaboration builds on EtihadWE’s efforts to keep pace with urban development in the northern Emirates and meet future needs of the vital sectors it provides in the regions it serves. The project is expected ...

  Dubai / WAM Dubai’s car rental industry reported a significant 23.7 percent growth in the number of companies registered in the first half of 2022, up from 1087 companies registered in the same period last year. As well, 78,000 vehicles were registered in H1, 2022, up 11.8% from 69,000 in the same period last year. These figures confirm the ...

  ABU DHABI / WAM Mubadala Petroleum, the Abu Dhabi-headquartered international energy company, has unveiled its new brand name: Mubadala Energy. The new brand reflects a fresh strategic direction that will see Mubadala Energy build on its contribution to the energy transition by expanding its gas-weighted portfolio in areas such as LNG while exploring new energy sectors including blue hydrogen ...

  Abu Dhabi / WAM Kizad, part of AD Ports group’s Economic Cities and Free Zones, on Tuesday announced the signing of a lease agreement with NWTN to establish an electric vehicle (EV) assembly facility in Abu Dhabi to serve the growing demand for sustainable transport options. Founded in 2016, green mobility technology company NWTN has its headquarters in the ...