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

  Bloomberg China has reduced the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year to boost the yuan after the currency hit a two-year low. Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from September 15, the People’s Bank of China (PBOC) said in a ...

  Bloomberg The Malaysian ringgit tumbled to a 24-year low as a stronger dollar and domestic political risks damped sentiment. The ringgit falls as much as 0.2% to 4.5015 per dollar as it breached the 4.5002 mark reached in January 2017. The Malaysian currency is now at its weakest level since January 1998, during the Asian Financial Crisis. A resurgent ...

Bloomberg The Reserve Bank of India (RBI) is in the currency market almost everyday with the twin objective of curbing volatility and anchoring expectations for rupee depreciation, the central bank’s Governor Shaktikanta Das said. “Exchange rate stability is an intrinsic element of our overall macroeconomic and financial stability,” Das said in Mumbai. “Our endeavour, amidst the extraordinary events unfolding globally ...

  Bloomberg US stock futures climbed, with dip buyers drawn to attractive valuations after three weeks of Wall Street declines. European stocks rose as investors assessed responses to the region’s energy crisis ahead of the European Central Bank’s policy meeting later this week. S&P 500 and Nasdaq 100 contracts both advanced by more than 0.6%, with cash trading set to ...

  Bloomberg Indonesia marketed a benchmark-sized dollar bond, joining a flurry of activity in Asia as issuers took advantage of a let-up in borrowing costs. The offer features three tenors, according to a person familiar with the matter, who asked not to be identified because they’re not authorised to speak about the matter. Yields on the sovereign’s existing dollar bonds ...

  Dubai / WAM Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology, and Chairwoman of the UAE Space Agency, said the UAE, guided by the vision of its wise leadership, has placed the space industry among its top priorities for the next fifty years, announcing many plans and initiatives that aim to consolidate the ...

  ABU DHABI / WAM The UAE has successfully promoted the concept of charity work and turned it into a community culture and an ethical rule, by capitalising on the ethical legacy of members of the community. In this context, the UAE participated in the celebrations of the annual International Day of Charity which falls on the September 5. Federal ...

  Dubai / WAM Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and steady progress, and studies indicate that green hydrogen production will increase by 57 percent annually to reach 5.7 million tonnes in 2030. The UAE aims to acquire 25 percent of the low-carbon hydrogen market, which is expected to reach more ...

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) on Monday announced its partnership with Silver Birch Finance Limited to offer inventory solutions to their local and international clients. Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm that supports financial institutions by enabling them to offer corporate clients non-debt solutions to ...

  Dubai / WAM Dubai real estate market recorded 568 sales transactions worth AED1.37 billion, in addition to 93 mortgage deals of AED197.58 million, and 23 gift deals amounting to AED858.27 million on Monday, data released by Dubai’s Land Department (DLD) showed. The sales included 503 villas and apartments worth AED1.04 billion, and 65 land plots worth AED323.78 million, while ...