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

  Bloomberg Spain is seeking to tax banks for windfall profits made from net interest and fees charged to clients, in the boldest move against lenders by any major European Union nation to offset the impact of a worsening cost-of-living crisis. A bill introduced to parliament aims to set a 4.8% tax on Spanish banks. It also seeks to charge ...

  Bloomberg The yen catapulted higher against major peers as lowered expectations for rate hikes caused hedge funds to cover short bets from one of the biggest global macro trades of the year. In early trading the yen strengthened more than 1% to 135.11 per dollar, as hedge funds liquidated long positions in the greenback, according to Asia-based currency traders. ...

  Bloomberg Chinese stocks plunged on Friday to cap a brutal month which marked the return of almost all the worries that have spooked investors for much of the past one year. From signs of renewed crackdown on the tech sector to an escalation of the crisis engulfing property developers and a rebound in Covid-19 cases, traders have had to ...

Bloomberg Renewable stocks notched record gains following a landmark climate deal struck by US Senators Joe Manchin and Chuck Schumer. Sunrun Inc., the largest US residential-solar installer, jumped as much as 34%, the most on record. TPI Composites Inc., which makes wind-turbine blades, climbed as much as 38% in its biggest gain ever. Rooftop-solar company Sunnova Energy International Inc. surged ...

  ABU DHABI / WAM First Abu Dhabi Bank (FAB) announced that the group’s net profit amounted to AED8 billion in the first six months of 2022, an increase of 50% compared to the same period last year. In a statement on Thursday, the bank said the total income was AED12.5 billion, up 31% year-on-year, including an AED3.1 billion net ...

Abu Dhabi / WAM Aldar Properties signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, located on Al Maryah Island. The assets, which will be held by Aldar Investment Properties (AIP), are valued at AED4.3 billion, representing one of the largest ...

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan sent a message of condolences to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, expressing his sincere condolences and sympathy over the death of Prince Abdulrahman bin Nasser bin Abdulaziz Al Saud. His Highness Sheikh Mohammed bin Rashid ...

Abu Dhabi / WAM Etihad Airways on Thursday announced its financial and operating results for the first half of 2022, posting a record-breaking core operating profit of $296 million (H1 2021: $392 million loss). This result was achieved despite fuel costs increasing by almost 60% in comparison to the same period last year. Etihad carried 4.02 million passengers in H1 ...

  Abu Dhabi / WAM Adnoc Distribution, the UAE’s largest fuel and retail distributor, on Thursday announced that it has entered into an agreement with “TotalEnergies Marketing Afrique SAS” to acquire a 50 percent stake in TotalEnergies Marketing Egypt LLC (TotalEnergies Egypt) for about $186 million, with an additional earn-out of up to $17.3 million. The partnership with TotalEnergies, a ...

  Dubai / WAM DP World UAE announced signing two new development projects with multinational agricultural commodity processors, strengthening the F&B cluster and capabilities within Jebel Ali in Dubai. The move is in line with the UAE’s National Food Security Strategy 2051, which aims to achieve zero hunger worldwide by facilitating global food trade, diversifying food import sources, and identifying ...