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

  Bloomberg SpaceX has fired “a number of employees” responsible for an open letter critical of the behavior of CEO Elon Musk, according to an internal memo, an unusual clash hinting at growing discord over the billionaire’s controversial comments. The open letter called Musk’s behavior and tweets “a frequent source of distraction and embarrassment for us, particularly in recent weeks.” The ...

  Bloomberg Electric-vehicle (EV) prices are going up at a dizzying pace these days. Tesla raised prices by as much as $6,000 per car this week. Rivian bumped up the ask on its battery-powered R1T pickup truck in March, while Ford hiked the sticker on the Mach-E. Add it all up and an electric car now costs $61,000 on average, according ...

  Bloomberg Close to a third of all vehicles sold in India are expected to be electric by 2030, but they will mostly be two- and three-wheelers, as expensive battery-powered cars would be outside the reach of many consumers in the world’s fourth-largest automobile market. By that time, nearly one in every 10 electric vehicles sold worldwide will be in ...

  Bloomberg Ferrari NV will introduce its first fully electric model in 2025 as the Italian carmaker accelerates its shift away from combustion engines. The Italian luxury sports car manufacturer expects adjusted earnings before interest, taxes, depreciation and amortization to climb to as much as 2.7 billion euros ($2.8 billion) in 2026, an increase from 1.5 billion euros last year, ...

  Bloomberg Microsoft Corp introduced Viva Sales, a new program meant to connect its Office and video conferencing programs with customer-relationship management software — its own and that of rivals, a step that could help it garner revenue from Salesforce Inc. clients. The program, available to preview next month, lets users of customer management programs synchronise information between those products ...

Bloomberg Oil falls the most in 5 weeks as Federal Reserve Chair Jerome Powell reiterated his will to curb the hottest inflation in decades with more aggressive rate hikes. West Texas Intermediate dropped to near $110, shedding as much as 6.3%. Federal Reserve Chair Jerome Powell this week openly endorsed for the first time raising interest rates well into restrictive ...

  ABU DHABI / WAM The Ministry of Defence on Friday announced the launch of ‘Iron Defender 22’, an annual bilateral training event between the UAE naval forces and the US Naval Forces Central Command. Set to run until June 23, the joint exercise is aimed at exchanging military experiences to boost efficiency and combat readiness in carrying out operations, ...

  Abu Dhabi / WAM The UAE’s continued efforts to improve gender diversity in the boardroom have led to more women holding board positions this year (8.9 percent), up from 3.5 percent in 2020, according to research undertaken by Aurora50, a social enterprise working towards gender parity in GCC boardrooms, and Mohammed Bin Rashid School of Government. In a first-of-its-kind ...

  BOSTON / WAM The Department of Health – Abu Dhabi (DoH) has signed a Declaration of Collaboration with Sanofi, an innovative global healthcare company. Signed in Boston as part of the Abu Dhabi Life Science Mission to US, both parties seek to collaborate in four strategic healthcare priorities, including hematology and oncology, rare metabolic diseases, diabetes management and vaccines. ...

  DUBAI / WAM The real estate and properties transactions were valued at AED6.7 billion in total during the week ending Friday, June 17. The sum of transactions was 2,423, data released by Dubai’s Land Department (DLD) showed. The sales included 213 plots sold for AED1.03 billion, as well as 1,652 apartments and villas sold for AED3.8 billion. The top ...