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

  Bloomberg Hungary unexpectedly raised the country’s key interest rate after the forint fell to a record this week. The one-week deposit rate was increased by 50 basis points to 7.25% on Thursday, the second rate increase in three weeks. All economists in a Bloomberg survey expected no change, in line with central bank messaging to try to keep rate ...

  Bloomberg Development Bank Ghana, which officially starts operations with about $800 million in capital, plans to grow fivefold over the next five years to help end a shortage of funding to small and medium sized enterprises. It will lend money to financial institutions, which should in turn give loans to business owners at an affordable interest rate, Kwamina Duker, ...

  Bloomberg HSBC Holdings Plc fired a trader in London after scrutinizing the personal mobile phones of some staff, in a sign of increased pressure on banks to closely monitor business communications. Earlier this year, the lender’s UK-based compliance team pushed some traders and bankers to hand over their phones so they could examine business messages on platforms such as ...

  Bloomberg A former trader at Bank of America Corp’s (BofA) Merrill Lynch unit has admitted to manipulating Treasury prices through a spoofing scheme. Tyler Forbes, 27, pleaded guilty in federal court in Brooklyn to working to rig the prices of Treasuries traded on the secondary market, consisting mostly of two-and-three-year notes, from January to June 2019.

Bloomberg Index futures signalled a rout in US stocks on Thursday after the Federal Reserve signalled willingness to accept a recession and rise in unemployment in its resolve to contain elevated inflation. September contracts on the S&P 500 and Nasdaq 100 gauges slumped at least 2.4% each, with traders giving up their initial optimism over Fed Chair Jerome Powell’s comments ...

Bloomberg South Korea will extend trading hours for its onshore foreign-exchange market to 2 am local time in a bid to attract more foreign investors. The move is part of a plan to eventually allow the onshore market to trade around the clock, the finance ministry said in a statement without detailing when the new hours will take effect. The ...

  Bloomberg Global oil supply will struggle to meet rising demand next year, meaning consumers will continue to face tight fuel markets, the International Energy Agency (IEA) said in its first assessment of 2023. A resurgent Chinese economy will bolster consumption, while tighter sanctions on Russia will curtail oil output, the agency forecast in its latest monthly report. The Opec+ ...

  Abu Dhabi / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, visited one of the construction sites in Abu Dhabi to ensure the optimal implementation of the midday break – a ban on outdoor work between 12:30 and 15:00, which started on Wednesday and will continue until September 15. During his visit, Dr Al Awar stressed ...

  Abu Dhabi / WAM The UAE-Germany non-oil trade exchange exceeded AED478 billion during the period from 2012 through 2021, weighing more than 14 million tonnes, data from the Federal Competitiveness and Statistics Centre (FCSC) revealed. Imports accounted for 89.5% of the total trade exchanges, with exports comprising 3.5%, and re-exports 7%. The data showed that trade exchanges between the ...

  UMM AL QAIWAIN / WAM The Umm Al Qaiwain Industrial Authority is helping to strengthen the process of development of the emirate of Umm Al Qaiwain and is enhancing its local and international stature, by attracting capital and providing facilities at the 60,000 Square Kilometre Umm Al Thuoob Industrial Area. The authority has also highlighted its keenness to help ...