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

  Bloomberg Governor Tiff Macklem acknowledged there’s potential for even larger increases to borrowing costs as the Bank of Canada (BOC) aggressively wrestles inflation down from a three decade high. Macklem and his officials delivered the first 50-basis-point increase in interest rates among Group of Seven nations last week and signalled more hikes to come. This week, annual consumer price gains ...

Bloomberg Global bonds added to this year’s epic rout as traders brace for the most aggressive Federal Reserve interest-rate hikes in 40 years and the likelihood most global central banks will also tighten. The policy-sensitive two-year yield climbed as much as eight basis points on Friday to 2.76%, the highest since late 2018, after Fed Chair Jerome Powell said overnight ...

  Bloomberg Shareholders in some of the biggest US companies reaped wealth gains in the pandemic that outpaced pay hikes for their employees by more than 50 to 1, according to a study by the Brookings Institution. The report — focused on 22 industry leaders, including Amazon.com Inc. and McDonald’s Corp. — found that stockholders added some $1.5 trillion in ...

Bloomberg Oil edged higher after a tumultuous session where traders weighed concerns about tight global supply with Germany announcing a ban on Russian oil and a sharp drop in US crude inventories. West Texas Intermediate settled above $102 on Wednesday after swinging between gains and losses. German Foreign Minister Annalena Baerbock said that the country plans to stop importing oil ...

  DUBAI / WAM The Federal Authority for Government Human Resources on Thursday announced that the Eid al-Fitr holiday for the federal entities in the UAE will begin on Ramadan 29 (corresponding to April 30) until Shawwal 3, 1443 Hijri, which is yet to be declared. The authority also offered greetings to the people of the UAE and Arab and ...

  Abu Dhabi / WAM The central bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of polymer and enhanced by advanced technical characteristics and security features. The new banknotes are the third issue of the national currency, and reflect the CBUAE’s aim to keep pace with the nation’s development and vision ...

  Abu Dhabi / WAM The Ministry of Economy has launched a new webpage for the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, which was signed by the two countries’ leadership in February 2022 and will come into effect as of May 1. The e-platform provides UAE companies and investors, who wish to capitalise on the benefits ...

  Abu Dhabi / WAM Etihad Engineering, one of the world’s leading maintenance, repair, and overhaul (MRO) services providers, has signed a Component Agreement with Touchdown Aviation (TDA), a global specialist in the supply, loan, exchange, and repair of aircraft components. As part of the agreement, TDA will provide Etihad Engineering supply chain solutions locally in Abu Dhabi, to ensure ...

  Abu Dhabi / WAM Shehbaz Sharif, the Prime Minister of Pakistan, has received Hamad Obaid Ibrahim Salem Al Zaabi, UAE Ambassador to Pakistan, at the Prime Ministry headquarters in Islamabad. During the meeting, the two sides reviewed a number of issues of common interest. Al Zaabi commended the distinguished relations between the UAE and Pakistan, highlighting the UAE’s desire ...

Abu Dhabi / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, emphasised the significance of calming the situation and ceasing any practices that violate the sanctity of the blessed Al-Aqsa Mosque. In a phone call with the Israeli Minister of Foreign Affairs, Yair Lapid, the two ministers discussed bilateral relations and cooperation ...