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

  Bloomberg China’s central bank pledged to support the economy through targeted financing for small businesses and a quick resolution of the ongoing crackdown on technology firms in Beijing’s latest bid to reassure investors nervous about growth and Covid lockdowns. The People’s Bank of China (PBOC) “will step up the prudent monetary policy’s support to the real economy, especially for ...

  Bloomberg European stocks extended three days of declines as investors came to grips with the implications of cuts in gas supplies from Russia and the prospect of faltering growth. The Stoxx 600 Europe Index fell almost 1% while S&P 500 and Nasdaq 100 contracts also gave up early gains in the wake of a technology-led slump that pushed the ...

  Bloomberg Sri Lanka stocks rallied, marking their first day of gains since April 5, after the World Bank said it will allocate funds to ease the nation’s economic crisis. The Colombo All-Share Index ended 6.8% higher, after losing about 15% in the past two days. The bluechip S&P Sri Lanka 20 Index surged 14%. Trading had to be suspended ...

  Bloomberg Billionaire entrepreneur Elon Musk agreed to buy Twitter Inc for $44 billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech. Investors will receive $54.20 for each Twitter share they own, ...

  DUBAI / WAM The Consul-General of China in Dubai, Li Xuhang, said the UAE has succeeded in consolidating the meanings of diversity, inclusiveness and a culture of openness through hosting people of more than 200 nationalities. In an interview with the Emirates News Agency (WAM), Xuhang said the UAE has created a community with a shared future for mankind. ...

  Abu Dhabi / WAM e& (formerly known as Etisalat Group) announced its financial results for Q1 2022. e&’s first quarter consolidated revenues increased by 0.8% to AED13.3 billion, while consolidated net profit increased to AED2.4 billion, a year-over-year increase of 3.6%. Consolidated Ebitda reached AED6.8 billion, an increase of 0.5% year-over-year, resulting in an Ebitda margin of 51%. At ...

  Abu Dhabi / WAM Aldar Investment has completed the acquisition of a 70 percent equity interest in Abu Dhabi Business Hub, valuing the company at more than AED500 million, with the remaining 30 percent owned by a strategic partner. The acquisition marks the creation of Aldar Logistics, the company’s new logistics real estate vertical, which will focus primarily on ...

  Sharjah / WAM Construction of the UAE’s first waste-to-energy plant has been completed, with the project now entering the testing and commissioning phase. The Sharjah Waste to Energy plant is the first project of Emirates Waste to Energy, a joint venture (JV) established by Beeah Energy, the renewable energy business of Beeah Group, and Masdar, one of the world’s ...

  DUBAI / WAM A recent report by the Business Registration & Licensing (BRL) sector at the Department of Economy and Tourism (DET), Dubai, stated that over 18,013 e-Trader licences have been issued since the launch of the initiative in March 2017 until end-March 2022. The growth in the number of e-Trader licences reflects the emergence of e-commerce as an ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, met with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at Al Marmoom in Dubai. During the meeting, Their Highnesses discussed Expo 2020 ...