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

  Bloomberg The former boss of one of Switzerland’s top banks was sentenced to three years and nine months in jail after being found guilty of multiple charges including embezzlement, fraud and forgery of documents. Pierin Vincenz, ex-chief executive officer of Raiffeisen Switzerland, and bank consultant Beat Stocker were convicted for making unlawful gains during Vincenz’s 15-year tenure as CEO, ...

  Bloomberg British banks plan a sharp cut in mortgage lending over the next three months amid fears that borrowers will start to default on their debts. The Bank of England’s (BOE) quarterly credit conditions survey showed lenders plan to reduce the supply of mortgages at the fastest rate since the start of pandemic in early 2020. Excluding the Covid crisis, ...

  Bloomberg Elon Musk moves. An army of devoted traders listens. Retail investors piled into Twitter Inc. stock, after the world’s richest person and head of Tesla Inc. roiled the financial world with an audacious bid to purchase the company for $43 billion. Musk later expressed doubt about whether the blockbuster deal will succeed, but that didn’t do much to ...

  Bloomberg Stocks fall in Asia Friday as China unexpectedly opted against cutting a key policy interest rate, a reduction that had been widely expected to support an economy hamstrung by Covid-19 lockdowns. Equities were mixed on the mainland and fell in Japan and South Korea, among the few markets open amid Easter holidays. China has indicated it will reduce ...

  Dubai / WAM Mohammad Ali Al Kamali, Deputy CEO of Dubai Industries and Exports, an agency of the Department of Economy and Tourism (DET) in Dubai, was announced as President of the next session of the Arab Union for Industrial Exports Development (AUIED). The announcement was made during the ninth General Assembly of AUIED, which concluded in Dubai alongside ...

  ABU DHABI / WAM As part of its continued humanitarian efforts, the UAE on Thursday sent a plane to Warsaw, Poland, carrying 50 tonnes of food items and ambulances with medical equipment as part of an ongoing relief air bridge established in March to meet the humanitarian needs of Ukrainian internally displaced persons (IDPs) and refugees. Ahmed Salim Al ...

  ABU DHABI / WAM The Tata Power Company Ltd. (Tata Power) and BlackRock Real Assets-led consortium, including Mubadala Investment Company (Mubadala), have entered into a binding agreement to invest in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Limited (Tata Power Renewables). BlackRock Real Assets, together with Mubadala, shall invest $525 million by way of equity / compulsorily ...

Bloomberg The world needs to be preparing for downside scenarios relating to Covid-19, the deputy chief of the International Monetary Fund (IMF) said, calling for billions of dollars in grants to bolster pandemic preparedness. “What I’m worried about is that everybody’s hoping for the best-case scenario, which is that this is a mild, endemic virus — but what experts tell ...

  Abu Dhabi / WAM Etihad Engineering has won ‘MRO Service Provider of the Year – Commercial Aviation’ award at the Aviation Achievement Awards 2022. Abdul Khaliq Saeed, Chief Executive Officer at Etihad Engineering, was honoured with the ‘Outstanding Contribution to the Aviation Industry’ award at the event held in Dubai. The Aviation Achievement Awards, celebrate and recognise exceptional resilience, ...

  AJMAN / WAM Ajman Free Zone (AFZ) announced on Thursday that it has become an AWS Activate Provider. Now startups affiliated with the AFZ who are building or about to start building on Amazon Web Services (AWS) can apply for the AWS Activate incentive programme and receive free AWS credits, technical support, training, resources, and more. Inclusion in AWS ...