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

  Bloomberg Finance Minister Chrystia Freeland is imposing a one-time windfall levy on Canada’s major banks and permanently increasing their income tax rate, fulfilling an election promise that has raised the ire of the industry’s top executives. The measures will force banks and insurance companies to pay an additional C$6.1 billion ($4.8 billion) in tax over five years, according to ...

  Bloomberg There may be no more polarising vehicle than General Motors Inc’s new Hummer EV. The $112,595, more than 9,000-pound pickup is a gargantuan remake of the military vehicle that was tamed for civilians in the 1990s. It is 1,000 horsepower of muscled Americana with knobby tires and a ridiculous launch mode that will further inflate the diaphanous egos ...

  Bloomberg Apple Inc, looking to address criticism of its competitive practices by the European Union, developers and US lawmakers, pointed to a report showing that third-party apps are thriving on the iPhone and other devices. In a study published by Analysis Group and touted by the iPhone maker, analysts said that Apple’s own apps are infrequently the dominant option ...

  Bloomberg Spain plans to invest 11 billion euros ($12.4 billion) to develop microchips and semiconductors in a bid to modernise its tourism-dependent economy. “We want our country to be at the vanguard of industrial and technological progress,” Prime Minister Pedro Sanchez said in Madrid, without giving more details. He said the project will be approved soon by his cabinet. ...

  Bloomberg Taiwan Semiconductor Manufacturing Co (TSMC) revenue rose to a record in the first quarter on demand for chips used in smartphones, computers and cars, while a prolonged shortage helped to boost prices. Revenue jumped 36% to NT$491.1 billion ($17 billion) in the three months through March, the company said in a statement. Analysts estimated NT$469.4 billion on average. ...

Dubai / WAM The UAE’s gross domestic product (GDP) for 2021 has broken international economic expectations, registering the highest rate in the region of AED1.489 trillion. “In a turbulent and changing world, the UAE has been moving steadily forward. Our economy is growing, our journey is accelerating, our competitiveness is advancing upwards, our future is going to be promising, and ...

Abu Dhabi / WAM International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, announced on Friday that it had signed AED7.3 billion ($2 billion) Investment Agreement with Indian multinational conglomerate Adani Group, as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) which all are listed on ...

  Abu Dhabi / WAM The Emirates Red Crescent (ERC) supports its Ramadan programmes in 64 countries by allocating an additional budget to enlarge its scope of beneficiaries worldwide. Upon the directives of His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the ERC, the ERC has implemented Ramadan Iftar, Zakat Al ...

  DUBAI / WAM Dubai International Financial Centre (DIFC) announced the launch of Studio Launchpad, the world’s first venture studio platform exclusively focused on ubiquitous finance and digital asset technologies. The initiative is a key part of DIFC’s efforts to achieve the goals of its 2030 strategy by attracting the best minds and companies from around the world to Dubai ...

DUBAI / WAM Emirati citizens accounted for nearly one-third of the total number of employees of Expo 2020 Dubai, which was due to the many initiatives aimed at empowering Emirati citizens and improving their overall skills as part of the country’s overall Emiratisation efforts. Emirati citizens comprised some 30 percent of all employees of Expo 2020 Dubai, with 248 working ...