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

  Ras Al Khaimah / WAM The Ras Al Khaimah Transport Authority (Rakta), launched an internal bus service, through a trial phase consisting of four main routes covering different geographical and vital locations in the emirate, with the aim of providing a safe and integrated transport network that contributes to achieving smooth mobility for all. The service launched in accordance ...

The diplomatic courting of New Delhi these past two weeks has been intense. India was one of only a handful of countries — and the only democracy — to abstain from a US-sponsored resolution in the United Nations Security Council condemning Russia’s invasion of Ukraine. Now, it is under intense pressure to shift its stance. Prime Minister Narendra Modi has ...

Europe’s governments are arguing over how to tighten their economic sanctions on Russia. The main gap in their punitive system is their continuing payments for Russian gas. Germany, especially, has been reluctant to impose a ban because its economy would struggle to cope with the consequences. Economics suggest a much better approach: Instead of making Russian gas illegal, Europe should ...

  Who would be a central banker in these febrile times, trying to navigate a path between soaring prices and a gloomy growth outlook? While policy makers everywhere face similar challenges, the ECB task is particularly tricky given its deeply negative interest rates. With the money market pricing in a rapid climb in borrowing costs that would threaten to tip ...

  In oil markets, the US Strategic Petroleum Reserve has a reputation a little like the one the Russian armed forces used to have — vast and fearsome, a rival you’d be unwise to tangle with. Russia’s aura of military invincibility was dealt a near-fatal blow over the past month in the muddy fields of Ukraine. The Biden administration should ...

Bloomberg A period of tension between Rinat Akhmetov and Volodymyr Zelenskiy appeared to reach a boiling point just weeks ago, after Ukraine’s leader slammed its billionaire oligarchs for fleeing ahead of an imminent Russian invasion. Now, in the midst of war, Ukraine’s richest person says he’s back in the country and that the two are on the same team, setting ...

Bloomberg Ukraine president Volodymyr Zelenskiy has asked for additional military assistance in an address to Australia’s parliament, saying his country needs help now. Speaking to Australian lawmakers, Zelenskiy thanked the government for its support so far. He said the two countries were “like-minded” but added that “this is only the beginning.” Zelenskiy said if Russia is not stopped now, ”other ...

  Bloomberg Chinese authorities are considering a plan to raise several hundred billion yuan for a new fund to backstop troubled financial firms. The People’s Bank of China (PBOC) is leading the effort, seeking to shore up confidence in the $60 trillion financial system as the economy slows and a debt crisis in the property industry spreads. The stability fund ...

  Bloomberg The European Central Bank (ECB) said it is in daily contact with banks on how they’re dealing with implications from sanctions against Russia over its invasion of Ukraine. “In particular, we are assessing whether banks have implemented adequate internal governance arrangements and controls to adhere to the sanctions,” Andrea Enria, who leads the ECB’s supervisory board, said during ...

  Bloomberg Citigroup Inc agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank Ltd., as the US lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses including credit cards, retail banking, wealth management and consumer loans, it said in a statement. The transaction ...