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

  Bloomberg UBS Group AG Chief Financial Officer Kirt Gardner said the 1.1 billion euros ($1.24 billion) set aside to cover the cost of a French tax-evasion case are the bank’s “best estimate” of the final cost. The Swiss lender is counting on a further reduction of the French penalties after they were cut in December to 1.8 billion euros ...

  Bloomberg Toronto-Dominion Bank’s US retail-banking unit is eliminating charges for overdrafts of $50 or less, joining a parade of lenders revamping their fees amid criticism from politicians, regulators and consumer advocates. TD Bank also is giving customers who overdraw their accounts by more than that amount 24 hours to fix the issue before incurring a fee, the unit of ...

  Bloomberg Banco Santander SA pledged to increase profitability and shareholder payouts as rising interest rates in key markets from the Americas to Europe are set to boost income from lending at the Spanish retail banking behemoth. The bank also signalled it has done strengthening capital buffers after rebounding from steep losses two years ago at the onset of the ...

  Bloomberg Global stocks headed for the biggest four-day rally since November 2020 as companies from the US to Europe reported better-than-forecast earnings and dip-buying returned to technology shares. Futures on the Nasdaq 100 Index jumped 1.1%, while those on the S&P 500 added 0.4%. Europe’s Stoxx 600 Index traded above its 50-day moving average for the first time since ...

  Bloomberg Bitcoin slipped back on Wednesday after touching a near two-week high, spotlighting the token’s struggle to vault a key technical hurdle and reclaim the $40,000 level. The world’s largest cryptocurrency retreated about 1.3% to $38,300 as of 3:40 pm in Singapore, after touching $39,267 a day earlier. Ether, the second-largest coin, falls some 1.5%. A Bitcoin price trendline ...

  ABU DHABI / WAM The UAE is continuing to advance its laws and procedures to facilitate business and enhance the competitiveness and productivity of the national labour market. The new law represents progress in the efforts to improve the national labour market’s sustainability. Recent statistics issued by the Ministry of Human Resources and Emiratisation revealed the number of registered ...

  Dubai / WAM Massimo Falcioni, CEO of Etihad Credit Insurance (ECI), has said that since its launch in 2018, ECI has supported various sectors with its trade credit solutions, improving the competitiveness of the UAE non-oil trade and export. Over the past four years, ECI recorded a new milestone by issuing AED6 billion worth of revolving credit guarantees, which ...

ABU DHABI / WAM The US-based Global Excellence Award (GEA) has awarded Al Hosn app the “App Of The Year 2021” in the Covid-19 Response category. The achievement is the result of the collaboration between the Ministry of Health and Prevention (MoHAP), Alhosn National Health System, and the health sector at large. It also reflects the advanced level of the ...

  RAS AL KHAIMAH / WAM Aldar Properties (Aldar), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 square metre Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED410 million. The transaction adds further scale and diversification ...

  DUBAI / WAM DP World, the world’s leading provider of smart logistics, and the government of the Democratic Republic of the Congo (DRC), on Tuesday laid the first stone to mark the start of construction of the new Banana Port. The ceremony was attended by Félix-Antoine Tshisekedi, President of DRC, and Sultan Ahmed bin Sulayem, Group Chairman and CEO ...