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

  Bloomberg US lenders issued more credit cards than ever last year, with a growing share of them going to consumers with lower credit scores. A record 196 million Americans held cards at the end of 2021, according to a report by credit-data agency TransUnion. In the third quarter, the latest for which detailed numbers are available, the number of ...

  Bloomberg Banco Santander SA is planning to simplify the structure of its US operations by discontinuing businesses such as home loans and focusing on consumer lending. Spain’s biggest bank may also review some of its commercial and industrial business lending, it said in a presentation. Santander has been pivoting towards areas with scope for more profitable growth in the ...

  Bloomberg State Bank of India’s (SBI) profit rose 62% in the third quarter helped by strong lending as the pandemic eased. Net income at the state lender was 84.3 billion rupees ($1.1 billion) in the three months through December, compared with 51.96 billion rupees a year ago, it said in a statement. That beat the average estimate of 82.59 ...

  Bloomberg Bank Negara Malaysia signalled it’s not yet ready to withdraw policy support as the economy recovers, steering clear of the hawkish pivot undertaken by major central banks. The current policy stance is “appropriate and accommodative” and any adjustment will be data-dependent, Governor Nor Shamsiah Mohd Yunus said in an email interview. Headline inflation is expected to remain moderate ...

    Bloomberg Sovereign bonds extended declines on Tuesday, with the 10-year Treasury yield approaching 2% as investors grapple with the implications of global monetary-policy tightening. The US 10-year yield climbed above 1.95%, a level last seen in December 2019, with some investors predicting it could rise as high as 3% this year as the Federal Reserve battles the hottest ...

  Bloomberg Adani Wilmar Ltd, an Indian food company, surged in its stock trading debut following a $482 million initial public offering (IPO), the country’s largest in two months. Shares of the company, an equal joint venture between the business group controlled by Asia’s richest person Gautam Adani and Singapore’s Wilmar International Ltd., rise as much as 16% to 266.8 ...

  Dubai / WAM The Emirates Mars Mission (EMM), the first interplanetary mission undertaken by an Arab nation, has released the second tranche of observations to a global audience of scientists, researchers, educationalists and enthusiasts. Over 76 GB of raw data has been uploaded to the EMM Science Data Centre and is available at https://sdc.emiratesmarsmission.ae as part of the second ...

  Abu Dhabi / WAM AD Ports Group, one of the UAE’s leading integrated ports, logistics and industrial zone operators, on Monday announced the listing of its shares on the main market of the Abu Dhabi Securities Exchange (ADX). Trading is set to begin on Tuesday under the ticker symbol “ADPORTS”. Ahead of the listing, AD Ports Group raised new ...

  Dubai / WAM In line with enhancing environmental sustainability and encouraging individuals to reduce the excessive use of plastics, the Executive Council of Dubai has approved the policy to limit single-use bags by imposing a tariff of 25 fils on single-use bags used for carrying goods, starting from July 1. The tariff will be implemented in all stores across ...

  Abu Dhabi / WAM The Abu Dhabi Global Market Academy (ADGMA) in collaboration with the Centre for Finance, Technology and Entrepreneurship (CFTE) London, announced 100 scholarships for those wishing to acquire advanced skills in finance and technology with half these scholarships for women, supporting SDG goal number 5 of Gender Equality. FinTech or financial technology is nothing short of ...