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

Bloomberg The European Central Bank (ECB) said lenders in the region will have to estimate the risk they could face from climate change in both their lending and trading operations when they undergo a stress test next year. Banks will have to predict how their balance sheets will evolve over 30 years as well as any related losses they could ...

Bloomberg UK traders ramped up bets on higher interest rates after a hawkish signal from Bank of England (BOE) Governor Andrew Bailey, putting two-year yields on course for the biggest increase in more than six years. Bailey said the central bank will “have to act” to curb inflationary forces and warned that higher energy costs mean price pressures will linger. ...

Bloomberg Bank of America (BofA) Corp’s largest philanthropic initiative is reaching into new neighbourhoods with programs dedicated to community building and leadership training. The company gave another $22.1 million to its Neighborhood Builders and Champions programs that support nonprofits, according to a statement. Since 2004, the bank has invested more than $285 million through the programs, which have served 92 ...

Bloomberg MicroStrategy Inc appears to be one of the bigger beneficiaries from the euphoria surrounding the likely launch of Bitcoin ETFs, with the overall value of the company’s holding of the cryptocurrency doubling. The enterprise software firm held approximately 114,042 Bitcoin as of September 12, acquired at an aggregate purchase price of $3.16 billion and an average price of $27,713 ...

Bloomberg As an example of why investment banks should listen to their risk managers, CS Venkatakrishnan’s experience at JPMorgan Chase & Co is hard to top. Back in 2012, just weeks into a senior risk job at the Wall Street giant, his team flagged the potential for $6.3 billion of losses from a murky derivatives trade in London. The analysis ...

Bloomberg Global bond yields rose and most stocks fell on Monday as surging energy prices cemented worries about inflation and reinforced bets on policy tightening. Consumer and retail shares led declines in Europe’s Stoxx 600, with luxury companies slipping after publication of a Chinese presidential speech advancing tax legislation. US futures fell after the S&P 500 chalked its best week ...

Bloomberg China’s 10-year bond yield rose to the highest in three months as comments from central bank officials prompted traders to roll back some policy easing bets. The yield on China’s 10-year bond rose as high as 3.05%, crossing the 3% level for the first time since early July. Bond futures fell by the most in two months. Sun Guofeng, ...

NEW YORK / WAM The UAE underscored the importance of promoting and embracing peaceful co-existence and tolerance to advance societies enriched by diversity and peace at the UN Security Council. In a statement submitted for the body’s open debate on peacebuilding and sustaining peace presided over by Kenya’s President Uhuru Kenyatta, the UAE outlined how it has launched initiatives aimed ...

ABU DHABI / WAM Adnoc Drilling Company on Sunday announced continued confidence in the key business growth and budget resolutions at the inaugural meeting of the newly formed Adnoc Drilling Board, and welcomed the inclusion of the Company in three globally-recognised Indices: FTSE Emerging Index, FTSE Global Large Cap Index and FTSE All-World Index. This follows the company’s recent highly ...

ABU DHABI / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 317,254 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. The Ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. MoHAP announced 99 new ...