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

Bloomberg President Joe Biden has decided to adhere to the deadline he set for evacuations from the Kabul airport, according to a senior administration official, leaving less than a week to fly out thousands of people from Taliban-controlled Afghanistan. The decision means that he rebuffed calls from the US’s closest allies to extend the Aug. 31 deadline during a virtual ...

Bloomberg Philippine President Rodrigo Duterte has accepted the ruling party’s vice-presidential endorsement, solidifying his bid to stay in a top government post once his term ends next year. Duterte agreed to run due to “popular calls” within the PDP-Laban for him to seek the second-highest post, the party said in a statement on Tuesday. The ruling party, which will convene ...

Bloomberg Zambia’s new President Hakainde Hichilema pledged to rein in public debt and the budget deficit, while restoring the nation’s credibility following a default on its foreign loans. “Our focus over the next five years will be on restoring macroeconomic stability,” Hichilema said in his inauguration address in Lusaka, the capital, on Tuesday. “We will grow our economy so we ...

Bloomberg Bathabile Dlamini, a former South African social development minister and head of the ruling party’s powerful womens’ league, will be prosecuted for perjury in a move by prosecutors that will stoke political tension. The charges relate to her testimony at a Constitutional Court inquiry in 2018 into a crisis over welfare-grant payments where a judge ruled that she’d lied ...

Bloomberg Germany’s Social Democrats (SDP) overtook Chancellor Angela Merkel’s bloc for the first time in 15 years, prompting a top conservative ally to go on the attack. Markus Soeder, head of the Bavarian sister party of her alliance, offered a taste of what the German conservatives will campaign on in the coming weeks. Speaking on Tuesday in a Bloomberg webinar, ...

Bloomberg Vice President Kamala Harris warned that China poses a threat to countries in Asia, while reassuring nations in the region the US won’t force countries to choose between the world’s biggest economies. In a speech in Singapore on Tuesday, Harris spoke about the US vision for a region built on rules, human rights, freedom of the seas and unimpeded ...

Bloomberg China’s central bank chief vowed to stabilise the supply of credit and boost the amount of money supporting smaller businesses and the real economy, after both credit and economic growth slowed in July. The People’s Bank of China (PBOC) will keep monetary policy stable with a good cross-cyclical design and will support high-quality economic expansion with “appropriate money growth,” ...

Bloomberg Citigroup Inc is facing a lawsuit for pulling support from a European credit fund as the Covid-19 pandemic roiled the markets, then giving its own traders a potential profit at the fund’s expense. The New York-based bank was sued by Ver Capital Partners in London for forcing the fund to default on a 224 million-euro ($263 million) loan in ...

Bloomberg New Zealand’s central bank decided not to raise interest rates last week because of communication challenges, not economic risks, Assistant Governor Christian Hawkesby said. It would have been difficult to explain an increase in the official cash rate on the same day the country entered a lockdown to combat a Covid-19 outbreak, Hawkesby told Bloomberg in a telephone interview ...

Bloomberg Goldman Sachs Group Inc is boosting the pay of junior staff in its sales, trading, research and asset management divisions as the wave of pay rises spreads beyond investment banking, according to Financial News. Goldman Sachs will pay starting salaries of $110,000 in these units, up from $85,000, while second years will receive $125,000, Financial News reported, citing people ...