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

Bloomberg With one of his first major moves at the helm of UniCredit, Andrea Orcel added tens of millions to bank’s bottom line. The question is whether the cost will be even higher in the long run. UniCredit’s new CEO shocked investors with a decision to skip a coupon payment on $3.6 billion of hybrid bonds due later this month, an ...

Bloomberg BlockFi Inc., a crypto-lending startup, mistakenly sent some users Bitcoin as part of a promotion and is working on reversing it. The company made what it called incorrect promo payouts in Bitcoin instead of US dollars to certain customers. Though BlockFi worked on reversing them, a number of recipients withdrew the coins before the company could backpedal. (It was ...

Bloomberg US equity-index futures gained as investors wagered that the Federal Reserve will maintain monetary support in coming months while a rebound in the world’s biggest economy stokes inflation fears. Contracts on the S&P 500 and Nasdaq 100 gauges pointed to gains after US stocks closed mixed. The dollar and Treasuries were steady. Bitcoin advanced above $35,000 following another weekend ...

Bloomberg Malaysia’s stocks climbed from a three-month low after the government resisted imposing a full lockdown to avoid derailing a nascent recovery in the economy. The FTSE Bursa Malaysia KLCI Index rises as much as 0.95% on Monday, snapping a three-day loss. Sime Darby Bhd. and Axiata Group Bhd led gains in the gauge. The government shortened business working hours ...

NEW YORK / WAM The UAE stressed that it has been gravely concerned by the escalating violence in Israel and the Occupied Palestinian Territory. The UAE welcomed the news of a ceasefire agreement and expressed hope that it is durable, lasting, and might contribute to resumption of a credible wider peace process while restoring calm and building confidence between the ...

Dubai / WAM HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council, on Sunday unveiled the Majesty 175, the world’s largest composite production superyacht, at its world premiere at Dubai Harbour. Pushing the boundaries in superyacht production through its lightweight material that enables effortless cruising in low-draft waters, the Majesty 175, fully manufactured in ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has directed that AED6 million be allocated for the purchase of books and educational materials from the 500,000 titles available at the Abu Dhabi International Book Fair (ADIBF) 2021. The books and educational materials ...

DUBAI / WAM The Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with Dubai SME, an integrated division of Dubai’s Department of Economic Development (Dubai Economy), to support the business sector and advance comprehensive and sustainable development in the country. Mariam Al Amiri, Under-Secretary, Financial Management Sector at MoF, and Saeed Matar Al Marri, Deputy CEO of Dubai ...

ABU DHABI / WAM The Abu Dhabi Convention and Exhibition Bureau (ADCEB), part of the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), Abu Dhabi National Exhibitions Company (Adnec) and the Emirates Medical Association (EMA) have announced the renewal of their MoU to support the development of Abu Dhabi as a leading medical meetings hub. The MoU, ...

Sharjah / WAM Arada has awarded the construction contract to build The Boulevard, an upscale residential complex at its Sharjah mega-community Aljada. Located in the East Village district of Aljada, The Boulevard comprises three apartment blocks. The nine-storey blocks are located next to Aljada’s main avenue. The AED180 million contract was won by Dubai-based Al Ashram Contracting, a construction company ...