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

Bloomberg Investment firms shouldn’t be allowed to keep half a billion dollars Citigroup Inc accidentally sent them because the payment wasn’t due for three more years, legal experts and advocacy groups said in asking a court to overturn the ruling. A group of law professors said in a brief with the federal appeals court in Manhattan that the lower-court ruling, ...

Bloomberg Societe Generale SA plans to focus its investment bank more on corporate banking as Chief Executive Officer Frederic Oudea attempts to turn the unit around following steep trading losses on complex derivatives last year. The Paris-based lender on Monday said the business, which is heavily geared toward markets activities, will pursue a “client-centric” strategy and allocate more capital to ...

Bloomberg Nasdaq futures fall as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. The tech-heavy index has been whipsawed by the prospect of inflation which can threaten longer-horizon revenues typical of the industry. Contracts on the S&P 500 Index were steady. Treasury yields edged ...

Bloomberg Australia’s stock market is on a tear, with surging commodity prices and a v-shaped economic rebound from the pandemic pushing the nation’s benchmark index to a record high. Mining giants BHP Group and Rio Tinto Ltd traded at all-time highs on Monday as global demand fuels surging metals prices while the country’s biggest banks advanced amid rising earnings. With ...

May 10 / Emirates Business Floward, the go-to online flowers and gifts delivery store in the region launched its services in Muscat, Oman on Sunday, May 2, 2021 making it the first expansion of the year for the company. With this expansion, the company now operates in 19 cities across seven countries. As part of its expansion strategy, Floward will ...

Abu Dhabi / WAM The United Arab Emirates can be a bridge between Central America and the Arabian Gulf, according to a senior Costa Rican official. In an exclusive interview with Emirates News Agency (WAM) at the Costa Rican Embassy in Abu Dhabi, Adriana Bolanos Argueta, Deputy Minister of Foreign Affairs and Worship of Costa Rica, also said that Mohamed ...

Abu Dhabi / Emirates Business General Holding Corporation (Senaat), part of ADQ and the sole shareholder of Emirates Steel Industries (Emirates Steel) announced on Sunday that it has submitted an offer to the Board of Arkan Building Materials Company (Arkan). The offer sets out the principal terms and conditions on which Senaat would transfer Emirates Steel, a leading integrated steel ...

Abu Dhabi / WAM The UAE State Audit Institution (SAI) and the United Nations Office on Drugs and Crime (UNODC) have signed an agreement concerning the implementation of the “Abu Dhabi Declaration” issued by the eighth session of the Conference of the States Parties to the United Nations Convention against Corruption held in Abu Dhabi in December 2019. The Abu ...

Abu Dhabi / WAM Etisalat group announced the successful completion of a bond issuance worth one billion euros to refinance the maturing bond tranche it had issued in 2014 for the acquisition of a controlling stake in Maroc Telecom. Etisalat group issued bonds in two tranches, the first is a 7-years tranche amounting to 500 million euros with an annual ...

SHARJAH / WAM Dana Gas on Sunday announced its financial results for the first quarter ended March 31. Net profit was up by 41 percent in Q1 2021 reaching AED88 million as compared to AED62 million in Q1 2020. The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), ...