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

ABU DHABI / WAM Senaat on Sunday announced that it has achieved steady revenue growth in 2018 to reach AED16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED15.7 billion). More notably, EBITDA increased to more than AED2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through …

Abu Dhabi / WAM Dubai Electricity and Water Authority (Dewa) and the consortium led by Saudi Arabia’s Acwa Power and Silk Road Fund, which is owned by the Chinese Government, annou-nced financial closing of the 950-megawatt fourth phase of Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park will produce 5,000 …

Abu Dhabi / WAM The UAE and Hungary agreed to strengthen their cooperation in the fields of science, technology and innovation. This came as senior representatives of both countries discussed creating new partners- hips in various sectors that will serve their development in areas of trade, industry, investment, renewable energy, insurance, tour-ism, science, technology, telecom- munications, aviation, education, culture and …

Bloomberg Investors are starting to doubt that Jerome Powell’s magic dust can keep working miracles in equities. The US Federal Reserve’s remarkably dovish stance got a polite but restrained nod from markets after trade tensions and profit woes returned to center stage. The S&P 500 Index fell 0.8 percent over the five days while the Stoxx Europe 600 Index posted …

Bloomberg South Korea’s won has been the worst-performing Asian currency this year. Data this week may add to its woes. Industrial production and consumer confidence numbers will be in focus as traders seek to gauge whether the recent weakness in exports and inflation is spreading. Signs of slower growth may fuel bets the Bank of Korea will follow the Federal …

Bloomberg Sinopec Corp. aims to raise spending to the highest since 2014, joining state-owned peers in their mission to churn out more domestic oil and gas to ease China’s reliance on imports. Refining profit tumbled in the fourth quarter. Capital expenditure is budgeted at 136.3 billion yuan ($20.3 billion) this year, the world’s largest refiner said in a statement to …

Bloomberg The Brexit-inspired decline in London’s property values has yet to cause any serious ripples in other areas of the UK. While price-growth and activity may be slowing amid the uncertainty, almost every other major urban area in the country is still experiencing a rising market, according to Acadata. It’s a national divide that’s all too apparent to real estate …

Bloomberg Direct lenders are gearing up for more business in the UK as they see banks shrinking their sterling corporate loan books in the wake of Brexit-linked volatility and slower economic growth. Private credit fund managers say they are already witnessing an increase in deal flow as traditional lenders turn more cautious in the run up to Britain leaving the …

Bloomberg The Bank of England (BOE) said more companies are triggering plans for a no-deal Brexit as it kept policy in a holding pattern while the government takes withdrawal talks to the brink. Around two-thirds of firms surveyed by the central bank said they had started implementing contingencies for a disorderly departure from the European Union. About 80 percent judged …

Bloomberg Federal Reserve nominee Stephen Moore called the Fed’s December interest-rate hike “a very substantial mistake” while adding that he looks forward to working with Chairman Jerome Powell to help ensure the US economy continues to expand. “Everyone would now acknowledge that what they did in December with the rate increase — it was a very substantial mistake,” Moore said …