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

Bloomberg BT Group Plc announced a bonus for 59,000 workers, weeks ahead of a potential strike over Chief Executive Officer (CEO) Philip Jansen’s restructuring plans. Staff such as engineers and call center workers who were on the front line during the pandemic will receive 1,000 pounds ($1,371) in cash immediately, the British phone company said in a statement. It said that’s ...

Bloomberg German Chancellor Angela Merkel’s cabinet approved the government’s budget plans for this year and next, including an extra 60 billion euros ($71 billion) in net debt for 2021 to help offset the impact of the coronavirus. The additional borrowing this year takes the total to more than 240 billion euros, as Germany spends freely to support businesses affected by ...

Bloomberg Overseas investors have been pulling out of Malaysian equities for 20 straight months. March could mark the turn of the tide. Foreigners have poured a net $97 million into local stocks this month through March 22, while withdrawing a combined $1 billion from four other Southeast Asian markets tracked by Bloomberg. The inflows come as valuation of Malaysia’s main ...

Bloomberg The Nasdaq 100 Index led US equity futures higher while Treasury yields were poised for a third day of declines. Futures on the S&P 500 and Dow Jones Industrial Average also pointed to a recovery in the underlying gauges which slipped amid a setback for reopening favourites. Government bond yields fall across Europe. Assurances by Federal Reserve Chairman Jerome ...

ABU DHABI / WAM In implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE has announced that it will invest $10 billion with the Indonesia’s sovereign wealth fund – Indonesia Investment Authority. Investments will focus on strategic sectors in Indonesia, ...

ABU DHABI / WAM The Federal Competitiveness and Statistics Centre’s figures revealed that the UAE’s industrial exports in the first 10 months of 2020 were valued at AED84.2 billion. These figures highlight the key role of the industrial sector in driving national economic development and its ability to maintain its activity despite the negative economic repercussions of the coronavirus (Covid-19) ...

ABU DHABI / WAM Despite a slower and only marginal improvement in business conditions around the world, to the tune of AED35 billion in cash dividends for 2020 have been proposed to date by 51 companies listed in the UAE capital markets, according to data released by the listed firms. Banks are the largest distributors of profits, with nine banks ...

Dubai / WAM Middle East Energy Dubai, a global energy industry event formerly known as Middle East Electricity, has revealed that the 2020 edition of the show generated more than AED18 billion worth of business during the three-day showcase, as registration for the 2021 event goes live on Tuesday. Held under the patronage of HH Sheikh Maktoum bin Mohammed bin ...

WASHINGTON / WAM The United States welcomed Saudi Arabia’s initiative to end the Yemeni crisis, as well as Yemen’s Government commitment to a ceasefire and political process in the country. Deputy Spokesperson at the US Department of State Jalina Porter affirmed during a press meeting that discussions in support of peace efforts are ongoing, calling on all parties to commit ...

ABU DHABI / WAM Mubadala Investment Company, the Abu Dhabi-based sovereign investor, invested $75 million in 5-year pre-IPO convertible bonds of Telegram, an operator of the self-named security-focused social media platform, with Abu Dhabi Catalyst Partners (ADCP) investing a further $75 million. The strategic partnership between the companies is also expected to create new collaboration opportunities and thereby further advance Abu ...