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

Bloomberg Twitter Inc. shares fall 6.1% in pre-market trading after the social media platform permanently banned outgoing President Donald Trump. The San Francisco-based company confirmed its decision in a blog post, saying Trump’s tweets breached policies by risking incitement to violence. It cited Trump’s posts referring to riots in the US capital last week. Mirabaud analyst Neil Campling said the ...

Bloomberg Despite the pandemic-induced recession of 2020, America’s young adults doubled their assets over the past four years, new data from the Federal Reserve show. This marks the first time the assets for so-called millennials have exceeded $10 trillion. But, this generation, the oldest of whom turn 40 this year, has a massive debt burden as well, according to the ...

Bloomberg Having slumped under the weight of a US executive order, China’s three major telecommunications companies are on the rebound in Hong Kong — supported by a record inflow of mainland cash. Mainland traders bought a record HK$19.5 billion ($2.5 billion) of Hong Kong stocks through trading links on Monday, according to data compiled by Bloomberg. China Mobile Ltd. led ...

Bloomberg India stocks advanced towards new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week. The S&P BSE Sensex climbed 0.5% to 49,012.73 as of 10:21 am in Mumbai, while the NSE Nifty 50 Index advanced 0.4%. Both gauges, heading toward fresh record highs, were ...

Bloomberg The dollar rises on Monday and most Asian stocks slipped along with US equity futures as traders weighed the implications of higher Treasury yields amid President-elect Joe Biden’s push for huge fiscal aid. The dollar climbed a third day against major peers. A gauge of Asia-Pacific shares dipped, South Korea erased an advance of as much as 3.6%. S&P ...

DUBAI / WAM Shuaa Capital on Sunday announced that it has successfully completed a debt buyout of Stanford Marine Group’s (SMG) AED1.13 billion ($308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversified offshore services companies in the Middle East, with a focus on chartering, ...

Abu Dhabi / WAM HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Vice Chairman of the Board of Directors of the Mubadala Investment Company, has chaired the meeting of the Executive Committee of the company’s board, which was held at the Al Watan Palace in Abu Dhabi. The Board approved the company’s action ...

Abu Dhabi / WAM Obaid Humaid Al Tayer, Minister of State for Financial Affairs, met with the US Treasury Secretary Steven Mnuchin in Abu Dhabi. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, as well as representatives of the UAE Central Bank attended the meeting which sought to deliberate joint strategic relations and financial and economic cooperation between ...

AJMAN / WAM The annual real estate report issued by the Department of Land and Real Estate Regulation in Ajman highlighted the stable performance of the emirate’s real estate market, noting that real estate transactions in 2020 totalled AED8.9 billion. Nasser Al Marzouqi, Deputy Director-General of the Department, stressed that Ajman’s real estate sector has maintained its positive performance, due ...

ABU DHABI / WAM Kim Young-ju, Chairman of the Korea International Trade Association (KITA), stated that the UAE and South Korea have had solid bilateral relations since the start of their diplomatic ties in 980s, adding that the two friendly countries established a strategic partnership in 2018 during the official visit of Moon Jae-in, President of South Korea, to the ...