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

ABU DHABI / AD MEDIA OFFICE His Highness Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of the UAE Media Council, has chaired the meeting of the council’s Board of Directors at the National Media Office headquarters in Abu Dhabi. During the meeting, His Highness highlighted that the media regulation law represents a significant step in strengthening the country’s competitiveness ...

BLOOMBERG Goldman Sachs Group Inc plans to ramp up its credit business in India and sees an increasing opportunity to target the nation’s wealthy diaspora as global investors shift their focus from China to what is now the world’s fastest-growing major economy. The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according ...

BLOOMBERG Amazon.com won its legal battle with European Union (EU) competition watchdogs over a €250 million ($272 million) tax bill as the bloc’s top court cast more doubt on an EU crackdown on nations accused of giving some firms special treatment. The EU’s Court of Justice said the European Commission failed to establish that a tax arrangement between Amazon and ...

BLOOMBERG Hennes & Mauritz AB’s revenue fell as consumers pulled back on spending at H&M clothing stores and after the chain closed stores in Russia. Sales fell 4% in the three months through November at constant currencies, the company said, in line with analysts’ expectations. The company has lost the sales growth momentum it last demonstrated in the first half ...

BLOOMBERG Kroger Co and Albertsons Cos are bracing for a US Federal Trade Commission (FTC) lawsuit over their proposed $24.6 billion tie-up as soon as January as opposition builds against the supermarket mega-deal. Progressive lawmakers and the Teamsters union both urged the antitrust agency to veto the deal after its yearlong probe. The FTC has until January 17 to decide ...

BLOOMBERG European stocks slid, following a weak session in Asia after Federal Reserve officials pushed back against bets of aggressive interest rate cuts next year. The Stoxx Europe 600 index dropped 0.4%, while US stock futures edged higher. The MSCI Asia Pacific Index lost as much as 1.1%, the most since December 5. The dollar was broadly steady while yields ...

BLOOMBERG The rupiah looks poised to weaken heading into 2024, as uncertainty ahead of Indonesia’s national elections in February plays on investors’ minds. The currency may trade around 15,800 a dollar in the first quarter next year, according to BNY Mellon Corp, HSBC Holdings Plc and PT Bank Mandiri. It closed at 15,493 on December 15. Historically, the rupiah has ...

ABU DHABI/ WAM The UAE Embassy in Poland, today received a ship carrying 27 fully equipped ambulances to support the health sector in Ukraine. Implementing the wise leadership’s directives, this shipment follows a previous one last September that carried 23 ambulances. Thus, 50 ambulances provided by the UAE were delivered to Ukraine in 2023. The UAE Embassy in Poland has ...

ABU DHABI/ WAM The fifth edition of the ADNOC Abu Dhabi Marathon witnessed a new women’s record set by first-timer Brigid Kosgei, as more than 25,000 participants from 168 different nationalities took to the streets of the UAE capital. The five-time major Marathon champion swept to victory with a stunning time of 2:19:15 – a minute quicker than the previous ...

ABU DHABI/ WAM The third batch of volunteers, heading to the Gaza Strip, left the country today to join the field hospital that the UAE had established in the Gaza Strip to provide Palestinians with the necessary medical treatment and care. The new batch of volunteers, comprising 9 healthcare professionals, will join their fellow doctors and nurses, who are currently ...