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 The Khalifa Fund for Enterprise Development (KFED), announced that it is taking part in the ongoing 10th edition of Sial Middle East at the Abu Dhabi National Exhibition Centre (Adnec). The event features top local and international food and hospitality companies. During the event, Khalifa Fund for Enterprise Development has been engaging with young Emirati entrepreneurs ...

ABU DHABI / WAM Tax revenue, including VAT, amounted to 5.5 percent of the total public revenue last year while oil revenues and the profits of public joint-stock companies accounted for 36.1 percent and 32.9 percent, respectively, according to the Ministry of Finance (MoF). The Ministry of Finance said the UAE’s decision to apply value-added tax (VAT), was positively reflected ...

Riyadh / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, arrived in Riyadh Tuesday afternoon to participate in the 40th Gulf Cooperation Council Summit, which kicked off under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. Leaders and representatives ...

Bloomberg Maybe the third time Jerome Powell will get lucky. The Federal Reserve chairman looked close to pulling off a soft landing of the ebbing US economy twice this year — at the start of May and the end of July. Each time though he saw his plans blown off course via an escalation of trade tensions by president Donald ...

Bloomberg Deutsche Bank AG Chief Executive Officer (CEO) Christian Sewing vowed that the bank will execute one of the largest restructurings in its history without the need for extra shareholder funds as he seeks to build credibility with investors. The lender’s common equity Tier 1 ratio — a key metric of financial strength — will be above 13% throughout the ...

Bloomberg Morgan Stanley was fined 20 million euros ($22.1 million) by French regulators after the bank’s London desk was accused of using “pump and dump” tactics to manipulate sovereign bond prices. The enforcement committee of the Autorite des Marches Financiers (AMF) said the bank manipulated the prices of 14 French government bonds and 8 Belgian bonds in June 2015. The ...

Bloomberg Egypt’s inflation rate accelerated for the first time in five months, rising 3.6% in November as the effect of last year’s surge in prices faded but offering the central bank little reason to reverse a monetary easing cycle. The annual rate for urban inflation rose from 3.1% the month before, the state-run statistics bureau said. Consumer prices fell 0.3% ...

Bloomberg Credit Suisse Group AG sued two of its former US-based wealth managers in a bid to nullify more than $1.6 million in back pay and fees the men were awarded in arbitration following a dispute over the terms of their departure. Richard J Dellarusso and Mark L Sullivan left the bank to join rival UBS Financial Services Inc after ...

Bloomberg European Central Bank (ECB) president Christine Lagarde is discovering that her grand ambitions for fighting climate change will have to take a back seat to her new job of reviving inflation. Lagarde came to the Frankfurt-based ECB pledging to bind environmental concerns much more closely into policy decisions — echoing her strategy when she ran the International Monetary Fund. ...

ABU DHABI / WAM The UAE Banks Federation (UBF), held its annual meeting on Tuesday for Chairpersons of its 20 specialised committees to review key initiatives and achievements of 2019. Meeting participants also discussed 2020 plans and objectives for priority areas including fraud prevention, cybersecurity, and plans to establish a UBF FinTech Committee. The meeting was presided over by AbdulAziz ...