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

BLOOMBERG Stocks retreated and the dollar rose after a Federal Reserve policymaker dampened hopes of speedy interest rate cuts from the US central bank.  Europe’s Stoxx 600 equity index opened around flat, and US equity futures contracts slipped about 0.2% as it became clear central banks will lean against traders’ rate-cut bets. Financial shares rose, led by UBS Group AG, ...

BLOOMBERG South Korea’s benchmark stock index fell, as a jump on November 6 triggered by the nation’s sudden ban on short-selling ran its course. The benchmark Kospi finished 2.3% lower — while the small-cap Kosdaq Index slid 1.8% — after foreign and local institutional investors reduced equities. Kospi had surged 5.7% on November 6, its best performance since March 2020, ...

DUBAI/ GULF TIME Aafaq Islamic Finance, a leading provider of innovative Islamic financial services and products and Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the UAE, and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI], has forged a strategic collaboration with Aafaq Islamic Finance, a prominent provider of Sharia-compliant financial solutions. Together, ...

ABU DHABI/ WAM The United Arab Emirates and Bosnia and Herzegovina have taken a significant step towards strengthening bilateral relations with the signing of a memorandum of understanding (MoU) on visa exemption. The MoU, signed on November 6, aims to facilitate and promote travel, trade, and people-to-people exchanges between the two nations. Under the MoU, UAE and Bosnia and Herzegovina ...

DUBAI/ WAM The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off from Dubai International Airport (DXB). Emirates’ flight EK 412 bound for Sydney on October 24 was among the first to operate with SAF. Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai. This first-ever ...

ABU DHABI/ WAM The UAE’s EDGE Group has announced the acquisition of a 52% majority shareholding in ANAVIA, a Switzerland-based company that specialises in the design, development, and manufacturing of versatile vertical take-off and landing (VTOL) systems of up to 750 kilogrammes, and their associated capabilities. The move will see EDGE become a market leader in this highly-specialised domain. ANAVIA ...

ABU DHABI/ WAM On behalf of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today opened the first ordinary session of the 18th legislative chapter of the Federal National Council (FNC), in the presence of His Highness Sheikh Mansour ...

ABU DHABI/ WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a phone call from Kamala Harris, Vice President of the United States, to discuss concerted efforts to enhance the urgent humanitarian response in the Gaza Strip and bolster the provision of humanitarian assistance to civilians impacted by escalating military activity. His Highness and the US Vice ...

ABU DHABI/ WAM Following the orders of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, a comprehensive Emirati field hospital is to be established in the Gaza Strip to deliver essential medical support to Palestinians. The initiative is part of the ‘Gallant Knight 3’ humanitarian operation, which His Highness ordered to be implemented yesterday. Today, five aircraft departed from ...

BLOOMBERG China’s iron-clad grip on the yuan has reached a level unseen for well over a decade in its daily reference rate, raising the risk of a buildup of currency pressure that may one day have to be released. The People’s Bank of China (PBOC) kept the so-called fixing for the managed currency little changed on Monday, not reacting to ...