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

BLOOMBERG Zambia’s central bank raised the ratio of deposits that commercial lenders must hold in a bid to reverse a slide in the world’s worst-performing currency after Argentina’s peso.The Bank of Zambia will increase the statutory reserve ratio requirement for local- and foreign-currency deposits by 3 percentage points to 14.5% with effect from November 13, it said in a circular ...

BLOOMBERG South Korea will prohibit stock short-selling until June 2024 to allow regulators to “actively” improve rules and systems, the Financial Services Commission said. Trading with borrowed shares, an essential component of short selling, will be banned for companies in the Kospi 200 Index and Kosdaq 150 Index from Monday until the end of June, the commission said. “Amidst market ...

BLOOMBERG Stock and bond markets steadied after last week’s blockbuster rally, with traders still optimistic that US and European central banks may start cutting interest rates as soon as next year. Europe’s Stoxx 600 index held to recent gains and US futures added about 0.2%. Asian markets jumped, with South Korea’s Kospi finishing more than 5% higher after regulators banned ...

BLOOMBERG Between 2013 and 2017, Peter To claims he made more than $1 million by day-trading Bitcoin during its bull runs. While the world’s largest cryptocurrency has rallied in recent weeks, more than doubling from levels after last year’s epic collapse that helped blow up the FTX exchange, the 34-year-old professional stock trader in New York says it’s not enough ...

BLOOMBERG European Central Bank (ECB) President Christine Lagarde said that slowing inflation is “certainly our forecast” and that the institution is determined to return prices to its target. “We are determined to bring inflation down to 2%,” Lagarde told the Greek newspaper Kathimerini in remarks posted on the ECB’s website. “According to our projections we will get there in 2025.” ...

BLOOMBERG Asia’s emerging-market currencies are proving attractive to investors willing to bet on local central banks keeping interest rates high and the fading strength of the dollar. In the view of Brendan McKenna, an emerging market strategist at Wells Fargo & Co, the Indonesian rupiah, Philippine peso and Thai baht are among the best bets. Other experts point the fact ...

BLOOMBERG There is growing evidence that Apple Inc’s latest iPhone is falling shy of its predecessor in China, suggesting a setback for the world’s most valuable company in its most important overseas market. The iPhone 15 series saw a 6% decline in sales in its launch month compared with the prior year, according to data from market researcher GfK that ...

BLOOMBERG Apple Inc is set to capitalise on a computer market resurgence when the company unveils two new Macs and processors on Monday. The company will hold an online event at 5 pm California time — dubbed “Scary Fast” —  where it’s poised to announce a new iMac and updates to its high-end MacBook Pro. Apple also is slated to ...

AMDJARASS/ WAM Two UAE aircraft have arrived in Amdjarass, Chad, carrying 19 tonnes of humanitarian and relief assistance. The humanitarian assistance was airlifted in implementation of the directives of the UAE leadership to relieve the Sudanese refugees and support the local community in Chad as part of UAE’s efforts to improve the living and health conditions. The shipment was received ...

DUBAI/ WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, expressed his deep appreciation for the contributions of Emirati women in all sectors and the crucial role they play in shaping the country’s future. His Highness emphasised the nation’s enduring commitment to supporting women and fostering their active involvement in furthering the ...