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

Bloomberg The Federal Reserve is preparing to deliver what the market expects to be the first of multiple interest-rate cuts. The others are sure to follow if policy makers can’t break what’s starting to look like a vicious circle. The Fed isn’t simply bending to the market’s will with this cut: It highlighted the risks of weak inflation and global ...

Bloomberg Morgan Stanley, the biggest stock-trading shop on Wall Street, is losing some of its lead. The company posted a 14 percent drop in equities-trading revenue, the steepest decline among major US banks, as it cited lower client balances in its prime-brokerage business. While the firm had a surprise jump in wealth-management fees, the trading slump caused overall revenue to ...

Bloomberg Nordea Bank Abp said the pressure of negative interest rates and a tougher regulatory environment will force it to review its financial targets this year after delivering a set of quarterly results it characterised as “not satisfactory.” The environment has changed, “with expected lower rates for longer,” Nordea said. On top of that, management is awaiting “more clarity on ...

Bloomberg A German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing has raised new funds at a valuation of $3.5 billion, making the company one of Europe’s highest valued non-listed fintech firms. N26 GmbH extended its Series D funding round by $170 million to a total $470 million, the Berlin-based company said. The round was originally announced in ...

Bloomberg A 78 percent drop in Yes Bank Ltd shares since August has left founder and former chief executive officer Rana Kapoor some $1 billion poorer. The Indian lender, which reported earnings that showed its capital buffers had weakened and bad loan ratio widened, plunged as much as 20 percent. That’s contributed to a drop in Kapoor’s net worth to ...

Bloomberg Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistleblower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of US sanctions. The whistleblower, a bank executive who has not been named in court papers, was the bank’s global head of transaction banking and foreign ...

Bloomberg Federal Reserve Bank of Boston President Eric Rosengren said he doesn’t believe the US economy needs an interest-rate cut, given the positive data that’s rolled in since mid-June. “The economy’s doing actually quite well,” Rosengren said in an interview with CNBC. “We’re not really having an economic slowdown.” Rosengren, who votes this year on the policy-making Federal Open Market ...

DUBAI / WAM Dubai Sports Council has announced the region’s first-ever conference on artificial intelligence (AI) in the global sports industry to be held in Dubai, on October 14 and 15, at the World Trade Centre. The Dubai Artificial Intelligence in Sports (Dais), conference, and exhibition is being held under the patronage of HH Sheikh Hamdan bin Mohammed bin Rashid ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) has completed the installation of 100 Nol top-up machines powered by solar energy in several parts of Dubai. The step is part of RTA’s efforts to expand the use of renewable energy in all services and projects in support of the government drive towards a green and sustainable economy. “The installation ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) and Al Baraka Banking Group — a Bahrain-headquartered Islamic multinational banking group —announced the signing of a memorandum of understanding (MoU) to expand transactional networks. The correspondent bank-ing arrangement provides clients with greater flexibility and access to a wider network, in order to conduct seamless cross-border fund transactions. The MoU was ...