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

Bloomberg Credit Suisse Group AG has hired investment banker Jerry Wiant from Lazard Ltd, where he had a two-year stint as a managing director focused on banking institutions. Wiant will join Credit Suisse’s global financial institutions later this summer as a managing director and head of Americas banks, according to an internal memo obtained by Bloomberg. He joined Lazard in ...

Bloomberg Ghana has pumped 800 million cedis ($150 million) into a special purpose vehicle created to bail out banks that don’t have enough capital, according to four people with knowledge of the matter. Ghana Amalgamated Trust (GAT) will be getting the funds from the finance ministry after dropping a plan to raise the money through a bond sale, said the ...

Bloomberg A key Canadian interest rate used by lenders to determine who can qualify for a mortgage has dropped for the first time in almost three years, potentially giving the country’s housing market a near-term boost. The Bank of Canada lowered its 5-year conventional mortgage rate to 5.19 percent, from 5.34 percent, where it had been since May 2018. It’s ...

Bloomberg The next member of the European Central Bank’s Governing Council from Latvia will be selected through an open competition if Latvian Prime Minister Krisjanis Karins gets his way. The premier is looking for a clean break for the monetary authority, which was tainted by a bribery scandal during the current governor’s 18 years at the helm, he said. Karins ...

Bloomberg Former Reserve Bank of India governor Raghuram Rajan has indicated the political challenges posed by Brexit were the reasons he didn’t apply to head up the Bank of England. In an interview with the BBC, Rajan confirmed he hadn’t sought the position and cited the fact that central banking “has become much more political in recent times” as an ...

ABU DHABI / WAM Promoting our national heritage and preserving and documenting our history and traditions for future generations is of utmost importance to preserving our national identity, said HH Sheikha Maryam bint Mohamed bin Zayed Al Nahyan, during the inaugural Cultural Councils Initiative meeting. The Ministry of Culture and Knowledge Development hosted the Cultural Councils Initiative, a sector-focussed platform ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) and Careem announced the launch of their taxi e-hailing service in Dubai under a joint venture (JV) titled, ‘Hala’, which will officially offer its services to customers from September. The ‘Hala’ logo is designed to reflect the transformation of the taxi e-hailing experience provided through the partnership, which will be simpler, ...

ABU DHABI / WAM Abu Dhabi Airports has welcomed GoAir’s launch of two new daily flights, the first between Mumbai International Airport and Abu Dhabi, and the second to Delhi International Airport, further connecting the UAE capital to the two major Indian cities. GoAir’s inaugural flights from Delhi, India’s capital and Mumbai, the financial capital of the world’s 6th largest ...

DUBAI / WAM The Awqaf and Minors Affairs Foundation (AMAF) has contributed AED200,000 to the Erada Centre for Treatment and Rehab, in a bid to help the centre upgrade its facilities, and enhance patient care. An independent centre based in Dubai, Erada offers treatment and rehabilitation services to individuals with substance abuse disorders and addiction. The centre also raises awareness ...

DUBAI / WAM Sandooq Al Watan, the national initiative launched by prominent Emirati businessmen to support research projects for the post-oil era has celebrated the first batch of graduates from the Dubai chapter of its “Emirati Coder” programme at GEMS Modern Academy. The first batch included 86 graduates. In attendance at the event were Lt. General Dhahi Khalfan Tamim, Chairman ...