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

BLOOMBERG European stocks climbed after three days of declines, while US futures edged higher after the House passed a deal to avert a US default and Federal Reserve officials hinted at a pause in interest-rate hikes. Banks and carmakers led gains in the Stoxx Europe 600 index as data showed euro-area inflation slowed more than analysts’ estimates in May. Adnoc ...

BLOOMBERG Ghana’s pension funds are close to agreeing to a deal to restructure $2.6 billion worth of government bonds they hold, according to an umbrella body for the industry. Under the plan, the pension funds will receive more interest payments, but over a longer period of time, according to Thomas Esso, executive secretary of the Chamber of Corporate Trustees. The ...

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a phone call from Félix Tshisekedi, President of the Democratic Republic of the Congo. During the call, the two leaders discussed opportunities to enhance cooperation aimed at supporting the sustainable development and economic prosperity of both nations. The conversation between His Highness and President Tshisekedi also ...

ABU DHABI / WAM Etihad Airways has been named Environmental Airline of the Year 2023 for the second year running in the Airline Ratings awards. The Airline Ratings awards acknowledge the best of the aviation industry and rank airlines on their innovation, route networks and safety score against strict assessment criteria. The awards recognised Etihad’s commitment to sustainable aviation through ...

ABU DHABI / WAM Abu Dhabi National Oil Company (Adnoc) announced on Wednesday at the Make it in the Emirates forum in Abu Dhabi, new agreements with more than 60 UAE-based and international companies to locally manufacture critical non-oil products in its supply chain. The new agreements bring Adnoc closer to its target to locally manufacture AED70 billion ($19 billion) ...

ABU DHABI / WAM HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, on Wednesday attended the second edition of the ‘Make it in the Emirates’ forum. Taking place at the Abu Dhabi Energy Centre, the forum is organised in partnership with the Ministry of Industry and ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the new futuristic development masterplan of Palm Jebel Ali. Part of the Dubai 2040 Urban Master Plan, Palm Jebel Ali is one of a series of visionary projects being undertaken by world-leading Dubai-based real estate master developer ...

BLOOMBERG  The European Central Bank (ECB) said that financial markets will be vulnerable to negative shocks as it continues the fight against inflation, with real estate among the sectors at risk. Higher interest rates are testing the resilience of households, companies, governments and property markets, the institution said on Wednesday in its biannual Financial Stability Review. That’s leaves investors potentially ...

BLOOMBERG  Thailand’s central bank raised its benchmark interest rate to the highest level in eight years, while making a case for retaining a tightening bias to anchor inflation firmly in the tourism-fuelled economy. The Bank of Thailand’s (BOT) Monetary Policy Committee (MPC) voted unanimously to raise the one-day repurchase rate by 25 basis points to 2% on Wednesday, as seen by ...

BLOOMBERG  Citigroup Inc has begun to see signs of a rebound in investment banking, with an agreement to avert a US debt default poised to further boost deal volumes. The company had already begun to see a pickup in both investment-grade debt and equity underwriting, Tyler Dickson, co-head of Citigroup’s banking, capital markets and advisory unit, said in a Bloomberg ...