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

Bloomberg Shares of Philippines’ largest budget carrier plunged to their biggest drop on record, wiping out as much as 21.3 billion pesos ($415 million) from its market value in what traders said was likely a fat finger. Cebu Air Inc slumped 38 percent to the lowest since August 2014 in the last few minutes of trading and volume was below ...

Bloomberg European Union Trade Commissioner Cecilia Malmstrom signalled that she expects the US and EU to hit each other with tariffs as retaliation over illegal government aid to Airbus SE and Boeing Co. Malmstrom said the US is entitled to strike first by the end of summer and the EU would follow suit five to six months later after the ...

ABU DHABI / WAM The Central Bank of the UAE (CBUAE) has launched the recent edition of the UAE Financial Stability Report (FSR). The report provides relevant information, financial data, and stability assessments related to the UAE financial system, reinforcing the confidence and transparency in the banking and financial system across the Emirates. According to the report, CBUAE noted that ...

Bloomberg DP World Plc mandated banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator hired Citigroup Inc., Dubai Islamic Bank PJSC (DIB) and Standard Chartered Plc to arrange investor meetings in Hong Kong, Singapore and London from ...

ABU DHABI / WAM The UAE provided $5.59 billion in foreign assistance to Yemen between April 2015 and June 2019, which was used to help rebuild various sectors in the country, including vital infrastructure and to restore health and social services. In data obtained by Emirates News Agency from the Ministry of Foreign Affairs and International Cooperation, a breakdown of ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry and the Costa Rica Embassy in the UAE discussed available mutual economic and investment opportunities in Abu Dhabi and Costa Rica. Their discussion took place during a meeting between Mohammed Thani Murshid Al Rumaithi, Chairman of the Chamber, and Francisco Chacon Fernandez, Ambassador of Costa Rica to the ...

Dubai / WAM The Dubai Financial Market (DFM) announced on Monday that it has completed cash dividend distribution for the financial year 2018, with AED12.2 billion of dividends disseminated to 336,215 investors. DFM managed the dividend distribution process on behalf of 35 listed companies and investors received their dividends via iVESTOR Card as well as bank transfer. Commenting on the ...

Bloomberg Oil pushed higher as Iran’s threats to retaliate over a seized crude tanker and problems with a North Sea pipeline kept investors wary of potential supply disruptions. Futures gained as much as 1.7 percent in New York on Monday. European powers urged Iran to reverse its decision to breach the levels of uranium enrichment permitted under the 2015 nuclear ...

DUBAI / Emirates Business A high-level delegation of government officials and industry leaders from the United Arab Emirates will participate at the second edition of the Global Manufacturing and Industrialisation Summit (GMIS) which is going to be held in the Russian City of Yekaterinburg from July 9 to 11. The move reaffirms the UAE’s commitment to the deployment of new ...

SHARJAH / Emirates Business The Dubai Real Estate Institute, DREI, recently signed a memorandum of understanding (MoU), with the Abu Dhabi Vocational Education and Training Institute (ADVETI) to establish cooperation in areas of common interest and to exchange expertise. The MoU is also aimed at promoting educational services in the UAE in line with the strategic national vision to empower ...