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

BLOOMBERG More than a decade after regulators vowed to tame the risks of too-big-to-fail banks, White House officials were on a call. Why, one attendee asked, was JPMorgan Chase & Co allowed to buy First Republic Bank that morning in a government-led auction? The answer came, flatly, from Treasury Secretary Janet Yellen: They had the highest bid. After a year ...

BLOOMBERG Samsung Electronics Co has delayed mass production plans at its new chip plant in Taylor, Texas, the Seoul Economic Daily said, potentially dealing another blow to the Biden administration’s ambition to increase domestic semiconductor supplies. Mass production at the upcoming $17 billion fab would begin in 2025, the newspaper reported, citing a speech by President Choi Siyoung of Samsung’s ...

BLOOMBERG Apple Inc said it would put its latest smartwatch models back on sale in its US retail stores after it won a court ruling in a patent fight, providing a quick reprieve for its $17 billion business. The company said its Apple Watch Series 9 and Ultra 2 would also resume online sales beginning on Thursday by noon Pacific ...

BLOOMBERG Chinese stocks rallied heading into the year-end, boosted by a rotation into some of 2023’s worst-performing sectors and a supportive global backdrop. The CSI 300 Index gained 2.3% to cap its best day in five months, as overseas investors bought onshore equities worth 13.6 billion yuan ($1.9 billion) on a net basis in Thursday’s session. A subgauge of industrial ...

BLOOMBERG European stocks extended the rally seen across Asian markets and Wall Street, as investors position themselves for Federal Reserve interest-rate cuts next year. Gold traded near a record high struck earlier this month. The Stoxx Europe 600 index climbed 0.3% after a gauge of Asian equities rallied for the fourth straight session. The European benchmark is at the highest ...

CAIRO/ WAM AD Ports Group (AD Ports) today announced that it has signed a definitive concession agreement with the Red Sea Ports Authority (RSPA) for the development and operation of a multi-purpose terminal at Safaga Seaport. Following the Government of Egypt’s approval, this significant milestone reaffirms the strong trade ties between the UAE and the Arab Republic of Egypt. The ...

DUBAI/ GULF TIME Al Amal Holdings announced its latest global expansions during its annual ceremony held at the Habtoor Hotel, attended by a distinguished gathering of sheikhs, prominent personalities, numerous journalists, and individuals interested in the commercial and industrial sectors.The event commenced with the national anthem of the United Arab Emirates and a selection of uplifting songs suitable for the ...

ABU DHABI/ WAM The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), Miral and teamLab have announced the completion of 70 percent of the overall development of teamLab Phenomena Abu Dhabi. Spanning 17,000 sqm of gross floor area (GFA), the mega-project is making steady progress towards its development, with its reinforced concrete structure fully complete, further to ...

ABU DHABI/ WAM The Ministry of Economy launched a unified registry for family businesses, highlighting four new cabinet resolutions that will enhance the governance of family companies and support the competitiveness of the legislation governing the sector in the country. The initiative is also aimed at ensuring family businesses’ sustainability and leadership in accordance with a clear vision to solidify ...

ABU DHABI/ WAM The Emirates Red Crescent (ERC) launched a humanitarian aid convoy for Gaza Strip, part of their winter campaign named “Be Their Warmth”. Around 1.65 million winter clothing items and blankets were included in the convoy to alleviate the suffering of the Palestinian people. The Head of the ERC delegation in Gaza, Mohammed Omar Al Shimmari, highlighted the ...