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

Pity Philip Hammond, the UK’s chancellor of the exchequer. His budget announcement yesterday has to contend not just with the long-term fiscal implications of sluggish growth in productivity — a nagging issue for the British economy — but also with the government’s lack of a parliamentary majority and the enormous uncertainty surrounding Brexit. These conditions demand an exacting balance of ...

There was widespread excitement last week on the news that Norway’s $1 trillion sovereign wealth fund has announced an intention to sell off its oil and gas holdings. This amounts to about 6 percent of the fund’s stockholdings, about $37 billion. Environmental activists, in particular, are delighted and expect this to trigger a broader sell-off in fossil fuels. Bill McKibben, ...

Two billionaire brothers, two bonds, two very different fates. This isn’t the plot of yet another sequel to Jeffrey Archer’s Kane and Abel, though it could very well be. Mukesh Ambani, India’s richest man, sold 10-year dollar notes at just 130 basis points over US Treasuries on Monday. None of the existing debt of Indian nonfinancial issuers, including state-owned firms, ...

The Bitcoin rate spike, still alive despite bitter divisions in the community that supports the cryptocurrency, has laid bare the biggest problem with Bitcoin: Compared with fiat currencies, it’s painfully inconvenient and expensive to use as a means of payment. Bitcoin is set up to reward users for verifying transactions. Miners who package transactions into “blocks” receive two kinds of ...

Bloomberg US stocks fluctuated near all-time highs in light action before the Thanksgiving holiday as traders await the FOMC minutes for clues on the monetary policy. The S&P 500 Index was little changed—after breaching 2,600 for the first time—as US economic data gave mixed signals. Business equipment orders fell for the first time since June, while jobless claims declined the ...

Reuters Gulf stock markets mostly rebounded from several days of weakness on Wednesday, encouraged by strong oil prices. Meanwhile, rising tensions between Saudi Arabia and Iran over instability in Lebanon and the conflict in Yemen have increasingly worried investors. But Dubai’s index closed 1.0 percent higher as Emaar Properties rebounded 2.6 percent. GFH Financial, by far the most heavily traded ...

Abu Dhabi / WAM The value of shares traded in UAE stock markets reported a one-month high of AED900 million, driven by the listing of Emaar Development on the Dubai Financial Market, as well as the recovery of some blue chips. Within this context, the DFM General Index rose 1 percent to 3445, while Abu Dhabi Securities Exchange General Index ...

Bloomberg As Goldman Sachs Group Inc. lends more money to Main Street, one question won’t go away: How many borrowers will pay them back? Goldman’s fledgling online lender Marcus, named after the company’s founder, is targeting consumers at a time when many are bracing for a downturn after eight years of economic expansion. A recent example it gave suggests the ...

Bloomberg While the yuan has been having its best year since 2011 against the dollar, China’s banks continue stocking up on foreign currency in a sign that they are preparing for greater swings in the exchange rate. Depository corporations — a majority of which are lenders — boosted their holdings to 5.39 trillion yuan ($812 billion) in October, up 383 ...

Bloomberg Mozambique’s central bank, whose pension fund owns 80 percent of Moza Banco SA, is considering the sale of a minority stake after it injects further funds in the failed lender, according to four people familiar with the matter. European Central Bank policy maker Benoit Coeure said he expects policy makers to change their guidance on monetary policy next year, ...