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

Bloomberg Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again — and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at ...

DUBAI / Emirates Business Mashreq Bank, one of the first banks in the Middle East and a leading financial institution in the UAE, partnered with Diebold Nixdorf, the leader in driving connected commerce, to streamline its in-branch cash cycle management processes by implementing the latest in teller automation technology across select UAE branches. The innovative cash recycling systems combined with ...

Bloomberg China’s currency has swung from hot to cold in a matter of weeks, thwarting expectations that policy makers would keep the yuan stable before a crucial Communist Party congress next month. The yuan slumped 0.5% to 6.6210 per greenback as of 5.30pm in Shanghai, taking its decline from an 8 September peak to 2.8%. That’s a sharp reversal from ...

Bloomberg The kiwi and euro declined as weekend elections in New Zealand and Germany left the ruling parties facing tough negotiations to form coalition governments. The yen also fell on a report that Japan’s prime minister is planning a stimulus package. New Zealand’s dollar weakened against all of its major peers after Saturday’s inconclusive election outcome left investors uncertain over ...

DUBAI / WAM The UAE Government Accelerators programme exceeded all expectations in the second round, addressing challenges and working towards services that directly affect people’s everyday lives. The eight teams in the programme have exceeded their stated goals, without committing to the use of additional resources, according to an official handout. Six teams successfully achieved their stated targets as far ...

New York / WAM The UAE has announced its intention to make two financial donations to the United Nations; US$15 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), to help in its basic programmes for Palestinian refugees, and another $15 million will be allocated to support UN Women over the next ...

Abu Dhabi / WAM The UAE central bank withdrew AED3.1 billion in excess liquidity during August, bringing the total withdrawals to AED11.3 billion in two months. The apex bank said the move is part of its continuing efforts to manage excess liquidity in the banking system. The UAE central bank withdrew AED8.2 billion of excess liquidity during July, which resulted ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that the International Swaps and Derivatives Association (ISDA), recognised ADGM as an effective netting regime and published a positive legal opinion to its members. The new recognition further reinforces ADGM’s position in providing a robust legal framework, which allows financial institutions and corporates ...

Abu Dhabi / Emirates Business Etihad Airways and its international cash management bank partner Citi have successfully completed a project six months ahead of schedule to introduce new automated treasury tools at the airline. The 18-month project saw Etihad Airways implement Citi’s Liquidity Management solution across its international network to achieve substantial cash optimisation and competitive market rates resulting in ...

Abu Dhabi / Emirates Business Despite the recent projected downward trend in Chinese trade growth, China looks set to maintain its position as Dubai’s biggest trade partner as annual China Trade Week UAE returns from September 25-27. Currently, about 60 percent of China’s total trade passes through UAE, from where it is re-exported to Africa and Europe. China remained Dubai’s ...