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

BLOOMBERG Toyota Motor Corp’s quarterly profit exceeded estimates as improvements in supply of semiconductors and a weak yen helped it capitalise on a global rebound in demand for vehicles. The stock closed at a record high. Operating profit for the three months through June was a record ¥1.1 trillion ($7.7 billion), the world’s No 1 carmaker said in a statement. ...

BLOOMBERG GoTo Group cut its 2023 loss projection after staunching some of the bleeding in the second quarter, taking the Indonesian internet leader closer to its goal of getting into the black after an era of costly expansion. Its shares rose 6.6% in Jakarta, the biggest gain since June. Indonesia’s largest tech company reported second-quarter adjusted loss before interest, taxes, ...

SHARJAH / GULF TIME The leading regional children’s youth film festival, Sharjah International Film Festival for Children and Youth (SIFF) has announced the “Junior Jurors” for 2023. The festival is dedicated to enhancing the media literacy of children and youth, fostering children’s and youth’s creativity and showcasing the very best in filmmaking for, by and about children and young people. ...

BLOOMBERG A period of unusual calm in crypto markets ended abruptly  as the notion of higher-for-longer interest rates sparked a selloff in risk assets like Bitcoin, leading to mass liquidations of bullish bets. The rout pushed Bitcoin from near $29,000 to as low as $25,314 in a 24-hour span before the biggest token recovered slightly in early European trading on ...

BLOOMBERG Stocks slumped, putting a global benchmark on track for the biggest weekly loss since March, as worries about China and higher global interest rates sapped sentiment. US equity futures were indicated lower, building on the selloff that’s stretched across risk assets. Bitcoin slid as much as 8% and oil was set for its first weekly loss since June. The ...

ADDIS ABABA / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Dr Abiy Ahmed, Prime Minister of the Federal Democratic Republic of Ethiopia, on Friday held talks on various aspects of bilateral relations, in addition to broader regional and international issues of mutual interest. During the meeting held in Addis Ababa, the Prime Minister of Ethiopia welcomed ...

ABU DHABI / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE’s leadership had directed the country to strengthen its relations with African nations, especially Ethiopia. Ethiopia is the second-largest country in Africa by population, with over 120 million people, and is a major market for the UAE’s non-oil exports and re-exports, ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) on Friday celebrated the graduation of 56 Emirati students from its 2023 Tourism Youth Summer Camp, a two-week introduction to Abu Dhabi’s tourism and hospitality industry where participants nurtured essential teamwork and leadership skills, gained hands-on experience and received insights from professionals within the ...

DUBAI / WAM Dubai Customs continues to facilitate relief shipments dispatched from the International Humanitarian City (IHC), in support of the UAE’s leading role in providing humanitarian aid to underprivileged countries. Their simplified clearance procedures have had a significant impact on the rapid deliveries of humanitarian aid and relief goods from Dubai to the most affected areas in the world. ...

DUBAI / WAM The international humanitarian community converged at Dubai’s International Humanitarian City (IHC) on Friday to observe World Humanitarian Day 2023. Held in an atmosphere charged with dedication and resolve, the gathering resonated with the theme of #NoMatterWhat, as declared by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA). Giuseppe Saba, CEO of IHC, stated: “Today, ...