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

BLOOMBERG After a year dominated by direct lenders, investment banks are now winning some bigger deals in the buyout financing market. Among them are the $9.4 billion of debt financing backing GTCR’s purchase of a majority stake in Worldpay Inc — the largest buyout financing since Elon Musk’s takeover of Twitter last year. A group of banks are selling the ...

BLOOMBERG Nigeria’s official currency exchange rate is once again widening a gap with the parallel-market rate, shrugging off a brief convergence spurred by central bank actions. The naira closed at 743 per dollar on the platform accepted as the official rate by the central bank, according to data compiled by Bloomberg. That’s about 11% stronger than the 834 a dollar ...

BLOOMBERG Bank of New York Mellon (BNY) wants to do money managers’ trading for them with a new outsourcing service aimed at helping buy-side firms cut costs. The move builds on the trading that BNY Mellon already handles for $1.8 trillion of assets it manages, the firm said in a statement. The bank will target current and prospective clients, primarily ...

BLOOMBERG Bank of America (BofA) Corp’s second-quarter profit soared after its core Wall Street businesses exceeded analysts’ expectations. The firm’s fixed-income and equity traders delivered a surprise gain, covering a slight miss in expected net interest income. Revenue from fixed-income, currencies and commodities trading rose 18% to $2.8 billion in the second quarter, as clients reacted to changing interest rates, ...

BLOOMBERG Morgan Stanley added to the recent wave of bank bond sales in the US investment-grade market, a sign that issuance is still going strong as lenders emerge from earnings blackout periods. The bank sold $6.75 billion of debt in a four-part deal, according to a person familiar with the matter, who asked not to be identified as the details ...

NEW YORK / WAM On the sidelines of the United Nations High-Level Political Forum (UN HLPF) on Sustainable Development, convened by the United Nations Department of Economic and Social Affairs, the UAE government delegation engaged in a productive discussion with New York City Mayor Eric Adams. The main focus of the meeting was to explore opportunities for joint collaboration and ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory cable to Egyptian President Abdel-Fattah El Sisi on the anniversary of the 23rd of July Revolution. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, ...

ABU DHABI / WAM The forensic laboratories at the Centre for Criminal and Electronic Sciences of Abu Dhabi Judicial Department (ADJD) have obtained international accreditation in forensic tests, making it a first for the electronic laboratory. The chemical laboratory has also renewed its accreditation certificate for the second term (cycle of four years) after being accredited in 2019, in testing ...

SHARJAH / WAM During the second session of the third Arab Children’s Parliament, hosted by the Arab League, 52 Arab children from fifteen countries came together under the parliamentary dome. The session’s crucial theme was “Arab Children: Sustainable Efforts for Climate”, rallying for collective action in building an Arab framework responsive to current and future climate challenges. The young participants’ ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) is constructing 19 trucks rest stops and lay-bys across several hotspots in Dubai in collaboration with the private sector. The project includes 3 Integrated Truck Lay-bys: one in partnership with the Abu Dhabi National Oil Company (Adnoc) and two in partnership with Almutakamela Vehicle Testing and Registration. In cooperation with Adnoc, ...