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

BLOOMBERG Billionaire Mukesh Ambani’s group announced an internet-enabled phone at an entry price of 999 rupees ($12) as the oil-to-retail conglomerate seeks to poach more budget device users from rivals to its growing consumer offerings. India’s No 1 wireless carrier Reliance Jio Infocomm Ltd will start beta trials for the first 1 million ‘Jio Bharat’ phones from July 7, according ...

BLOOMBERG Malaysia is working on streamlining the roles of its investment promotion agencies to improve the ease of doing business in the country and speed up business approvals, according to the Trade Minister Zafrul Abdul Aziz. The trade ministry’s goal is to provide investors with a “simple journey” by defining clear roles and responsibilities for each approving authority, Zafrul said ...

BLOOMBERG China imposed restrictions on exporting two metals that are crucial to parts of the semiconductor, telecommunications and electric-vehicle industries in an escalation of the country’s tit-for-tat trade war on technology with the US and Europe. Gallium and germanium, along with their chemical compounds, will be subject to export controls meant to protect Chinese national security starting from August 1, ...

BLOOMBERG Sri Lankan stocks surged as markets reopened following a three-day holiday, after a plan to revamp domestic debt eased concern over financial sector stability. The Colombo All-Share Index closed 6.7% higher, its biggest single-day gain in more than 15 months, led by financial shares. The Sri Lankan rupee advanced 0.6% to 305.01 per dollar. A 2027 Sri Lanka rupee ...

BLOOMBERG European stocks and US equity futures followed Asian shares lower after weak services-industry data from China raised fresh concerns about the outlook for the global economy. The Stoxx Europe 600 Index fell about 0.5%, with miners leading the retreat on concern about waning minerals demand from China. The gauge extended its decline after a composite purchasing managers’ index for ...

ABU DHABI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, on Tuesday revealed the details of the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy that were approved by the UAE Cabinet to enhance the country’s efforts to meet its climate and net-zero commitments by 2050. In a ...

ABU DHABI / WAM Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has begun to build a field hospital in the Chadian city of Amdjarass to support Sudanese refugees. The Ministry of Foreign Affairs announced that the establishment of the field hospital, with a contribution from the Khalifa Bin Zayed Al Nahyan Foundation, ...

ABU DHABI / WAM The Barakah One Company (Barakah One) — a joint-venture between the Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) — has successfully completed the milestone refinancing of the Barakah Nuclear Energy Plant, working with key banking institutions in the UAE. Barakah One has refinanced the full outstanding balance under the loan facilities ...

BLOOMBERG  Mizuho Financial Group Inc’s securities arm is boosting hiring in the US as it seeks to cement its position among the top 10 stock and bond underwriters in the lucrative market. The Japanese bank’s US unit plans to recruit more than 100 people for its investment banking and trading business by the end of March next year, according to ...

BLOOMBERG  HSBC Holdings Plc said it began private banking operations in India, marking a return to the market as Europe’s largest lender seeks to serve the nation’s growing rich. The business is aimed at professionals, entrepreneurs and their families with investable assets of more than $2 million, the London-based bank said in a statement. The move underscores how global wealth ...