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

DUBAI / WAM In his capacity as the Ruler of Dubai, His Highness Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, has issued Decision No (9) of 2023 on the new Board of Trustees of the Dubai Appreciation Award for Community Service. Abdullah Khalifa Al Marri will chair the Board. Other members of the Board include Ahmed Mohammad ...

ABU DHABI/ WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Andry Rajoelina, President of Madagascar, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mansour bin Zayed Al Nahyan, ...

BLOOMBERG  Government bonds rallied and stocks dropped as investors hedged the risk that economies would flag under central banks pushing their inflation-fighting zeal and rate-hiking campaigns too far. European bond yields slumped as the Stoxx Europe 600 Index extended declines to a sixth day, the longest losing streak since October.Germany’s 10-year benchmark yield tumbled four basis points as data showed ...

BLOOMBERG  Hong Kong’s initiative to allow trading of some locally-listed stocks in yuan has seen a muted start, with an average of just 1% of volume in those counters using the Chinese currency. One outlier has been China Mobile Ltd, which has seen yuan trading account for almost 10% of shares exchanged since the ability to transact the stock using ...

BLOOMBERG  Apple Inc “coercively interrogated” retail employees about their pro-union sympathies and restricted the circulation of union flyers, a US labour board judge ruled, marking a victory for labor organisers at the world’s most valuable company. In a decision, a National Labor Relations Board (NLRB) judge wrote that Apple violated the rights of employees at its World Trade Center store ...

BLOOMBERG  Nvidia Corp’s stratospheric ascent has lured at least 100 more ESG funds in recent weeks, transforming the company into one of the most popular stocks among asset managers who integrate environmental, social and governance metrics into their investment strategies. There are now over 1,400 ESG funds directly holding Nvidia, according to data compiled by Bloomberg based on the latest ...

BLOOMBERG  Bank stocks’ recovery from their swoon earlier this year took a step back, with one prominent analyst cautioning that US lenders face a series of regulatory headwinds over the next few months. After rallying for the better part of a month since hitting their lowest level in more than two years, banking shares once again find themselves under pressure, ...

BLOOMBERG  The bond market is finally getting in sync with Jerome Powell’s outlook for the economy. Traders have scrapped once-aggressive wagers that the Federal Reserve chief would pivot to easing policy before the end of this year, reflecting deeply diminished expectations that the central bank’s rate hikes are poised to set off a sharp recession. Bond yields have risen back ...

BLOOMBERG British lenders will likely have to pass on all of the Bank of England’s record rate hikes to some savers, a JPMorgan Chase & Co analyst predicted as he warned of intensifying risks to profits in the sector. “With increased political pressure, we believe that deposit pass-through is likely to be closer to 100% on interest-bearing time deposits, with ...

BLOOMBERG  Goldman Sachs Group Inc has started cutting managing directors (MD) across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter. About 125 MDs, including some in investment banking, will lose their jobs, said one of the people, who asked not be identified because the cuts aren’t public. Not all ...