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

  Tens of thousands celebrated the impeachment of South Korean President Park Geun-Hye. The motion to impeach was adopted by 234 votes to 56, easily securing the required two-thirds majority in the 300-seat chamber. It triggered wild celebrations among hundreds of anti-Park activists gathered outside the National Assembly. The protesters called the impeachment a new beginning in South Korean politics. ...

  German Chancellor Angela Merkel has been designated the new leader of the Western world on the strength of her values. Now, watch her lift that mantle for a deft feint to the right. This week Merkel’s Christian Democratic Union re-elected her as its leader by an impressive 89.5 percent. That’s higher than the 88.6 percent Shavkat Mirziyoyev received in ...

  Unicredit Chief Executive Officer Jean-Pierre Mustier is scheduled to present his five-month review of the bank’s strategy. To salvage a bank that’s seen its market value drop to just 13 billion euros ($14 billion) from almost 40 billion euros in the space of just eighteen months, Mustier needs to become best-in-class — and that means aggressively shrinking his bank ...

  It looks like Gary Cohn will be leaving Goldman Sachs Group Inc., where he is president and chief operating officer, to become director of Donald Trump’s National Economic Council. This is not a unique career trajectory! The first director of the NEC, which President Bill Clinton created in 1993 to coordinate economic policy among the sometimes-warring government agencies responsible ...

ABU DHABI / WAM Foreign and institutional investments at the Abu Dhabi Securities Exchange (ADX) totalled AED7.9 billion by the end of November 2016. Net flow of foreign investments in the last six months, from June to November, reached almost AED850 million. Data from the exchange shows that institutional investments in the last eleven months reached AED4.6 billion, whereas investments ...

  ABU DHABI / WAM Abdullah Al Saleh, Under- Secretary of the Ministry of Economy for Foreign Trade and Industry, recently met Yoshio Kishimoto, Director-General of International Affairs at the Japanese Ministry of Economy, Trade and Industry, and his accompanying delegation at the Ministry’s office in Abu Dhabi. The meeting highlighted developments in economic and trade cooperation between the two ...

  MONTREAL / WAM In a message on the International Civil Aviation Day, the head of the United Nations civil aviation agency underlined the socio-economic importance and contribution of air travel and aviation. According to ICAO, aviation operations generate more than $2.7 trillion in global gross domestic product (GDP) and provide employment for more than 63.5 million people worldwide. Fang ...

  DUBAI / WAM The Islamic Development Bank (IDB) listed a $1.25 billion Sukuk on Thursday on Nasdaq Dubai, the region’s international financial exchange. It is the seventh Sukuk listing on the exchange by the IDB, making it the largest Sukuk issuer on Nasdaq Dubai at 8.55 billion US dollars. Altogether, Nasdaq Dubai has 56 Sukuk listings totalling US$43.96 billion, ...

  DUBAI / WAM Foreign investors purchased AED 2.5 billion worth of shares on Dubai Financial Market (DFM) and sold AED 2.4 billion over the week, DFM said on Thursday. Net foreign investment on the market reached AED 148.5 million, as aggregate buy. Value of shares bought by foreigner investors comprised 43.9 per cent of the total value of stocks ...

  ABU DHABI / WAM The Ministry of Finance (MoF) in collaboration with the Arab Monetary Fund held a workshop on modern technologies applied to financial services, its impact on the banking sector, and the challenges faced by Arab regulatory authorities to establish a suitable environment to adopt these new technologies. The workshop was held in the presence of Younis ...