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

BLOOMBERG US futures and European shares drifted lower, as a bigger-than-expected drop in Chinese exports stoked further concerns about the strength of global demand.  Signs of fading momentum in the world’s second-largest economy are weighing on sentiment globally, damping the optimism earlier this year surrounding China’s reopening from pandemic restrictions. The nation’s exports to most destinations contracted in May. Despite ...

BLOOMBERG Zimbabweans frantically trying to protect their savings from a collapsing currency have driven the country’s main stock index up by 600% this year. Local traders see more gains in store because there are few alternative assets to buy. Zimbabweans often turn to equities as a haven from currency meltdowns and episodes of hyperinflation, as happened in June 2020 when ...

DUBAI / WAM Emirates Islamic has announced its partnership with the Arab payment system Buna, to enhance and facilitate cross-border transactions in the Arab region. Buna is operated by the Arab Regional Payments Clearing and Settlement Organisation “ARPCSO,” a subsidiary of the Arab Monetary Fund (AMF). In line with the bank’s commitment to drive innovation in the Islamic banking sector, ...

AJMAN / WAM The Ajman Department of Tourism Development (ADTD) has announced that it has successfully obtained the ISO 30405:2016 certification in Recruitment Management and Talent Attraction from the esteemed International Organisation for Standardisation (ISO). The certification is a testament to the department’s commitment to comprehensive administrative practices and its expertise in talent attraction and evaluation. ADTD has established a ...

HELSINKI / WAM The UAE’s circular economy infrastructure is the most developed in the Gulf region, which opens many interesting opportunities for bilateral cooperation with Finland, a senior Finnish diplomat told the Emirates News Agency (WAM). “Both Finland and the UAE have a shared vision in developing a more sustainable future. We see great potential to increase our collaboration in ...

DUBAI / WAM Dubai Airshow, the world’s leading aerospace event, has confirmed Edge Group will return as its Defence Technology Partner for the 2023 edition. As one of the world’s leading advanced technology and defence groups, Edge will have a major presence at the 18th edition of the Airshow, showcasing a large product portfolio of aviation, defence and technology solutions ...

ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the UAE cabinet meeting at Qasr Al Watan, Abu Dhabi, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; ...

SHARJAH / WAM H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah, honoured the winners of the 20th session of the Sharjah Award for the Best PhD Dissertation in Administrative and Financial Sciences in the Arab World on Wednesday at the Student Forum at the University of Sharjah. The ...

BLOOMBERG  Barclays Plc is seeking to sell about €5 billion ($5.3 billion) of Italian mortgage loans as part of plans to exit retail banking in the country. The UK bank has started the sales process for a portfolio of mostly performing loans to individuals, people with knowledge of the matter said. The package also includes non performing mortgages and high ...

BLOOMBERG  The Swedish population has become less hostile to the idea of adopting the euro as the krona is trading near its weakest levels ever. A poll published by Statistics Sweden showed 30.6% would vote in favour of adopting the euro. While 50.5% remains opposed to abandoning the krona, support for the common currency is now at its highest level ...