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

BLOOMBERG UBS Group AG is gearing up for an estimated $34.8 billion gain as a result of its emergency takeover of Credit Suisse Group AG, while warning it faces billions in potential legal and regulatory costs from the rescue of its stricken former rival. The Swiss bank stands to benefit from the combined firms’ negative goodwill, based on a first ...

BLOOMBERG  More than half of all Swiss cash in circulation, almost 50 billion francs ($56 billion), is held in 1,000-franc bills, though a significant part of those notes might be in other countries, according to Swiss National Bank (SNB) Vice President Martin Schlegel. “We assume that a good portion is also circulating abroad and is used to store value,” Schlegel told ...

BLOOMBERG  Deutsche Bank AG is seeking to cut office space by 40% at its key base as a rising number of employees work from home. Germany’s largest lender expects to achieve reductions across Frankfurt and neighbouring Eschborn by the end of 2024, it said in a response to an investor question at its annual general meeting on Wednesday. Almost two ...

BLOOMBERG  The Reserve Bank of India’s (RBI) board will meet on May 19, when it is expected to consider a dividend payout to the government. The meeting will be held in Mumbai, the people said, asking not to be identified as the details are private. The authority typically reviews its finances and how much it can transfer to the government ...

BLOOMBERG  Australia’s central bank weighed the risk of upside surprises to inflation from a tight labour market and rising home prices when it decided to deliver a surprise interest-rate increase in May. The Reserve Bank of Australia’s (RBA) board discussed the case to pause for a second straight month and concluded the arguments were “finely balanced” before raising the cash ...

BLOOMBERG  Japan’s biggest banks are predicting their highest profits in years, though a cautious outlook is holding them back from returning surplus capital to shareholders. Net income at Mitsubishi UFJ Financial Group (MUFJ) Inc, the nation’s biggest lender, is poised to surge to 1.3 trillion yen ($9.6 billion) for the year ending in March 2024, according to a filing, which will ...

BLOOMBERG The investment arm of Goldman Sachs Group Inc dramatically reduced its exposure to the Adani Group in its ESG portfolios in the weeks following allegations of fraud against the conglomerate by short-seller Hindenburg Research. Goldman funds registered as promoting environmental, social and governance goals under European Union (EU) rules sold about 11.7 million shares in Adani companies in February, ...

BLOOMBERG Markets pointed to a recovery from a selloff on Wall Street as traders pinned hopes on talks in Washington to break a deadlock on raising the debt ceiling. The dollar climbed to the highest in more than five weeks. US stock futures rose and Treasuries steadied as White House and congressional negotiators continued to try to resolve their differences. ...

ABU DHABI / WAM Abu Dhabi Terminals (ADT) has announced that it has set a record by exceeding 10 million man-hours without lost time injury (LTI) and by handling 20 million twenty-foot equivalent units (TEU) containers. These achievements represent major milestones for ADT since inception. Recording more than 10 million man-hours without LTI is rare across the industry and reflects ...

ABU DHABI / WAM Alcoa and Emirates Global Aluminium (EGA) have announced a new multi-year agreement, with Alcoa set to supply EGA with smelter grade alumina. The agreement, spanning eight years starting in 2024, includes volume options that enable EGA to procure up to 15.6 million metric tonnes of alumina from Western Australia. This supply agreement represents a substantial portion ...