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

ABU DHABI / WAM The United Arab Emirates’ capital, Abu Dhabi, is set to further solidify its prominence as a leading hub of dynamic institutions and industry-leading initiatives with the Annual Investment Meeting (AIM) entering into a partnership with Beijing-based investment banking firm and fund manager China Bridge Capital and Silicon-based NextG Tech Ltd. The agreement was signed during this ...

ABU DHABI / WAM The trade exchange between the UAE and France grew by 16.8 percent in 2022, reaching AED29.44 billion ($8 billion), compared to AED25.2 billion ($6.8 billion) in 2021, according to data from the Federal Competitiveness and Statistics Centre. In 2022, the bilateral trade between the two countries consisted of imports valued at AED 25.2 billion, while exports ...

ABU DHABI / WAM Adnoc Gas plc on Thursday announced its first quarterly financial results since its formation and initial public offering (IPO) for the three months ended on March 31. The company’s unaudited pro forma financial results for the comparative period (the three-month period ended on March 31, 2022 (Q1 2022)) noted herein are reported on a pro forma ...

ABU DHABI / WAM The UAE sent three aid planes to support the Sudanese people, carrying more than 116 tonnes of medical and food supplies. The aid comes as part of efforts to provide urgent relief to affected civilians in Sudan, support the displaced in neighbouring countries, and contribute to alleviating the humanitarian impact of the current crisis, particularly prioritising ...

BLOOMBERG  Customers are coming back to Danske Bank A/S as Denmark’s largest lender is putting past scandals behind it. Danske’s retail customers are growing for the first time in 10 years in its home country, according to a Voxmeter poll of the Nordic nation’s 20 largest banks, cited by local media, including Finans. The lender attracted a net inflow of ...

BLOOMBERG  Taiwanese banks have slashed their exposure to China to the lowest level in at least a decade as increasingly fraught ties across the Strait deter lenders from expanding in the world’s second-largest economy. Locally registered banks in Taiwan have cut back their total lending, investments and interbank transactions in China to NT$1.1 trillion ($34.6 billion) as of the end ...

BLOOMBERG  ING Groep NV plans to buy back as much as €1.5 billion ($1.65 billion) worth of stock after higher interest rates helped lift profit past analysts’ expectations. Shares of the lender rose, after first-quarter results showed interest income and provisions for loan losses came in better than analysts had expected. Net income more than tripled from a year earlier, ...

BLOOMBERG  US consumer borrowing increased in March by more than expected on one of the largest spikes in credit-card balances on record. Total credit increased $26.5 billion, the most in four months, after a February gain of $15 billion, Federal Reserve data showed. The figure, which isn’t adjusted for inflation, compared with the median estimate of a $17 billion increase ...

BLOOMBERG US equity futures ticked higher and European stocks rose as more investors said the Federal Reserve is likely to pause interest-rate hikes on the back of cooling inflation data. Contracts on the S&P 500 and the Nasdaq 100 advanced by about 0.3%. In US premarket trading, Walt Disney Co dropped after predicting a wider loss for its streaming service ...

BLOOMBERG Less than four months after allegations of fraud by a short seller tipped his business empire into crisis, billionaire Gautam Adani is considering tapping equity markets in a major test of investor confidence. Adani Enterprises Ltd, the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds ...