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

BLOOMBERG As the US and EU throw billions at building out the industry needed for the transition to a low-carbon economy, Norway is spooking investors by slapping taxes on wind farms. Norway’s Labour-Centre government is boosting taxes as the cost of pensions, health services and care for the elderly outpace mainland revenues. Salmon farmers, wind turbine owners and hydropower producers ...

BLOOMBERG UK companies are increasingly relying on short-term workers amid hiring freezes and economic uncertainty, a new survey showed. Permanent staff hiring declined at the sharpest pace in over two years in April, according to a report from KPMG and the Recruitment and Employment Confederation (REC). At the same time, companies registered the quickest jump in billings from temporary staff ...

BLOOMBERG Spanish Prime Minister Pedro Sanchez will ask President Joe Biden to scrap Trump-era duties on his country’s olives that have strained trade ties between the US and European Union (EU). In his first official visit to the White House since he took office in 2018, Sanchez will appeal to Biden to remove the tariffs and put an end to ...

BLOOMBERG Hungarian inflation, the European Union’s (EU’s) fastest, eased for a third month, bringing the central bank closer to cutting the bloc’s highest key interest rate. The inflation rate dropped to 24% in April from 25.2% the previous month, lower than the median estimate of 24.1% in a Bloomberg survey. Month-on-month prices increased 0.7%. Central bank officials will assess the ...

BLOOMBERG US President Joe Biden will host India’s Narendra Modi for a state dinner on June 22, the White House confirmed on Wednesday, marking his third such formal event after dinners for the leaders of France and South Korea. “The upcoming visit will affirm the deep and close partnership between the United States and India and the warm bonds of ...

BLOOMBERG Pakistan opposition leader Imran Khan appears at an anti-graft tribunal after his dramatic arrest sparked violent clashes and prompted his supporters to protest outside the military’s headquarters. Khan was arrested by paramilitary troops on the orders of the National Accountability Bureau (NAB), an autonomous anti-graft agency, in relation to a case involving a land deal. He was moved to ...

BLOOMBERG Italy has signalled to the US that it intends to pull out of a controversial investment pact with China before the end of the year. Italian Prime Minister Giorgia Meloni reassured US House Speaker Kevin McCarthy during a meeting in Rome that while a final decision hasn’t been taken, her government is favouring an exit from its role in ...

BLOOMBERG Ukraine said troops pushed back Russian forces near Bakhmut in the eastern Donetsk region, though the Russian Defense Ministry said its units were advancing in the west and northwest of the devastated town. Ukraine advanced 2.6 kilometres into Russian-held areas near Bakhmut along a 3 kilometre stretch of front line, according to Andriy Biletskyi, a commander of the brigade ...

BLOOMBERG Shares of the Japanese trading companies that Warren Buffett has invested in reached record levels this week after announcing earnings and buybacks. Mitsubishi Corp, the largest, surged as much as 6% to an all-time high after announcing plans to repurchase $2.2 billion worth of shares along with a better-than-expected profit target for the fiscal year through March 2024. Peers ...

BLOOMBERG Stocks edged lower as cautious investors assessed the latest crop of earnings and awaited a US inflation report for insights on the path of Federal Reserve rate hikes. Contracts for the S&P 500 and the Nasdaq 100 retreated, with Airbnb Inc sliding 13% in premarket trading after the vacation home-rental company gave a cautious forecast for revenue in the ...