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

BLOOMBERG The UK is proposing “significant changes to the listing rulebook” in a bid to make London more attractive as a financial centre with its moribund capital markets stoking fears about the city’s ability to compete with New York and Asian hubs. The Financial Conduct Authority (FCA) wants to replace its premium and standard listing categories with a single offering ...

BLOOMBERG For decades, Europe’s commodity traders have avoided being regulated on par with other financial firms. A new proposal currently working its way through the European Union (EU) legislative system could change that. As part of a package updating its landmark MiFID II regulations on financial markets, the European Parliament has proposed to review its “ancillary activities exemption,” according to ...

BLOOMBERG CVS Health Corp cut its earnings forecast for the year as it looks to pay for two major acquisitions that are central to its strategy of broadening its health-care services. Adjusted profit for 2023 will be $8.50 to $8.70 a share, Woonsocket, Rhode Island-based CVS said in a statement, a decrease of 20 cents across the range from its ...

BLOOMBERG One of TikTok’s senior-most officials in charge of ensuring user safety is leaving the company amid increasing pressure for the US government to ban the popular video-sharing app. Eric Han, who has led TikTok’s US trust and safety operations for years, will depart this month. Han had been promoted to lead trust and safety at the company’s newly walled-off ...

BLOOMBERG Porsche AG’s first-quarter earnings jumped as luxury carmakers continued to show gains despite a slowing global economy. Operating profit rose to €1.84 billion ($2.03 billion) while revenue increased to €10.1 billion in the first quarter, the company said. That’s roughly 25% higher than 2022, though it failed to impress investors watching for aggressive price increases. Porsche shares fell as ...

BLOOMBERG US futures and European stocks advanced, bouncing from losses, ahead of a Federal Reserve meeting at which policymakers are expected to extend their rate-hike cycle. Contracts on the S&P 500 and the Dow were higher, after underlying stocks slid in the prior session. Regional US lenders PacWest Bancorp and Western Alliance Bancorp fell in premarket trading, adding to the ...

BLOOMBERG Investors have added almost $600 million to bets that an emerging-market index dominated by Chinese stocks will lose money. Short selling of the $71 billion Vanguard FTSE Emerging Markets exchange traded fund (ETF), which tracks an index heavy on Chinese A shares, surged in the past six weeks to $1.12 billion, or 1.6% of the fund, according to IHS ...

ABU DHABI / WAM Aldar Properties has announced a series of achievements and strategic initiatives in its latest quarterly report. The company’s strong performance was driven by increased demand from both international and resident expat buyers, with record quarterly development sales of AED4.5 billion. Aldar’s development revenue backlog also hit an all-time high of AED18.8 billion, which provides visibility over ...

DUBAI / WAM The International Monetary Fund (IMF) on Wednesday hosted a hybrid event to launch the May 2023 Regional Economic Outlook (REO) for the Middle East and Central Asia region at the Dubai International Financial Centre. The IMF finds that despite global shocks, growth in the Middle East and North Africa (Mena) region was higher than expected last year. ...

ABU DHABI / WAM The real estate sector in Abu Dhabi has continued its growth trajectory in the first quarter of this year, with 5,472 property sales and mortgages recorded worth AED27.9 billion, compared to 3,304 transactions worth AED11.3 billion during the same period in 2022, according to official data released by the Department of Municipalities and Transport (DMT). The ...