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

BLOOMBERG Stock market investors holding on to hopes that the Federal Reserve will cut rates in the second half could be disappointed later this week, according to Morgan Stanley’s Michael Wilson — a staunch Wall Street bear. The US central bank is expected to hike interest rates on May 3, marking the 10th consecutive increase going back to March 2022. ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued directives for the formation of a Board of Trustees for the “1 Billion Meals Endowment” initiative, which falls under the umbrella of Mohammed bin Rashid Al Maktoum Global Initiatives. The move aims to ensure managing and ...

ABU DHABI / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, the UAE Vice President, and Lt General Abdel Fattah Al Burhan, Chairman of the Transitional Sovereignty Council of Sudan, reviewed the cooperation ties between the two nations and the latest developments in Sudan. This came over a phone call HH Sheikh Mansour held with Al Burhan, wherein the ...

ABU DHABI / WAM A second evacuation plane from Sudan, carrying 136 UAE citizens, along with diplomats and nationals from nine other countries, including vulnerable groups of the sick, children, the elderly and women, has arrived in the UAE. The evacuation operation aligns with the UAE’s commitment to humanitarian assistance and to its efforts to promote international solidarity and cooperation. ...

RABAT / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation participating in the Joint Annual Meeting of Arab Financial Institutions held in Rabat, Morocco. The meetings reviewed ways to promote sustainable development in the region and the most prominent global issues, including the circular economy and sustainable finance. The UAE delegation included Khaled ...

ZHANGZHOU / WAM Shaun Torrente and Rashed Al Qemzi combined to give Team Abu Dhabi a rewarding end to the Grand Prix of Zhengzhou as Sweden’s Jonas Andersson won the second round of UIM F1H2O World Championship in China. Three-time world champion Torrente battled his way from fourth at the start to second place behind Andersson as the Swede produced ...

BLOOMBERG Colombia raised interest rates to the highest level since 1999 after political turmoil triggered a plunge in the nation’s bonds and currency. The central bank lifted its benchmark rate by a quarter percentage point to 13.25% on, Governor Leonardo Villar told reporters in Bogota. Four of the seven-member board voted for the move, two voted to hold, and one ...

BLOOMBERG China’s biggest lenders, including Industrial & Commercial Bank of China Ltd (ICBC), eked out profit growth in the first quarter of 2023 as they wrestled with shrinking margins and the lingering economic impact of China’s exit from Covid zero. Net income at ICBC rose 0.02% to 90.2 billion yuan ($13 billion) from the year-earlier period, according to an exchange ...

BLOOMBERG The slump in the yen spurred by the latest Bank of Japan (BOJ) decision drove the currency to its weakest level since just after the collapse of Lehman Brothers Holdings Inc in 2008. The euro-yen cross rate rose as much as 1.8% to 150.43, a level last seen in September that year, as the Japanese currency dived against all ...

BLOOMBERG US bank deposits rose in the latest week, a welcome break in a slide that’s seen cash flow into higher-yielding money-market funds amid unease about smaller lenders. Loans also increased, suggesting credit conditions are stable despite several recent bank failures. Deposits rose by $21.1 billion in the week ended on April 19, according to seasonally adjusted data from the ...