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

BLOOMBERG Bitcoin dropped back below the closely watched $30,000 level amid a wider retreat in the cryptocurrencies, as stubbornly high inflation in the UK fanned fears of higher-for-longer interest rates. The largest token fell 4.5% before paring some of the slide to trade at about $29,175 in London. Ether shed 6% and smaller tokens like Solana and Avalanche suffered steeper declines. ...

BLOOMBERG US equity futures retreated along with European stocks and bond yields rose as traders assessed the latest corporate earnings reports against the backdrop of yet another hot inflation print from one of the world’s major economies. Contracts on the rates-sensitive Nasdaq 100 fell about 0.8%, while those on the S&P 500 were down 0.5%. Morgan Stanley gained in premarket ...

DUBAI / GULF TIME Rice has been much more than just a food source for thousands of years, with a rich history that spans back to 2500 BC. Across the Muslim world, rice has been a symbol of tradition and heritage, giving rise to a stunning array of diverse and delicious dishes, from the fragrant Nasi Goreng to the savoury ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Majesty Sultan Haitham bin Tariq of Oman have exchanged greetings and best wishes on the occasion of the approaching Eid al-Fitr. This came in a phone call on Tuesday, during which the two leaders prayed to God to bestow health, happiness, stability and prosperity ...

BLOOMBERG Christine Lagarde warned that changes in the world economy induced by geopolitics pose a challenge to the European Central Bank (ECB) and its peers. “We are witnessing a fragmentation of the global economy into competing blocs, with each bloc trying to pull as much of the rest of the world closer to its respective strategic interests and shared values,” ...

BLOOMBERG Bank of America Corp (BofA) first-quarter profit beat estimates after its fixed-income traders delivered a windfall large enough to cover the rising cost of the bank’s souring loans. Revenue from fixed-income, currencies and commodities trading unexpectedly rose almost 30% to $3.4 billion in the first quarter, as clients reacted to changing interest rates, the bank said. That helped the ...

BLOOMBERG Bank of England (BOE) Deputy Governor Jon Cunliffe said regulators may need to impose a limit on using so-called stablecoins for payments as policy makers try to balance the need for innovation with its accompanying concerns. Cunliffe raised the prospect that rapid innovation in payment systems could bring new risks for customers and financial markets as a whole. “While, ...

BLOOMBERG Credit Suisse Group AG saw clients pull $4.4 billion from US and European funds since the lender agreed to be acquired by rival UBS Group AG in March, with recent inflows suggesting the worst of the bleeding may be over. Credit Suisse’s European funds suffered $3.8 billion in net redemptions between March 20 and April 6, while US funds ...

SHARJAH / WAM United Arab Bank (UAB) has reported its financial results for the first quarter ending on March 31, with a net profit of AED 54.8 million, up 80 percent from AED 30.4 million in Q1 2022. The increase in net profit is attributed to improved Net interest income and lower provision charges. The bank’s total operating income grew ...

BRUSSELS / WAM The European Parliament approved the deals reached with EU countries in late 2022 on several key pieces of legislation that are part of the “Fit for 55 in 2030 package” — the EU’s plan to reduce greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels in line with European Climate Law. The ...