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

DUBAI / WAM In recognition of its efforts in promoting the transition towards renewable and clean energy, Dubai Electricity and Water Authority (Dewa) has won the Hydrogen Project of the Year 2023 Award for its green hydrogen project at the Mohammed bin Rashid Al Maktoum Solar Park. This was part of the Hydrogen Future Awards 2023, organised during the Connecting ...

WASHINGTON / WAM The UAE, represented by the Ministry of Finance, participated in the meeting of finance ministers, central bank governors, and heads of regional financial institutions in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region. The meeting was held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary ...

DUBAI  / GULF TIME Abu Dhabi Islamic Bank (Adic) has become the first Islamic bank to go live on the UAE KYC (Know Your Customer) Blockchain Platform, a national ecosystem for the exchange of verified KYC data between licensing authorities and financial institutions. Dubai’s Department of Economy and Tourism (DET) launched the initiative in 2020 in partnership with a group ...

ABU DHABI / GULF TIME His Highness Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan and His Highness Sheikh Zayed bin Mohamed bin Zayed Al Nahyan have presented trophies to the winners of the Jiu-Jitsu President’s Cup 2023 in the Under 14 and Adults divisions at Mubadala Arena in Zayed Sports City. During the visit, Their Highnesses congratulated the players ...

BLOOMBERG Hermes International’s quarterly sales jumped as Chinese shoppers snapped up its pricey scarves and Kelly handbags, fueling optimism the global luxury industry’s top performers will carry on growing despite economic headwinds. Revenue climbed 23% in the first three months of the year at constant exchange rates, Paris-based Hermes said, exceeding analysts’ estimates. The shares rose as much as 2% ...

BLOOMBERG Walmart Inc agreed to sell its Bonobos menswear line to WHP Global and Express Inc for $75 million — $235 million less than what the retail giant paid for the business in 2017. WHP, owner of such brands as Anne Klein and Joseph Abboud, will pay $50 million for the  Bonobos brand, according to a statement. Express, which is ...

BLOOMBERG Airbus SE has clawed back a €100 billion ($110 billion) market value last reached before the coronavirus pandemic in early 2020 knocked the stock, as a rapid rebound in air travel swells the planemaker’s order book. The Toulouse, France-based planemaker last had a market capitalisation in excess of €100 billion in the early weeks of 2020, after which the ...

BLOOMBERG Delta Air Lines Inc sees profit this quarter topping Wall Street’s estimates, buoyed by steady bookings heading into the crucial summer travel season, even as it posted weaker-than-expected results for the first months of the year. Adjusted second-quarter earnings will be $2 to $2.25 a share, the Atlanta-based airline said in a statement. That compares with a $1.61 analyst ...

BLOOMBERG Japanese Prime Minister (PM) Fumio Kishida returned to the campaign trail after being targeted by an explosive device at an event he attended in central Japan, weeks before he hosts the Group of Seven (G-7) world leaders for a summit. A 24-year-old man has been arrested on suspicion he threw an explosive in Kishida’s direction just as he was ...

BLOOMBERG Thailand’s main opposition party remains the top choice of voters ahead of a general election next month, with Prime Minister Prayuth Chan-Ocha and his party falling further behind in their bid to retain power, according to an opinion poll. Pheu Thai, linked to former premier Thaksin Shinawatra, was backed by 47% of the participants in the April 3-7 survey ...