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

BLOOMBERG Inditex SA surprised investors with a plan to significantly increase spending on new stores and e-commerce despite closing more than 1,000 shops over the last three years and amid a wider market slowdown in online growth. Shares in the operator of the Zara and Bershka chains fell as much as 3.6% after the retailer said it planned to invest ...

BLOOMBERG Glossier, the Gen Z-focussed beauty brand trying to rebound from a tumultuous period, has revamped its executive ranks and is moving further beyond its direct-to-consumer roots. The New York-based company is making several pushes to strengthen its business: announcing product launches every four to six weeks, expanding its physical brick-and-mortar footprint to 600 Sephora stores and positioning itself for ...

BLOOMBERG Latin America’s largest airline is planning a return to US capital markets after cutting nearly $4 billion of debt during a years-long restructuring. Latam Airlines Group SA will seek to re-list its American depositary receipts on the New York Stock Exchange this year after they were suspended during the bankruptcy, Chief Financial Officer Ramiro Alfonsín said in a video ...

DUBAI / WAM Tecom group has approved the group’s financial statements for the year ended December 31, 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million. The announcement came during the annual general assembly meeting at ...

DUBAI / WAM The first COP28 Presidency-hosted and youth-led event “Road to COP28” kicked off on Wednesday at Expo City Dubai, under the patronage of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Higher Committee overseeing preparations for COP28. The event represents a significant moment for the country’s youth ...

DUBAI / WAM Deyaar Development has launched its seafront project Mar Casa with a total value of AED1.1 billion. A residential destination at Dubai Maritime City where heritage meets modernity, Mar Casa is connected to the old city, the financial centre of Dubai and the Jumeirah area. Mar Casa presents an iconic architecture that seamlessly blends the beauty of the ...

ABU DHABI / WAM Dubai Electricity and Water Authority (Dewa) has been recognised as the second most valuable Middle Eastern utilities brand and its brand value has risen by 30%, according to Brand Finance, the world’s leading brand valuation consultancy. Saeed Mohammed Al Tayer, MD and CEO of Dewa, has been ranked 3rd among the top CEOs in the Middle ...

BLOOMBERG China property bulls are looking past what’s likely another disastrous earnings season for the nation’s embattled developers, betting on a recovery as green shoots emerge in sales. Sixteen of Hong Kong-listed Chinese real estate firms have so far flagged profit slumps for 2022 with the number expected to grow, according to JPMorgan Chase & Co. The wave of warnings, ...

BLOOMBERG Sri Lanka’s economic contraction probably worsened last quarter as borrowing costs at a two-decade high to quell Asia’s fastest inflation took its toll on a nation chasing a $2.9 billion bailout. Gross domestic product fell 13.4% in the three months to December from a year ago, according to a median estimate of economists in a Bloomberg survey. That would ...

BLOOMBERG Hon Hai Precision Industry Co said it expects to multiply its sales of electric vehicle components this year while weathering cooler consumer spending on technology. The Taiwanese Apple Inc assembler offered a forecast of slumping consumer electronics demand this year offset by an uptick in sales of cloud and networking products, PCs and especially EV hardware, which it sees ...