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

Abu Dhabi / WAM The Abu Dhabi Exports Office (Adex), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed an AED36.7 million ($10 million) line-of-credit agreement with the National Bank of Iraq, part of the Capital Bank group. The agreement aims to boost economic cooperation between the UAE and Iraq, which, in turn, will strengthen bilateral relations. ...

Sharjah / Gulf Time One of the most trusted and lovable brands of Ajman and the UAE, Hashim Hypermarket, an entity of Hashim Flour Mill, Ajman, has extended their wings with the opening of their first flagship hypermarket in Sharjah at Al Saja’a, near Rahmaniya recently. Known for serving the Emirates for around 43 years, Hashim Hypermarket symbolises authenticity and ...

Karachi / WAM Hamad Obaid Salem Al Zaabi, UAE ambassador to Pakistan, accompanied by Bakheet Ateeq Al Rumaithi, UAE Consul-General in Karachi, attended an event commemorating the arrival of ships carrying 200 containers of food and medical supplies to support 500,000 Pakistani families affected by the floods that hit many parts of the country. The event was held in the ...

McDonald’s Corp. sales handily beat expectations as diners proved willing to pay more for their fries and burgers while grappling with inflation in their gas, grocery and energy bills. The results underscore why McDonald’s feels like it’s in a good position even as clouds gather in the economy. The company is picking up customers as rivals across the industry raise ...

Ocado Group Plc surged after signing an exclusive deal with Lotte Shopping Co. to develop the South Korean retailer’s online grocery business. The UK developer of automated delivery systems will work with Lotte to build a network of robotic warehouses using Ocado’s Smart Platform, as well as providing technology for building online orders from Lotte’s stores. Lotte Shopping operates department ...

Air France-KLM said it could be interested in taking a stake in Portuguese flag carrier TAP SA as the government in Lisbon seeks an industry backer for an airline it was forced to rescue during the coronavirus crisis. Chief Executive Officer Ben Smith said that the Franco-Dutch group would “definitely engage on a formal basis” with a view to some ...

Hong Kong’s stock exchange (HKEX) will cut trading fees for its cash market starting next year in an effort to improve market efficiency and boost activity. Overall, the moves by the Hong Kong Exchanges & Clearing Ltd. will lower the effective rate on cash market trades to 0.565 basis points from 0.576 basis points, according to a statement on Tuesday. ...

Carlyle Aviation Partners said it sued a group of insurance companies and re-insurers claiming they failed to pay for losses stemming from the seizure of planes leased to Russian airlines following the invasion of Ukraine. Carlyle Aviation leased 23 planes to Russian airlines, including Izhavia and NordStar, and tried to repossess and relocate the aircraft as soon as Russia’s invasion ...

Global stocks rallied as speculation that China may unwind its stringent Covid Zero policy fueled risk-on sentiment across markets. The dollar and Treasury yields fell ahead of a key Federal Reserve decision. US-listed Chinese stocks soared in premarket trading, tracking the rally in Chinese markets after an unverified social media post triggered speculation that Beijing is looking to phase out ...

Paul J. Davies Credit Suisse Group AG finally bit the bullet. A properly radical transformation is on the way. It will shut down, sell or spin off most of its investment bank and become a more focused international wealth and asset manager with some trading capabilities attached to a traditional Swiss bank. The new leadership of Chairman Axel Lehmann and ...