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

Bloomberg AP Moller Maersk A/S raised its profit forecast for this second time this year after congestion on trade lanes boosted global freight rates, creating an “exceptional market” for transport companies. Maersk, which controls about one-sixth of the world’s container trade, and its peers have benefited from supply-line disruptions as a shortage of shipping capacity has enabled them to charge ...

Bloomberg France experienced its driest July on record as searing heat spread across Europe, putting strain in key crops. The average precipitation across the country was 8.1 millimeters, making it the driest month since March 1961, forecaster Meteo France said on its website. Rainfall in Brittany, Auvergne and Corsica was at least 95% below the norm. The scorching temperatures and ...

  Bloomberg Relentless heatwaves blasting Spain this summer threaten to sink production of olive oil from the world’s top exporter of the cooking ingredient, according to Agriculture Minister Luis Planas. If there is no temperature relief or rains in the coming weeks, this year’s olive harvest could be notably lower than previous ones,” said Planas in an interview, declining to ...

  Bloomberg Oracle Corp cut jobs in marketing and the US customer experience division, signalling a pullback in customer analytics and advertising services. Some workers were told that their positions had been eliminated. Junior sales employees as well as a division sales director were among those let go, according to one former worker who lost their job and asked not ...

Abu Dhabi / Gulf Time Arkal Engineering Consultants and Interior Design, the leading company in the field of engineering design and decoration, has won more than 33 prestigious local awards during its career. For his part, Zayed Al-Khulaifi, General Manager of Arkal Engineering Consultants and Interior Design, said, “With the provision of high levels of quality, architectural and construction services ...

  Bloomberg For almost a decade, Alibaba Group Holding Ltd and Tencent Holdings Ltd embodied China’s economic miracle, sustaining a dizzying pace of growth and approaching trillion-dollar valuations with splashy forays into every corner of the internet. That spectacular run could officially end on Thursday, when the e-commerce powerhouse that Jack Ma founded is expected to record its first-ever decline ...

  Bloomberg US stock futures climbed on Wednesday as some of the investor anxiety over tense US-China ties eased, while Treasuries extended a slide sparked by hawkish Federal Reserve comments. S&P 500 futures and contracts on the Nasdaq 100 both rise by about 0.4%. Europe’s Stoxx 600 was little changed as investors assessed signs of resilience in the latest company ...

  ABU DHABI / WAM Fertiglobe, the strategic partnership between Adnoc and OCI, on Tuesday reported that its Q2 2022 revenues increased 105% to AED 5.40 billion ($1,471 million), while adjusted Ebitda grew 155% to $770 million compared to Q2 2021. Free cash flow increased to $789 million in Q2 2022 from $328 million in Q2 2021, supporting a first-half ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has made a phone call to the President of Sri Lanka, Ranil Wickremesinghe, congratulating him on his election as the country’s new president. His Highness Sheikh Mohamed bin Zayed also wished him success in leading Sri Lanka towards stability and peace and overcoming the circumstances it ...

  Abu Dhabi / WAM Emirates Steel Arkan on Tuesday announced its second-quarter results, reporting a net profit of AED207 million in the second quarter compared to a pre-merger loss of AED24 million in the same period of last year and a 184% gain from AED73 million in Q1, driven by higher sales volumes and prices, enhanced operational efficiencies, and ...