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

  Bloomberg Hungarian inflation surged to an almost 15-year high as government-imposed price caps on goods ranging from sugar to gasoline failed to rein in price growth. Consumer prices grew an annual 7.9% in January, the fastest pace since August 2007 and exceeding the 7.4% median estimate in a Bloomberg survey, the Budapest-based statistics office said in a statement. The ...

  Bloomberg Stocks extended declines on Friday along with American index futures as red-hot US inflation stoked bets on faster Federal Reserve interest-rate hikes amid febrile speculation about the monetary-policy outlook. The Stoxx Europe 600 index dropped more than 1%, with technology and real-estate shares leading the decline. Carmakers outperformed after strong results from Mercedes-Benz AG. The benchmark remains on ...

  Bloomberg Europe’s food delivery firms are finding out the hard way that investors are no longer willing to look past continual losses and rising costs. Delivery Hero SE’s shares shed close to a third of their value, or about 5.1 billion euros ($5.8 billion), in a record rout as analysts lamented elusive profitability. The bleeding continued with a further ...

  DUBAI / WAM The United Arab Emirates’ federal export credit company, Etihad Credit Insurance (ECI), hosted for the first time the Prague Club Committee (PCC) Biennial Meeting of the Berne Union, an international organisation of leading export credit and political risk insurers, in Dubai. The global event gathered delegates from PCC member countries to discuss export-oriented innovation and growth ...

  Abu Dhabi / WAM Alpha Dhabi Holding PJSC, one of the largest and fastest-growing investment holding companies in the Middle East, announced its preliminary financial results for the full year of 2021. The company reported revenues of AED18.8 billion, reflecting 400% growth compared to AED3.80 billion in 2020, while the gross profit touched AED5.1 billion in 2021 compared to ...

  Abu Dhabi / WAM Massimo Baggi, Ambassador of Switzerland to the UAE, highlighted the UAE-Switzerland deep relations in all vital and future fields, including the health and medical domains, with clear prospects for advancing the existing cooperation. He pointed to the areas of convergence between the UAE’s vision and plans for the next fifty years and its model based ...

  Sharjah / WAM Dana Gas, the Middle East’s largest regional private sector natural gas company, announced its preliminary unaudited financial results for the full year ended December 31, 2021. The company achieved a net profit of AED1.16 billion in 2021. The increase was primarily due to higher oil prices, improved operational performance, and income. Revenue increased 30% to AED1.65 ...

  DUBAI / WAM The UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Spain’s Ministry of Industry, Trade and Tourism (MITT) signed a memorandum of understanding (MoU) to boost cooperation in the field of industry and advanced technology across multiple sectors. The MoU aims to establish a framework that will facilitate and enhance the UAE and Spain’s industrial cooperation. ...

  ABU DHABI / WAM Agthia Group announced preliminary and unaudited results for the fiscal year ending December 31, 2021. The group posted AED216 million in net profit and net revenues of over AED3 billion. Agthia grew its revenues by 49 percent year-on-year following strong growth in the protein and snacking segments through acquisitions that have since been consolidated under ...

  Abu Dhabi / WAM Adnec Services, part of Abu Dhabi National Exhibitions Company Group (Adnec), has opened an office in Dubai. The new office will reach a broader range of potential partners and clients. Adnec Services supports some of the region’s prominent events and aims to reach new business opportunities and support existing clients with the new office opening. ...