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 agreed to buy Pilot Freight Services LLC for $1.68 billion, shoring up its road-transport business while signaling an unprecedented boom in container shipping may be starting to fade. The deal announced on Wednesday coincides with a 2022 profit forecast that falls well below analysts’ estimates. Maersk said it expected a strong first half before a “normalisation ...

  Bloomberg Alphabet Inc’s Google is being sued by Nordic price comparison provider PriceRunner AB for about $2.4 billion at Stockholm’s patent and market court. The lawsuit follows the conclusion of a legal ruling in the European Union that established Google has breached antitrust laws by manipulating search results in favour of its own comparison-shopping services, PriceRunner said. “This is ...

  Bloomberg Microsoft Corp is in talks to acquire cybersecurity research and incident response company Mandiant Inc, a deal that would bolster efforts to protect customers from hacks and breaches. The deliberations may not result in an offer, said the people, who asked not to be identified because the talks are private. Mandiant and Microsoft declined to comment. Mandiant shares ...

  Bloomberg Chinese state-backed funds’ intervention in domestic stock markets is rekindling hope that a bottom is near for the nation’s battered equities. The CSI 300 Index ended down just 0.6% at the close, paring an earlier slump of 2.4%, which was its biggest intraday drop since August. State-related funds entered the market to buy local shares in the afternoon ...

  Bloomberg Stocks and the US index futures rise on Wednesday and a selloff in sovereign bonds paused, bringing some relief for markets whipsawed in recent weeks by concerns about tightening monetary policy. The Stoxx Europe 600 index rises more than 1% as technology shares bounced back and a raft of generally positive earnings reports lifted sentiment. Adyen NV jumped ...

  Abu Dhabi / WAM Aldar Properties (Aldar) announced on Tuesday, that contracts awarded across its development projects in 2021 reached more than AED8.5 billion. The volume and value of work undertaken by Aldar in 2021 highlights an economic rebound in Abu Dhabi following the impact of the pandemic in 2020 and a boost to the emirate as a destination ...

Abu Dhabi / WAM The UAE’s air defence system has been very effective to thwart recent missile attacks on the country; still, the United States will work with the UAE to further improve the system, a top US military commander told the Emirates News Agency (WAM). General Kenneth F McKenzie, Commander of the US Central Command (Centcom), added in an ...

  Abu Dhabi / WAM AD Ports Group on Tuesday announced its 2021 financial results based on preliminary, unaudited financials for the 12 months ended December 31, 2021, reporting revenue growth of 14 percent year-on-year to AED3.9 billion compared with AED3.4 billion in 2020, driven by volume growth, business diversification and new partnerships. Earnings before interest, taxes, depreciation and amortisation ...

  DUBAI / WAM The UAE, represented by the Ministry of Finance (MoF), signed an agreement to promote and protect mutual investments with the Republic of Mozambique. The agreement, which was signed at MoF’s headquarters in Dubai, comes as part of the ministry’s ongoing efforts to strengthen and activate means of economic and investment cooperation with various countries of the ...

  ABU DHABI / WAM Mohammed Saif Al-Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD), received a delegation from the Republic of Sierra Leone led by Dr Austin Demby, Minister of Health and Sanitation. During the meeting, which was held at the fund’s headquarters, the two sides discussed opportunities to strengthen bilateral relations in the healthcare sector, ...