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

Bloomberg Retailers in Canada reported fewer sales in September amid supply chain bottlenecks and a reopening of the economy that allowed consumers to spend more on services. Receipts likely fall 1.9%, a preliminary estimate by Statistics Canada indicated, after a gain of 2.1% in August — slightly ahead of a 2% consensus estimate in a Bloomberg survey of economists. The ...

Bloomberg France’s 2022 budget deficit will be wider than forecast only a month ago after President Emmanuel Macron’s government announced plans to contain energy prices, hand out checks to more than half the population, and make high-risk investments in future industrial sectors. With just six months to go until elections, Prime Minister Jean Castex said that around 38 million people ...

Bloomberg A warning from Snap Inc is rattling technology investors who have got used to turbocharged growth in ad spending on social media. Executives from the maker of Snapchat said that supply-chain bottlenecks are prompting companies to hold back on online ad spend for the upcoming holiday season, meaning sales will rise by only around 30% in the fourth quarter ...

Bloomberg Intel Corp shares plummeted to their lowest close since December, after the chipmaker reported third-quarter results and detailed a spending plan that it said would pressure profitability over the next few years. The stock falls 12%, its biggest one-day percentage decline since July 2020, marking the sixth straight quarter where Intel’s results were met with a negative reaction. The ...

Bloomberg Tencent Holdings Ltd said loopholes created during a recent tech upgrade made some content on its enclosed WeChat ecosystem available on search engines. While the company said the vulnerability had already been fixed, searches performed using Google, which is blocked in mainland China, and Microsoft Corp’s Bing were still able to locate social media articles from WeChat. Articles on ...

Bloomberg Renault SA will lose out on far more car production this year than previously anticipated because of the worsening global chip shortage, another obstacle to the carmaker’s turnaround plans. The French manufacturer will make around 500,000 fewer vehicles — that’s equivalent to nearly a fifth of last year’s output — due to a lack of components, it said. Renault ...

NEW YORK / WAM In a statement to the UN Security Council’s quarterly open debate on the situation in the Middle East, including the Palestinian Question, the UAE noted recent positive developments to advance peace in the Middle East and to help resume the negotiation process and build confidence between the parties to advance the Middle East Peace Process. The ...

ABU DHABI / WAM Fertiglobe plc, a subsidiary of Adnoc and OCI, on Wednesday announced the successful completion of its initial public offering (IPO) bookbuilding process, and the final offer price of its initial public offering. Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, the Middle East and North Africa’s largest producer of nitrogen fertilisers by ...

ABU DHABI / WAM Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (Adnoc), reinforced the United Arab Emirates’ (UAE) commitment to India’s energy security and said the UAE will always remain India’s trusted partner of choice. Speaking virtually at the 5th India Energy ...

DUBAI / WAM The UAE Space Agency has signed a Memorandum of Understanding (MoU) with the Israel Space Agency to enhance cooperation in scientific research, space exploration and knowledge transfer to accelerate economic growth and human progress. Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, said, “Sharing knowledge and expertise ...