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

Bloomberg Alibaba Group Holding Ltd logged more than 268 billion yuan ($38.3 billion) of purchases during its Singles’ Day bonanza, exceeding last year’s record haul after a 24-hour shopping marathon. An estimated half-billion shoppers from China to Russia and Argentina swarmed the e-commerce giant’s sites to scoop up everything from Apple Inc and Xiaomi Corp gadgets to Ugandan mangoes. The ...

Bloomberg Boeing Co said one of the first revamped General Electric Co engines intended to power its 777X flight-test aircraft was damaged during a freak shipping accident last month. While the incident isn’t expected to create a new delay for the 777X, it does add to a string of mishaps to confound Boeing’s newest model. The 777X is already behind ...

Bloomberg New Jersey Transit issued an urgent appeal for private industry to help transport millions of people annually to a newly opened mega-mall just west of Manhattan. “It can’t take 10 years,” Diane Gutierrez-Scaccetti, New Jersey’s transportation commissioner and NJ Transit board chairwoman, told a meeting of potential private partners in East Rutherford. “Frankly it can’t take five.” American Dream, ...

Bloomberg The owner of Sears and Kmart is closing almost a third of its remaining stores just months after buying the struggling retailer out of bankruptcy. Transform Holdco LLC’s shutdown of 96 locations will leave just 182 outlets for the company, which was once America’s biggest department store chain. The merchant “has faced a difficult retail environment and other challenges” ...

ABU DHABi / WAM Dr Anwar Gargash, Minister of State for Foreign Affairs and International Cooperation, addressed the sixth annual Abu Dhabi Strategic Debate, hosted by the Emirates Policy Centre. In his speech, Dr Gargash reviewed regional developments and expressed optimism regarding the potential for significant progress over the next year, noting, “We have reached critical junctures in major conflicts ...

DUBAI / Emirates Business Emaar Properties recorded a revenue of AED17.644 billion and net profit of AED4.442 billion in the first nine months of 2019, led by resilient performance of the property, malls and hospitality business. Emaar recorded robust increase in net profit by 20 percent during the third quarter (July to September) of 2019 to AED1.331 billion ($362 million), ...

SHARJAH / WAM Air Arabia, the Middle East and North Africa’s largest low-cost carrier, on Sunday announced strong financial results for the third quarter of this year ending September 30. Air Arabia registered a record profit of AED471 million for the three months ending September 30, an increase of 57 per cent compared to the AED300 million reported for the ...

SHARJAH / WAM Dana Gas announced that in the first nine months of 2019, collections in Egypt, the UAE, and from its share of Pearl Petroleum Company Limited’s sales in the Kurdistan Region of Iraq (KRI) increased 16.7 percent year on year to $230 million (AED844 million). Dana Gas, which owns a 35 percent stake in Pearl Petroleum, saw its ...

DUBAI / WAM Omar Sultan Al Olama, Minister of State for Artificial Intelligence (AI), said that the rapid change of technology and its impact on key sectors calls for strategic collaborations and international partnerships to accelerate the adoption of AI across various sectors. This came during the launch of the UAE Artificial Intelligence Network, a network dedicated to gathering academics, ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received a letter from the President of Liberia, George Weah, with regard to bilateral relations between the two countries. The letter was conveyed by Gbehzohngar Findley, Liberian Minister of Foreign Affairs, and Trokon Kpui, ...