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

Bloomberg Bombardier Inc agreed to sell a wing factory in Northern Ireland and two other facilities to Spirit AeroSystems Holdings for $500 million and the assumption of certain liabilities. The Belfast operation makes wings for Airbus SE’s A220 jetliner, an aircraft that cash-strapped Bombardier developed before handing control last year to the European planemaker. The deal also covers a plant ...

Bloomberg Your move, Tiffany & Co. That was the message from LVMH, as executives from the French luxury group arrived in New York to sell the merits of its proposed $14.5 billion takeover of the storied American jeweller. After eyeing Tiffany for years, LVMH submitted an offer last month as it enjoys record cash flow and revenue while the blue ...

Bloomberg Qantas Airways Ltd grounded three Boeing Co 737s after discovering cracks near their wings during industry-wide inspections of high-mileage models of the workhorse jets. The Australian airline found hairline cracks on a structure known as the pickle fork, which connects the wings to the fuselage. The planes will be back in service by the end of the year, Qantas ...

Bloomberg Deutsche Lufthansa AG faces strike action after a cabin crew union voted to escalate its conflict with Europe’s biggest airline group. The UFO union said in a statement that members voted for strike action at the group’s airlines including Lufthansa and Lufthansa CityLine after pay talks with company bosses broke down. The union will now decide when the strikes ...

Bloomberg Forever 21 Inc will keep open more than 60 US stores previously set to shutter as part of the company’s bankruptcy restructuring after the retailer secured rent concessions from its biggest landlords, according to people with knowledge of the situation. It’s an early win for the fast-fashion company after it filed for Chapter 11 protection in September as talks ...

ABU DHABI / WAM The General Command of the UAE Armed Forces announced the return of its troops from the Aden Governorate in Yemen after having successfully accomplished their role in liberating and stabilising Aden, and transferring its charge to Saudi and Yemeni forces, who will now maintain the security and stability of the Governorate. The UAE troops were received ...

DUBAI / WAM The GCC’s chemical-related investments have exceeded $140 billion in the first 10 months of 2019, led by consolidation, joint venture agreements and an increased number of merger and acquisition deals, according to estimates by the Gulf Petrochemicals and Chemicals Association (GPCA). The multi-billion-dollar investments made both within the region and international markets in the areas of refining, ...

DUBAI / WAM Dubai Financial Market (DFM), on Wednesday announced that rights issue of Emirates NBD is due to be tradable on the exchange between November 3-14. Trading of the rights issue enables existing shareholders of the bank who do not wish to subscribe to the new shares, which the bank plans to issue as part of its capital increase, ...

Bloomberg Saudi Arabia’s Public Investment Fund will invest $10 billion in Brazil and plans to use the country as a gateway to the rest of Latin America, the Brazilian government said. The investment comes after talks between President Jair Bolsonaro and Crown Prince Mohammed Bin Salman, Brazilian Foreign Affairs Minister Ernesto Araujo said. Bolsonaro met Bin Salman in Riyadh, where ...

RIYADH / WAM A senior Russian trade official said that the UAE has demonstrated how a nation can successfully transform its economy, “by expeditiously investing its income from oil.” Speaking on the sidelines of the Future Investment Initiative currently running in Riyadh until October 31, the Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told the Russian state ...