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

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 ...

Dubai / WAM The team of the Mohammed Bin Rashid Al Maktoum Global Initiatives in charge of the Madrasa e-learning Platform headed for Dakar, Senegal, in collaboration with the Emirates Red Crescent as part of a mission that will benefit at least 1,000 far-flung villages across the world. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime ...

Abu Dhabi / WAM The Emirates Diplomatic Academy (EDA), UAE’s leading international relations and diplomatic institution, concluded its global communications programme, ‘Your Journey in the UAE’, aimed at familiarising diplomats with the UAE to enable them to convey relevant and comprehensive information about the country to their fellow citizens, in addition to facilitating knowledge and experience-sharing. The five-day programme held in ...

Bloomberg US equity-index futures drifted alongside stocks in Europe on Wednesday while Asian shares were mixed as markets largely entered a holding pattern in the countdown to the Federal Reserve’s policy decision. Treasuries reversed a small gain and the dollar erased a decline as growth data for the world’s largest economy beat expectations. Contracts on all three main American equity ...

Bloomberg Just when UK equities were starting to look good on receding Brexit uncertainty, a general election comes along that could make or break the market. After being long-time market pariahs, British stocks have been slowly gaining favour from both the buy and sell sides in recent weeks. An exchange-traded fund tracking UK mid-caps enjoyed record inflows, UBS Global Wealth ...