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

Bloomberg Wm Morrison Supermarkets Plc’s sales slumped in its second quarter as the grocer faced a tough comparison with 2018, when unseasonably warm weather, the World Cup and a royal wedding boosted spending. But it predicted an improvement in the second half, lifting the shares. Comparable group sales fell 1.9 percent for the quarter, slowing half-year growth to 0.2 percent. ...

Bloomberg China Mengniu Dairy Co agreed to buy organic infant formula maker Bellamy’s Australia Ltd for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of the dairy market. The Hong Kong-based firm offered A$13.25 per share for Bellamy’s, a sizable 59 percent premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board ...

ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at ...

Bloomberg Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the US has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned aerial vehicles struck the ...

Abu Dhabi / WAM A total of 17 million cheques worth AED805 billion were handled by the Image based Cheque Clearing System (ICCS) during the first eight months of 2019, according to a report issued by Central Bank of the UAE (CBUAE). A breakdown showed that 1.77 million cheques worth AED 82.6 billion were cleared in August 2019, as compared ...

HONG KONG / WAM The UAE Economic and Commercial Delegation concluded its participation in the 4th Summit of Belt and Road Initiative in Hong Kong. Abdullah Al Saleh, Under-Secretary at the Ministry of Economy for Foreign Trade Affairs and Head of the UAE Delegation, highlighted the success of the delegation’s mission and its contributions to the summit. Under the theme ...

Bloomberg The Boeing 737 Max is unlikely to be back in service before next year, the UAE aviation regulator said, contradicting the manufacturer’s timeline for its return. Saif Al Suwaidi, director general of the General Civil Aviation Authority, said he expects the plane to be back in the first quarter of next year. Boeing has set a fourth-quarter target. The ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI), received a high-level delegation from the Republic of Tajikistan to discuss the prospects for joint cooperation and increased trade exchange, and opportunities for economic partnerships with the business communities in Sharjah and Tajikistan. Discussion took place during a meeting hosted by the SCCI, in the presence of Waleed Abdul ...

Dubai / WAM Etihad Credit Insurance (ECI), signed a Memorandum of Understanding (MoU) with Dubai Export Development Corporation (DEDC) to develop and promote trade linkages and investment opportunities for Dubai-based businesses in high growth markets. The MoU was signed by Saed Alawadi, CEO of Dubai Export Development Corporation, and Massimo Falcioni, CEO of ECI, at the 4th Future Manufacturing & Trade Summit 2019, ...

Dubai / WAM In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. 4 of 2019 pertaining to Dubai’s Real Estate Regulatory Agency (RERA). The new law includes restructuring the legal provisions of the agency, which was established pursuant to Law No. 16 of ...