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

Bloomberg PepsiCo Inc, facing an industry wide backlash against plastic, will experiment with putting its Aquafina water in cans. The beverage giant will begin selling the cans next year, offering them to partners such as stadiums and restaurants, PepsiCo said. The company also will try out the repackaged product at some retail stores. If the new packaging catches on, it ...

Bloomberg Almost 200 airports run by 40 operators backed a pledge for net-zero carbon emissions at European hubs by 2050 as the aviation industry responds to pressure over its contribution to climate change. Airports Council International also called for the sector to develop additional measures to those set by the Carbon Offsetting and Reduction Scheme for International Aviation. CORSIA has ...

Bloomberg Steinhoff International Holdings NV is seeking more than 850 million rand ($59 million) from former Chief Executive Officer Markus Jooste for his role in the accounting crisis that triggered the global retailer’s near-collapse. The owner of Poundland in the UK and Pep stores throughout Africa is looking to claw back base salaries, bonuses and other incentives paid to Jooste ...

Bloomberg Hennes & Mauritz AB surged after the struggling Swedish clothing retailer showed progress coping with a buildup of unsold garments, raising hopes that the worst may be over after a three-year slump in earnings. Inventory dropped slightly as a proportion of sales, easing to 18.2 percent at the end of May from a record 18.9 percent as of last ...

WASHINGTON / WAM The United Arab Emirates said on Wednesday that circumstantial and compelling evidence is needed to apportion blame for the last month’s attacks on four oil tankers in the country’s territorial waters. “The UAE is not pointing fingers of accusation at any state for the recent attacks on four oil tankers in the country’s territorial waters since clear, ...

Bloomberg Abu Dhabi Financial Group (ADFG) agreed to a reverse merger with Shuaa Capital PSC that will create an investment bank managing $12.8 billion of assets. The deal values the Abu Dhabi firm’s equity at AED1.5 billion ($408 million) to AED1.6 billion, ADFG Chief Executive Officer Jassim Alseddiqi said in an interview on Wednesday. It also gives the combined entity ...

DUBAI / WAM The Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended on December 31, 2018, achieving record revenues of AED232.4 billion ($63 billion) and a net profit of AED21.4 billion. Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease ...

Bloomberg Oil rose to a four-week high after an industry report signalled a bigger-than-forecast drop in US crude stockpiles, adding impetus to a rally that’s been driven by a tense standoff between Washington and Tehran. Futures in New York gained as much as 2.3 percent. The American Petroleum Institute reported that inventories fell by 7.55 million barrels last week, according ...

MEXICO CITY / WAM UAE Ambassador to Mexico Ahmed Hatem Al Menhali met with Mexican Assistant Secretary of Communications and Transportation Carlos Alfonso Moran Moguel. The two sides explored ways of enhancing cooperation between the two countries across different sectors. Al Menhali and Moguel emphasised that their cooperation and partnership would support bilateral projects and initiativ-es, particularly those of overall ...

Bloomberg US President Donald Trump said substantial additional US tariffs would be placed on goods from China if there’s no progress on a trade deal after his planned meeting with Chinese counterpart Xi Jinping at the G-20 Summit in Japan. “My Plan B with China is to take in billions and billions of dollars a month and we’ll do less ...