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

Bloomberg Lockheed Martin Corp’s $31 billion King Stallion helicopter programme for the US Marines may miss its first key milestone by more than 19 months because of a growing checklist of flaws discovered in development testing. The Naval Air Systems Command acknowledged that the helicopter designed to carry heavy cargo won’t meet its December target date for initial combat capability. ...

Bloomberg Majid Al Futtaim Holding LLC, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa. Growing the franchisee in Africa will boost competition for the likes of Shoprite Holdings Ltd, the continent’s biggest grocer, and Walmart Inc’s Massmart Holdings Ltd. Those companies are looking ...

Bloomberg Whole Foods Market says it will lower prices on hundreds of grocery items this week, the latest effort to reshape the grocer’s pricey image under Amazon.com Inc. The Seattle retail giant touted a round of price cuts immediately after buying Whole Foods in August 2017 and over the last year worked to roll out grocery delivery from store locations ...

Bloomberg Superdry Plc shares plunged as its board and top management resigned following a shareholder vote to bring back co-founder Julian Dunkerton at the helm of the UK apparel retailer. Chairman Peter Bamford, Chief Executive Officer Euan Sutherland and Chief Financial Officer Ed Barker will leave immediately, the company said. Dunkerton will take over as interim CEO and join the ...

Bloomberg A new startup may have the answer for cashed-up travellers desperate to beat the gridlock in the mega cities of Southeast Asia: helicopter ride-sharing. Ascent Flights Global Pte is starting the service in the Philippines next week and plans to expand to Thailand, Indonesia and Malaysia by next year. The Singapore-based company lets customers book a seat on a ...

GENEVA / WAM World trade will continue to face strong headwinds in 2019 and 2020 after growing more slowly than expected in 2018 due to rising trade tensions and increased economic uncertainty. World Trade Organisation (WTO) economists expect merchandise trade volume growth to fall to 2.6% in 2019 down from 3.0% in 2018. Trade growth could then rebound to 3.0% ...

Abu Dhabi / WAM Abu Dhabi Securities Exchange (ADX), announced a 95 percent compliance rate regarding the disclosure of the annual financial statements 2018 of its listed public joint stock companies within the deadline of 90 days from the end of the financial period. According to a statement, 62 out of 65, local and foreign, public listed companies disclosed their ...

ABU DHABI / WAM The gross domestic product (GDP), at current prices, for Abu Dhabi, increased by 12.9% in the fourth quarter (Q4) of 2018 compared with the same period in 2017, according to estimates released by Abu Dhabi Statistics Centre (SCAD). In 2018, SCAD estimated the GDP, at current prices, grew by 14.5% to AED931.2 billion from AED813.6 billion ...

Bloomberg Crude advanced for a third day after a further reduction in supply from Opec signaled that global markets are tightening. Futures added as much as 1.3% to the highest level since November in New York on Tuesday. Declines in Opec production are stoking optimism among investors as Saudi Arabia pressed on with output curbs and as power blackouts in ...

ABU DHABI / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance, has hinted at the UAE’s model of tolerance becoming a “global movement” for good, saying that the model has the potential to transcend national borders. He believes that the UAE provides the perfect breeding ground for the cultivation of tolerance, adding that the ‘Year of Tolerance’ will ...