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

Bloomberg Tiger Global Management is purring all the way to the bank after Walmart Inc.’s Flipkart deal. The firm has made about $3 billion after investing $1 billion in Flipkart Group, according to a person familiar with the matter, who asked not to be named. Walmart will acquire a majority stake in India’s biggest online retailer, the companies said. For ...

Bloomberg Africa’s largest company just chalked up another major investment coup. Naspers Ltd. netted a cool $1.6 billion profit from the sale of its 11 percent stake in Indian e-commerce startup Flipkart, a deal almost as lucrative as its sale of Polish online auction site Allegro in 2016. The move helps to line the pockets of the media and technology ...

Bloomberg PT Garuda Indonesia, the country’s flag carrier, has cancelled 14 flights to Yogyakarta after a volcano about 19 miles north of the city erupted and forced authorities to close the local airport. The airfield, 520 kilometres southeast of Jakarta on the island of Java, was closed at about 10:42 am on May 11 local time, and reopened at 2:17 ...

Bloomberg JetBlue Airways Corp. has reached an initial agreement with its pilots union, marking the first such accord in the carrier’s history. The deal, announced by the Air Line Pilots Association and confirmed by JetBlue, will be reviewed by union leaders, who will make adjustments to the final contract language and decide whether to send it to members for a ...

Bloomberg Step aboard an ultra-low-cost airline such has Ryanair or Frontier and the amenities can be jarringly Spartan. To keep costs low, free snacks don’t exist and in-flight entertainment is the seatback safety card. How do you distract passengers from this painful minimalism? Well Wi-Fi, of course, a lesson learned by a small but growing group of no-frills carriers. For ...

DUBAI / WAM The Emirates Group on Wednesday announced its 30th consecutive year of profit and steady business expansion. Released in its 2017-18 annual report, the Emirates Group posted a profit of AED4.1 billion ($1.1 billion) for the financial year ended on March 31, 2018, up 67% from last year. The group’s revenue reached AED102.4 billion, an increase of 8% ...

DUBAI / WAM The Dubai Chamber of Commerce and Industry on Wednesday hosted the UAE-Moldova Business Forum on its premises, which was attended by a high-level Moldovan delegation led by Chiril Gaburici, the country’s Minister of Economy and Infrastructure. The forum, organised in cooperation with Moldova Investment and Export Promotion Organisation (MIEPO) highlighted attractive trade and investment opportunities in Moldova, ...

ABU DHABI / WAM The Department of Energy— Abu Dhabi, held Zayed Energy Retreat titled “A New Energy Era” during the retreat held by the Department for its affiliate entities working in the sector. During a two-day event, the department discussed its latest developments and plans as well as the details of its orientation towards achieving the vision of the ...

DUBAI / WAM Dubai Land Department (DLD) through its investment arm the Real Estate Investment Management and Promotion Centre, has hosted several meetings with government officials and Egyptian investors as part of the centre’s visit to Egypt. The visit was part of DLD’s efforts to discuss possible cooperation opportunities between the two countries in the field of investment through the ...

DUBAI / Emirates Business Dubai’s foreign trade in perfumes and beauty products in 2017 was worth AED20 billion, with imports accounting for AED11.5 billion, and exports and re-exports for AED 8.34 billion. The total volume of perfumes and beauty products traded reached 733,000 tonnes. This was according to statistics released by Dubai Customs at Beautyworld Middle East 2018, which is ...