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

BLOOMBERG Retailers ranging from Tesco Plc to Burberry Group Plc have called for immediate action from the UK government to tackle the rise in shoplifting that’s emerged during the nation’s cost-of-living crisis. Almost 90 retail chiefs have signed a letter to Home Secretary Suella Braverman asking for the government to create a standalone offense of assaulting a retail worker, along ...

BLOOMBERG Air France KLM’s plan to buy a stake in troubled Scandinavian carrier SAS AB gives the long-overdue consolidation of European airlines a jolt as more regional operators come under the control of three big groups. The Franco-Dutch carrier said that it will invest as much as $144.5 million for 19.9% of SAS, with the option to take a controlling ...

BLOOMBERG Tesco Plc lifted its profit forecast as it attracted shoppers by keeping a tight lid on food prices and its own costs. Britain’s biggest grocer now expects to deliver as much as £2.7 billion ($3.3 billion) in adjusted operating profit this year from its retail business, compared with previous guidance of flat profit. The stock rose 3.2% on Wednesday. ...

BLOOMBERG Delta Air Lines Inc says some of its aircraft have flown with engines using improperly documented components, a disclosure indicating the extent to which parts linked to a British distributor have been sold globally. Suspect components were found on only one engine of the planes that were flown, a company spokesman said, declining to quantify exactly how many aircraft ...

ABU DHABI / WAM The Ministry of Industry and Advanced Technology (MoIAT) has announced the adoption of the new Green ICV criteria and bonus within the National In Country Value (ICV) Programme to encourage sustainability practices throughout various supply chains. Announced at Adipec 2023, the criteria enables companies to obtain bonus ICV points if they commit to implementing sustainability-related standards ...

ABU DHABI / WAM ADNOC is to trial the use of repurposed electric vehicle batteries to decarbonise its remote production operations and reduce costs. The pilot, run in partnership with German startup Power I.D., will see electric vehicle batteries deployed that would have otherwise been disposed of and assembled into a large-scale Battery Energy Storage System. The system, which will ...

ABU DHABI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has affirmed the need for national oil companies to embrace sustainable practices by integrating renewable energy sources, such as solar and wind power, into their operations. He made this statement during a session held during the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2023, where ...

BRASÍLIA / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has met with Mauro Vieira, Minister of Foreign Affairs of the Federative Republic of Brazil, in the capital, Brasilia. The meeting, which took place as part of Sheikh Abdullah’s tour to several Latin American and Caribbean countries, touched on bilateral relations and ways to promote ...

ABU DHABI / WAM Adnoc Distribution on Wednesday announced its UAE heavy vehicle fleet, supplying main fuels, will be powered by B20 biofuel, targeting a 15% reduction in CO2 emissions from the fleet. The company’s fleet plays a crucial role in supplying fuels and liquefied petroleum gas (LPG) to corporate customers. This initiative is a step forward in Adnoc Distribution’s ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has signed four agreements with leading national entities to support the growth and prosperity of the private sector in the emirate of Abu Dhabi. This comes in line with the chamber’s strategic objectives to empower private sector and unlock economic and investment opportunities. The agreements were signed ...