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

Bloomberg Target Corp. agreed to pay $18.5 million to settle investigations by dozens of states over a 2013 hack of its database in which the personal information of millions of customers was stolen. It’s the largest multistate accord ever reached over a data breach, according to New York Attorney General Eric Schneiderman. The hack, which occurred during the busy holiday ...

Emirates Business The newly re-branded award winning Dubai based consultancy and design agency ODG (previously Open D Group, Retail Access and Sparkle), has been appointed by Oman Sales and Services (OSS) (A joint venture between Oman Air and Aer Rianta International Middle East) to design and project manage the entire duty free at the New Muscat International Airport. OSS successfully ...

Dubai / Emirates Business Rasasi Perfumes, one of the leading perfume brands in the Middle East, opened its doors to customers on Wednesday after officially opening its flagship store in City Centre Mirdif. Focusing on a superior customer experience, Rasasi have enhanced the store to create a relaxed and enjoyable environment for their customers. The gold and ivory colour palette ...

Bloomberg Ikea Group named Jesper Brodin, currently responsible for the development of the Swedish furniture retailer’s product range and supply chain, as chief executive officer after Peter Agnefjall decided to step down. Brodin, a 48-year old former assistant to Ikea founder Ingvar Kamprad who has worked at the maker of the Billy bookcase and Klippan sofa for 22 years, will ...

ABU DHABI / WAM Insurance companies listed on ADX and DFM held decent profits of AED445 million for the Q1 2017, an increase of 44.5 percent over the same period last year. The profits are an all-time-high for several years, reflecting the considerable growth recorded since the beginning of the year, according to a survey conducted by Emirates News Agency ...

Bloomberg PM Theresa May vowed to combat the “ideology” behind Britain’s worst terrorist attack in 12 years after a suicide bombing killed 22 people at a pop concert. IS claimed responsibility. Campaigning for next month’s general election was suspended indefinitely after the attack in northern city of Manchester. Standing outside her official residence at No. 10 Downing Street in London, ...

Dubai / WAM Dubai Internet City (DIC) affirmed its role as enabling platform for entrepreneurs and small and medium-sized enterprises (SMEs) at the 20th edition of TECOM SME Builder. The event, organised by the information technology park, brought together over 100 professionals who discussed the secrets of successful entrepreneurship with a focus on how best to harness business opportunities. Ammar ...

RIYADH / WAM The Gulf Cooperation Council for Arab States’ (GCC) Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements, have come into effect after ratification by the UAE. The General Secretariat of the (GCC) has received the UAE’s ratification documents for the two agreements. In a statement, the Secretariat, said, “The UAE is the second State ...

ABU DHABI / WAM The mood of affluent investors in the UAE market has improved as compared to the last year, according to the First Abu Dhabi Bank’s index measuring impression of wealth holders. The index rose by 1.87 percent to 1038.28 points from 1019.13 points in April 2016, reflecting the positive mood prevailing toward country’s business environment. The index ...

Bloomberg Prime Minister Theresa May vowed to combat the “ideology” behind Britain’s worst terrorist attack in 12 years after a suicide bombing killed 22 people at a pop concert. IS claimed responsibility. Campaigning for next month’s general election was suspended indefinitely. In her first public appearance since the bombing, May said many children died in an act of “cold calculation” ...