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

BLOOMBERG Cosmetics maker Natura &Co Holding SA is considering the sale of its Body Shop unit as it seeks to cut costs, the latest step in a reversal of a major global expansion strategy. Shares in the Sao Paulo-based company were up 2.3%, following its board’s approval to explore strategic alternatives for The Body Shop, including a potential sale. It ...

BLOOMBERG European shares climbed, bolstered by record profits at Switzerland’s UBS Group AG and expectations central banks’ rate-tightening cycle may be nearing an end.UBS Group’s more than 7% surge helped the Stoxx 600 benchmark trim its monthly retreat. The lender posted the biggest-ever quarterly profit for a bank as a result of its emergency takeover of Credit Suisse Group AG. ...

BLOOMBERG August may just have marked the darkest hour before dawn for China’s battered equity markets, with some investors saying that Beijing’s recent efforts to boost confidence will bear fruit in the coming days. The CSI 300 Index, benchmark of onshore Chinese shares, lost 6.2% this month to cap its biggest decline October. Down over 8% each, Hong Kong’s benchmark ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan awarded the First Class Medal of Independence to Jiri Slavík on the occasion of the end of his tenure as ambassador of the Czech Republic to the UAE. Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation, presented the medal to Ambassador Slavík during ...

ABU DHABI / WAM  Two of the United Arab Emirates’ Comprehensive Economic Partnership Agreements (Cepa) will come into force on September 1, promising to deliver a new era of trade and investment cooperation with two rapidly emerging global economies. The UAE-Türkiye Cepa and the UAE-Indonesia Cepa will now remove or reduce tariffs on a vast array of goods, eliminate unnecessary ...

DUBAI / WAM  Emirates Global Aluminium (EGA) on Thursday reported competitive financial performance for the aluminium sector in the first half of 2023, announcing a net profit of AED2.0 billion ($533 million). EGA announced H1 2023 adjusted Ebitda of AED4.2 billion ($1.1 billion). EGA’s aluminium segment adjusted Ebitda margin was 27 percent, leading global industry peers. The company also reported ...

ABU DHABI / WAM The UAE, represented by the General Civil Aviation Authority (GCAA), signed an air services agreement in its initials with the Republic of Palau, at the authority’s headquarters in Dubai. The agreement was signed on behalf of the UAE by Saif Mohammed Al Suwaidi, Director-General of the GCAA, and on behalf of Palau by Gustav Aitaro, Minister ...

ABU DHABI / WAM  The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken enforcement action against ADGM-registered audit firm, KPMG Lower Gulf Limited (KPMG). The RA imposed a financial penalty in the amount of $30,000 against KPMG for ineffective systems and controls leading to non-compliance with audit requirements under RA-administered legislation. ADGM audit regulatory framework requires audit ...

ABU DHABI / WAM Michael Bolliger, Chief Investment Officer, Emerging Markets at UBS Global Wealth Management, forecasts the UAE’s gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024. In a statement to the Emirates News Agency (WAM), Bolliger shared the bank’s positive outlook on the UAE’s medium-term growth prospects, supported by strong ...

SHARJAH / WAM HH Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah (UoS), met on Thursday, with Dr Hamid Majoul Al Nuaimi, the University’s Chancellor, Vice Chancellors, Deans of Colleges, Directors of Research Centres and Institutes, and heads of academic departments at the University. Welcoming the attendees from the ...