Bloomberg Gold is set to surge over next year as concerns deepen about the widening US budget deficit and a tariff-driven trade war starts to damage the country’s economy, according to Bank of America (BofA) Merrill Lynch . Bullion could average $1,350 an ounce in 2019 as corporate tax reforms worsen the US fiscal balance, Francisco Blanch, head of global ...

Bloomberg France’s grocery sector was thrown into tumult after Casino Guichard-Perrachon SA alleged it got approached about a merger by Carrefour SA, which denied making any proposal. Casino, the embattled owner of Monoprix and Geant supermarkets, said just before midnight Sunday that its board held a meeting after being contacted by Carrefour about a possible combination. Four hours later, Carrefour ...

Bloomberg Handbag maker Michael Kors Holding Ltd. is nearing an agreement to buy Gianni Versace SpA after the iconic Italian fashion house drew interest from several suitors, people familiar with the plans said. Michael Kors may announce a deal as early as this week that values Versace at about $2 billion, said the people, who asked not to be identified ...

Bloomberg Livspace, an online home interiors marketplace, raised $70 million in a round led by TPG Growth and Goldman Sachs to fund its expansion in India. The series C funding includes backing from existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures, the company said in a statement. Livspace said it’s on track to hit more than $100 million ...

Bloomberg South African Airways is making progress with its plan to reach profitability in the next three years, even it faces challenges such as a jump in fuel prices, Chief Executive Officer Vuyani Jarana said in an interview. Jarana said he expects losses until the company can break even or achieve profitability at the end of the 2021 financial year ...

Bloomberg The board of Norwegian Air Shuttle ASA has started looking for someone who might be able to replace Bjorn Kjos as chief executive officer when the 72-year-old steps down, according to a report in Nettavisen. Nettavisen said Kjos feels he has been running on “overtime” and that he hopes he won’t still be CEO three years from now. Potential ...

Abu Dhabi / WAM The UAE gross bank assets amounted to AED2.8 trillion by the end of August 2018, four percent up from AED2.694 trillion by the end of December 2017, according to Central Bank of UAE statistics released on Sunday. Gross credit increased to around AED1.633 trillion by the end of August, a growth of 3.3 percent from AED1.58 ...

DUBAI / WAM Dubai Futures Foundation and Haykal media have kicked-off the region’s first ever EmTech Mena 2018, a platform designed to address the future trends of technology in an evolving world. The event is held under the patronage of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. Organised ...

Bloomberg The rise of US shale oil is set to extend well into the 2020s, stealing market share from the Organization of Petroleum Exporting Countries (Opec), the group said in its latest World Oil Outlook. Total supply from outside of the Opec will surge by 8.6 million barrels a day from 2017 to 2023, to 66.1 million barrels a day ...

Abu Dhabi / WAM The Export Unit Value Index in the Emirate of Abu Dhabi was up to 87.3% during Q2, a growth of 7.6% from 81.2% during the same period in 2017, according to Statistics Centre- Abu Dhabi (SCAD), while the Import Unit Value Index likewise rises to 108.7% during the same monitored period from 103.4% as compared to ...