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

Bloomberg EasyJet Plc predicted an uneven recovery this summer as European destinations relax coronavirus curbs only gradually, prompting the discount airline to chart a more cautious path to rebuilding its service. The UK company expects to add flights in earnest from June, a month later than planned, it said after posting a 701 million-pound ($990 million) loss for the first …

Bloomberg Canadian retail sales hit a snag in April amid a third wave of Covid-19 restrictions. Receipts fell 5.1% last month after many provinces introduced strict measures to curb virus cases, according to preliminary data from Statistics Canada. The drop reverses two strong months of gains, including a 3.6% increase in March. Canadian retailers are likely to remain weak throughout …

Bloomberg China Resources Holdings Co is weighing a Hong Kong initial public offering for its supermarket business CR Vanguard that could raise as much as $2 billion, according to people familiar with the matter. The state-owned conglomerate has held initial talks with potential advisers on the share sale plan, which could happen as soon as next year, the people said, …

Bloomberg Financial investor Attestor Ltd has acquired a majority stake in German airline Condor, rescuing a company that’s survived on government support after the coronavirus pandemic punctured the boom in air travel. Attestor, a wealth management company with around 5.5 billion euros ($6.7 billion) in assets, will pump 200 million euros of capital into Condor and spend an added 250 …

Bloomberg India’s central bank approved paying a higher-than-expected nearly $14 billion as dividend to the government, providing relief to Finance Minister Nirmala Sitharaman at a time when the pandemic has strained public finances. The central board of the Reserve Bank of India approved transferring 991.2 billion rupees ($13.6 billion) to the government on, according to a statement from the Reserve …

Bloomberg Barclays Plc has been dragged into a bitter feud between two French insurers over its role in a failed hostile takeover bid. Scor SE is suing Barclays in London for breach of confidence when the bank advised Covea on its bid to acquire Scor in 2018. Barclays was given an inside track into the strategic thinking of Scor’s board …

Bloomberg State Bank of India (SBI) posted a record quarterly profit that beat estimates, helped by higher interest and other income as well as lower provisions for bad loans. However, India’s largest lender broke with trend and didn’t offer guidance on fresh soured assets — the so-called slippage ratio — citing uncertainty arising from the coronavirus outbreak that is ravaging …

Bloomberg Bank of America Corp (BofA) is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps. The lender, working with the non-profit Neighbourhood Assistance Corp of America, set a goal of providing $15 billion in mortgages through May 2027, according to an announcement. Buyers get loans with no down payment, at below-market …

Bloomberg US banks could cut as many as 200,000 jobs in the next decade as they try to boost efficiency to compete with fintech and other upstarts encroaching on their territory, according to Wells Fargo & Co. The eliminations are likely to accelerate as the economy reopens following the Covid-19 pandemic and conditions normalise, Wells Fargo analysts led by Mike …

Bloomberg The Bank of England (BOE) signalled it will take account of the government’s environmental goals in buying assets in financial markets, saying it will shift purchases toward companies doing the most to fight climate change. The move is part of a global effort by central banks to push the financial services industry towards greener finance. The BOE stopped short …