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

Bloomberg Equity mutual funds in India may witness their first monthly net outflows in more than four years as investors continue to cash out to tide over the pandemic-related credit crunch, while others hold off adding more in a rising stock market. Net withdrawals from stock plans may top 10 billion rupees ($134 million) in July, said Nilesh Shah, managing …

Bloomberg South Africa’s main stock index erases gains of as 0.3%, to decline 0.6% by 9:54 am in Johannesburg, with gold shares retreating the most in more than a month as the rally in bullion cools. Luxury retailer and market heavyweight Richemont weighs on the benchmark index after earnings from French peer LVMH disappoint analysts. Globally, investors are betting setbacks …

Bloomberg Oil edged lower after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the US. Futures in New York fell toward $41 a barrel after rising 1.7% last week. Chinese authorities took over the US consulate in Chengdu on …

Bloomberg NRG Energy Inc is making its boldest push yet into the retail electricity business, cementing a strategy overhaul that started three years ago. The power supplier said it’s buying Centrica Plc’s Direct Energy unit in a $3.6 billion deal that will nearly double the number of homes and businesses it serves across North America. It’s NRG’s biggest acquisition in …

Bloomberg The falling cost of wind power is shaping up to be a boon for another clean energy source: green hydrogen. Hydrogen — a fuel made by electrolysing water — requires a tremendous amount of power to produce. But siting hydrogen facilities at wind farms, which typically generate more electricity than they need at night, could give the fuel an …

Bloomberg Singapore Airlines Ltd, consistently voted one of the world’s best airlines by Skytrax, is poised for another hefty quarterly loss after the coronavirus left it flying a tiny fraction of its usual number of passengers. The airline warned this month that it expects a material operating loss in its fiscal first quarter. It already suffered a record net loss …

Bloomberg Debenhams Plc, one of the UK’s biggest department stores, has kicked off a plan that could see new owners as the struggling retailer assesses ways to exit its protective administration. Possible outcomes include the current owners retaining the business, potential joint-venture arrangements that could involve new investors, or a sale to a third party, the company said in an …

Bloomberg Steinhoff International Holdings NV proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company. Claimants would get a combination of cash and shares in Pepkor Holdings Ltd, a clothing retailer controlled by Steinhoff, the company said. Most of the 90 claims …

Bloomberg The race to purchase Brooks Brothers Group Inc out of bankruptcy is on as brand manager WHP Global and a group of Italian companies prepare bids following Authentic Brands Group LLC and Simon Property Group Inc’s $305 million offer. Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a …

Bloomberg Ryanair Holdings Plc issued a stark assessment of the threat to airlines as they seek to rebound from the coronavirus crisis, saying it’s concerned that a series of local lockdowns followed by a second wave of infection will hold back the recovery from the pandemic. Ryanair kicked off earnings season for European carriers on Monday by posting a loss …