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

Bloomberg Private jet operators are turning away wealthy clients as coronavirus-related travel bans restrict their ability to operate, despite a surge in requests from people willing to shell out as much as $150,000 to secure a spot on their planes. Inquiries for international flights on private jets have shot up ninefold, said Kanika Tekriwal, founder of New Delhi-based JetSetGo, as ...

Bloomberg Amazon.com Inc suffered a technical glitch affecting online grocery orders through its Whole Foods and Amazon Fresh delivery services, which have become lifelines for household essentials for people looking to avoid stores due to the coronavirus outbreak. “As Covid-19 has spread, we’ve seen a significant increase in people shopping online for groceries,” an Amazon spokeswoman said in a statement. ...

Bloomberg Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history. Futures tumbled more than 9% after losing a quarter of their value last week. Demand for jet fuel, gasoline and diesel is falling off a cliff as a result of ...

Bloomberg Asking prices for UK homes rose to a record in March as the market appeared undented by the coronavirus outbreak that’s threatening economies across the globe. Values increased 1% on the month to an average 312,625 pounds, Rightmove said in a report on Monday. In London, they gained 1.6% from a month earlier to 638,826 pounds. Both gauges posted ...

Bloomberg US equity futures tumbled by their limits and Treasuries surged at the start of what’s set to be another volatile week, with investors responding to the rapidly escalating economic hit from the coronavirus and a massive emergency move by the Federal Reserve to ease lending. Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all sank ...

Bloomberg India’s benchmark stock index slumped to its lowest since September 2017 after entering a bear market last week amid concern that the novel coronavirus outbreak may threaten the nation’s already fragile economy. The S&P BSE Sensex fell 8% to 31,390.07 in Mumbai, with all 30 members declining, following a wild session last week, when the gauge swung to end ...

Bloomberg Zimbabwean Finance Minister Mthuli Ncube restricted trading in three companies’ stocks to try and halt a rout of the nation’s currency. The measure to limit trading of dual-listed shares Old Mutual Ltd, PPC Ltd and Seed Co will be in place for a year, Ncube said in a Government Gazette. The order doesn’t have any impact on the settlement ...

Bloomberg The Federal Reserve (Fed) and five counterparts united to ensure that dollars keep flowing around the world after the coronavirus emergency sparked a rush for greenbacks. In coordinated statements, the Fed, Bank of Japan (BOJ), European Central Bank (ECB), Swiss National Bank (SNB), Bank of Canada and Bank of England (BOE) said they would use their swap lines to ...

Bloomberg China’s central bank added to its growing list of measures aimed at countering the economic fallout from the spreading virus, injecting $14.3 billion into the financial system. The People’s Bank of China offered 100 billion yuan via the one-year medium-term lending facility, keeping the rate unchanged at 3.15%. There were no loans coming due Monday. The central bank refrained ...

Bloomberg Citigroup Inc. is forecasting a 10% boost in new clients and assets at its retail wealth unit in Asia, betting that a digital push will help it grow this year even as the coronavirus upends businesses across the region. The bank plans to expand its customer base across 12 markets, underpinned by online growth, said Fabio Fontainha, Citi’s head ...