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

Bloomberg Hennes & Mauritz AB appointed Helena Helmersson as the first female chief executive officer of the fast-fashion pioneer, taking over from founding family scion Karl-Johan Persson, who struggled to contain competition from cheaper rivals and online platforms that revolutionised shopping. Helmersson was previously head of operations, and Persson moves to the supervisory board after more than a decade, where …

Bloomberg Swatch Group fell to the lowest in a decade as Switzerland’s largest watchmaker faces a triple whammy from Hong Kong protests, competition with smartwatches and viral outbreak in China. Operating profit fell for the first time in three years, dropping 11% to $1.1 billion. Analysts expected 1.09 billion francs. The shares fell as much as 4.1% on January 30. …

Bloomberg Boeing Co. closed the financial books on a tragic and tumultuous 2019 by revealing that total costs for its grounded 737 Max will surpass $18 billion when the tab for restarting production later this year is included. The planemaker is taking a $2.6 billion pretax writedown to compensate airlines for ballooning losses from a global flying ban that’s expected …

Bloomberg UK house prices jumped the most in more than a year in January, according to Nationwide Building Society. Values rose 1.9% from a year earlier, the most since November 2018, the mortgage lender said on Wednesday. From December, prices increased 0.5%. The UK housing market is showing signs of life after Boris Johnson’s decisive election victory brought about a …

Bloomberg US equity futures climbed along with stocks in Europe as corporate earnings and the Federal Reserve rates decision on Wednesday gave investors a fresh focus while concerns linger over the deadly coronavirus. Treasuries gained with most European bonds. Mining and construction shares led the Stoxx Europe 600 index higher, with 17 of 19 industry sectors in the green. Contracts …

Bloomberg There are signs that concern in the global foreign exchange market over the deadly coronavirus may be wearing off. Haven currency the Swiss franc slipped to nearly a three-week low against the dollar on Wednesday, even as the virus spread further. The Japanese yen, another traditional refuge, has failed to gain since Hong Kong initiated travel bans, while the …

Bloomberg Multilateral institutions such as the World Trade Organization (WTO) need an urgent revamp in order to remain relevant, European Central Bank (ECB) policymaker Pablo Hernandez de Cos said. European Union officials, he said, are the best placed to undertake that rethink. “One of the biggest challenges confronting the WTO and, in general, the system of international institutions, is how …

Bloomberg Italy’s crippling public debt is set to keep expanding amid chronically low economically growth, the International Monetary Fund (IMF) said. Saddled with Europe’s largest debt burden, the country has benefited from the European Central Bank’s expansionary monetary policy and a period of relative political stability to bring down yields. But its interest costs are still higher than its economic …

Bloomberg Concern at the Bank of Japan (BOJ) over the effectiveness of prolonged low interest rates appears to be growing, with one board member indicating that a policy review may be needed, a summary of views from the central bank’s January meeting signalled. The member said active discussions over policy are taking place in the US and in Europe given …

Bloomberg Deutsche Bank AG said employee pay raises for 2020 won’t take effect until April 1, postponing increases that typically show up at the start of the year. “We will continue to compensate employees for their qualifications, experience and skills, commensurate with the requirements, size and scope of their role,” the company said. “The only thing that will change is …