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

Bloomberg Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, plans to buy out Vornado Realty Trust’s 25 percent stake in the midtown Manhattan office tower at 330 Madison Ave, according to a person familiar with matter. The deal would give the Abu Dhabi fund, already the building’s majority holder, full ownership. Vornado said it agreed …

ABU DHABI / WAM Aldar Properties on Wednesday launched Alreeman II, an AED1.7 billion master-planned residential community in the Alshamkha area of Abu Dhabi, available exclusively for purchase by UAE nationals. Alreeman II follows the success of Alreeman, launched in January 2019 which generated as much as AED1.6 billion in sales. Spread across an area of 2.4 million square metres, …

Bloomberg Eskom Holdings SOC Ltd should quit coal-fired generation over the next 20 years, Greenpeace Africa said, even as the beleaguered South African power utility presses ahead with new plants. Such a shift would require a massive overhaul at Eskom since coal-fed power is the backbone of its fleet, with two new stations currently under construction. But the debt-strapped utility, …

Bloomberg US tech shares slumped as concern about trade tensions blunted optimism that slower-than forecast inflation would allow the Federal Reserve to cut rates. Treasuries climbed and oil fell. Chipmakers were among the worst performers as the S&P 500 Index slipped, with defensive sectors like utilities faring the best. The tech-heavy Nasdaq 100 declined the most in a week. The …

Bloomberg In a double whammy for money managers, emerging-market stocks are underperforming but becoming more expensive. The MSCI Emerging Markets Index has handed investors a loss, including reinvested dividends, of 7.2 percent in the past 12 months, compared with a 2.2 percent total return from the MSCI World Index. Yet bargain-hunting opportunities are rare among $17 trillion of beaten-down stocks …

Bloomberg Retail billionaire Philip Green finds out whether creditors will force him to give up control of the sprawling empire he built up over years around well-known brands such as Topshop. Creditors to Green’s Arcadia Group were expected to meet in London to vote on its proposals to cut rents and close stores in order to ensure its survival after …

Bloomberg British Airways (BA) pilots called for a strike ballot after unions rejected the latest pay package from management. Shares of IAG SA, owner of the airline, reversed earlier gains. “We are urgently considering next steps and will make a further statement later this week,” Brian Strutton, general secretary of the British Airline Pilots Association union, or Balpa, said in …

Bloomberg Boeing Co’s 737 Max aircraft, grounded since March after two fatal crashes in five months, should be back in the air by December, a top US regulator said. It’s not possible to give an exact date as work progresses on safety fixes to the aircraft, Ali Bahrami, the Federal Aviation Administration’s associate administrator for aviation safety, said in an …

Bloomberg An Indian court sentenced a business class passenger to life in jail after he was found guilty of placing a hijacking note in the washroom of a flight, the first such ruling under a new law. Birju Kishor Salla, 38, was also fined 50 million rupees ($720,000), which will be distributed among pilots, crew and passengers, a special court …

Bloomberg Amazon.com Inc plans to donate $8 million to two nonprofit groups working on homelessness and affordable housing in Seattle and Arlington County, Virginia. Seattle’s largest employer has long been a target of activists there who contend the company didn’t do its part to help the city moderate a surge in the cost of living amid the tech boom. Last …