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

Bloomberg Deutsche Bank AG is working on plans to allow staff to work from home up to three days a week, as it considers one of the most flexible return-to-office policies among large international banks. The Frankfurt-based lender is “moving to provide our employees some additional flexibility in hybrid working models,” Chief Financial Officer James von Moltke said in an ...

Bloomberg Banco Santander SA delivered its highest adjusted profit in more than a decade as provisions for loan losses fell and its US unit rebounded, bolstering Chairman Ana Botin’s bid to restore gains eroded during the pandemic. The bank’s net income more than quadrupled, topping analyst estimates, as provisions fell by almost half. Underlying profit jumped to 2.14 billion euros, ...

Bloomberg Standard Chartered Plc (StanChart) is weighing options to downsize its office space in what could become the biggest floor cuts by a bank in Singapore in recent years, according to people familiar with the matter. The London-based bank is weighing options that would see it give up some of the 21 floors it leases at Marina Bay Financial Tower ...

Bloomberg Mitsubishi UFJ Financial Group Inc’s securities unit has hired external lawyers to look into how the firm lost $270 million from its dealings with Archegos Capital Management. “We are sorry to cause concerns about losses from transactions with a US client,” Hiroyuki Ogata, an executive officer at Mitsubishi UFJ Securities Holdings Co., said at an earnings briefing on Wednesday. ...

Bloomberg Lloyds Banking Group Plc beat forecasts in the first quarter as it reversed some provisions for bad loans, saying the British economy shows signs of recovering from the Covid-19 pandemic. Pretax profit of 1.9 billion pounds came in ahead of analyst expectations for 1.17 billion pounds, according to a consensus compiled by Bloomberg. Lloyds also upgraded its outlook for ...

Bloomberg Credit markets are sounding warnings for other asset classes amid India’s unprecedented surge in Covid-19 cases. Firms have defaulted on at least 57 billion rupees ($763 million) of domestic bonds this year, the most on record for a similar period. Traders expect more. They’ve pushed spreads on A rated local corporate bonds over AAA notes to a 17-year high, ...

Bloomberg The global climate summit could prove to be a catalyst for a rebound in Asia’s environment-related stocks, which have been underperforming the broader market this year. Aberdeen Standard Investments Ltd., BNP Paribas Asset Management and Pictet Asset Management are among funds suggesting the summit’s outcome can spark a green rally, after it brought the US back into the global ...

DAMASCUS / WAM A third Emirates Red Crescent (ERC) aid plane arrived in Damascus on Tuesday loaded with Covid-19 vaccine doses to help Syria fight the coronavirus (Covid-19) pandemic. The shipment, arranged in coordination with the Syrian Red Crescent Organisation, is part of the UAE’s global response to combat the spread of the virus and strengthen prevention measures. It aims ...

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India. A committee led by Saudi Arabia and Russia agreed the coalition can skip a full-scale ministerial meeting originally scheduled for Wednesday, and press on with its road-map for ...

Bloomberg Prime Minister Mario Draghi has just days to perfect and finalise what he’s calling a “historic” project to rescue Italy’s economy from the pandemic and fix its structural weaknesses, using $315 billion of mostly European Union (EU) funds. A lot is riding on the plan. If it works, it would overturn the fortunes of an economy long regarded as ...