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

Bloomberg Norwegian Air Shuttle ASA agreed to sell five Airbus SE A320neo narrow-body planes in a move that will boost liquidity amid a cash squeeze and rising oil prices. The discount carrier’s Arctic Aviation Assets unit signed an accord covering the jetliners, which are currently leased out to another operator, Norwegian said, without naming the buyer. The deal will lift …

Bloomberg Gildan Activewear Inc. said it won a contract to produce men’s underwear for a major retailer, part of the clothing maker’s bid to capitalise on companies’ growing preference to sell their own lines of apparel. The Montreal-based company, which also owns American Apparel, said it secured a contract for 2019 to manufacture men’s innerwear for its “largest mass retail …

Bloomberg Ryanair Holdings Plc was prevented by a Dutch court from involuntarily transferring workers from Eindhoven, raising the cost of the carrier’s plan to shut down the base following clashes with unionised staff. The decision in Den Bosch marks a setback for Ryanair, which recently recognised unions and is now in negotiations across Europe. The court ruled the carrier misused …

Bloomberg Starbucks Corp. broke out of its home-market slump, posting better-than-expected sales in the US that sparked a share rally in late trading. Comparable sales — the key gauge of retail performance — rose 4 percent in the Americas, beating analysts’ estimate for a gain of 2.8 percent and far-outpacing the previous quarter’s sluggish pace. Sales also beat globally. Starbucks …

ADDIS ABABA / WAM The United Arab Emirates and the Federal Democratic Republic of Ethiopia have agreed on a draft MoU in the field of manpower and domestic aid workers. This came during a meeting involving delegates of the Ministry of Human Resources and Emiratisation and the Ethiopian Ministry of Labour that took place in the capital Addis Ababa in …

ABU DHABI / WAM Meilenstein, a real estate developer that traces its origin in Germany, has announced its foray in the UAE’s real estate market with eight projects with a development value exceeding AED1.2 billion ($327 million). The projects are set to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al …

DUBAI / Emirates Business Schneider Electric, the leader in digital transformation of energy management and automation, announced that energy efficiency innovations are enabling the UAE’s $72 billion worth of energy investments during the recent Innovation Day Dubai. Boosted by the UAE Energy Strategy, which aims to generate 50 percent of its energy from clean energy, and the Dubai Clean Energy …

Bloomberg US stocks rallied on the final day of one of the worst months of the bull market, as earnings from Facebook jolted tech shares higher. The dollar added to a 16-month high. The S&P 500 Index headed for the first back-to-back gains of October, paring its steepest monthly drop since 2011 to 7 percent. Strong earnings that had largely …

Bloomberg For South Korean stock investors, a rebound did little to revive optimism. Sentiment among fund managers remains decisively negative as the benchmark Kospi Index heads for the world’s biggest monthly slide after entering bear territory last week. The nation’s equity market has lost more than $300 billion in value in about a month, with the benchmark dipping below the …

Bloomberg Oil’s set for its biggest monthly drop since 2016 as the specter of a slowdown in the global economy haunts the market while US inventories grow and producers relay mixed signals. Futures in New York are poised for an 8.8 percent drop in October, following two months of gains. A global equity rout and an escalating US-China trade war …