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

Bloomberg Australia’s bonds and stocks rallied after influential economist Bill Evans threw his weight behind calls that the central bank will cut interest rates next month when the government unveils its budget plans. The currency tumbled. Yields on the three-year bond drop as much as seven basis points to a record low of 0.14%, while the benchmark stock index gained ...

Bloomberg Credit Agricole SA, France’s second-biggest lender, is scouting for potential acquisitions in Italy as banking deals accelerate in Europe, according to people familiar with the deliberations. The French firm has discussed purchases of small and mid-sized banks in Italy, said the people, who asked not to be identified because deliberations are private. Potential targets include Banco BPM SpA as ...

Bloomberg Deutsche Bank AG is revising its work-from-home policies in an effort to permanently reduce office space, adding to a growing number of lenders that are using lessons learned from the pandemic to lower costs. The bank’s leadership is working on a new “hybrid model” for how staff can split work between the office and their homes, Chief Executive Officer ...

Bloomberg Colombia’s central bank cut interest rates to a record low in a split decision after inflation slowed below its target and the weak recovery left a quarter of urban workers still jobless. Four of the bank’s seven-member board voted to reduce the benchmark rate by a quarter percentage point to 1.75%, Governor Juan Jose Echavarria said after the meeting. ...

Bloomberg Canada’s stock market is on pace for its first monthly loss since the coronavirus pandemic rocked global markets in March, signalling investors should brace for a wild ride ahead. The problem today, as it was in the spring, is the spread of Covid-19. Virus cases are rising rapidly in parts of the world that seemed to have the problem ...

Bloomberg Day traders claiming bragging rights for this year’s $9 trillion US equity rebound can find some supporting evidence in the latest research. Even as retail trading has grown to represent 20% of daily volume, Wall Street has struggled to figure out how much this modest-sized contingent actually influences prices. After all, the market is teeming with algorithmic funds, long-only ...

Bloomberg UK government borrowing soared to 173.7 billion pounds ($222 billion) in the first five months of the fiscal year as the costs of the coronavirus pandemic continued to mount. The budget deficit in August alone was 35.9 billion pounds, the Office for National Statistics said. Britain now has borrowed more since a national lockdown was imposed in March than ...

Abu Dhabi / WAM The Abu Dhabi General Services Company (Musanada), which is part of the ADQ, has completed all the summer maintenance works pertaining to 101 schools across Abu Dhabi, Al Ain and Al Dhafra regions at a total cost of approximately AED26.2 million. The company was keen on completing the maintenance and renovation works as per the agreed ...

Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced on Saturday that it conducted 98,168 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. As part of its intensified testing campaign, MoHAP announced 1,078 new coronavirus cases, bringing the total number of cases in the UAE to 90,618. The ministry also noted an ...

Bloomberg Oil falls this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdown measures and further stifle crude demand. New York futures edged lower and drop 2.1% on the week. The number of US coronavirus cases rise above 7 million, according to data from Johns Hopkins University. Meanwhile, a second governor tested positive for ...