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

Bloomberg Boeing Co’s order stockpile shrank further last month as more airlines and lessors backed out of commitments for the grounded 737 Max jetliner in a market devastated by the coronavirus pandemic. The planemaker recorded 60 Max cancellations in June, including 47 that were already announced, according to the company’s website. The tally excluded Norwegian Air Shuttle ASA’s move to ...

Bloomberg Thrasio, an acquirer of private label businesses on Amazon.com, has raised $260 million in a series C funding round led by private equity firm Advent International. The deal values the company at $1 billion, according to a joint statement from the company and Advent. Thrasio, among the top 25 sellers on Amazon, has more than $300 million in pro ...

Bloomberg Donald Trump ordered an end to Hong Kong’s special status with the US and signed legislation that would sanction Chinese officials responsible for cracking down on political dissent in the city, drawing a rebuke from China and adding fresh uncertainty for businesses including banks in the financial hub. “No administration has been tougher on China than this administration,” the ...

Bloomberg A Russian military hospital discharged the first group of 18 volunteers in a vaccine trial after a 28-day observation period, calling the initial phase a success, according to an emailed statement from the Defense Ministry. The group had no health complaints, complications or adverse reactions to the vaccine, according to the statement. They will come back for further tests ...

Bloomberg Supporters of an opposition challenger to Belarusian President Alexander Lukashenko turned out to demand the authorities allow him to run in next month’s election. At least 2,500 people formed long lines outside the central election commission in the capital Minsk on Wednesday with written challenges to its decision to reject former banker Viktor Babariko’s candidacy for the August 9 ...

Bloomberg Spain is committed to reforms to address climate change and accelerate the country’s digital transition, Prime Minister Pedro Sanchez said after meeting with his Swedish counterpart Sefan Lofven. “We are committed with reforms,” Sanchez said in an joint press conference in Lofven. “We have a common goal which is to come out with a stronger Europe.” In their meeting, ...

Bloomberg Bulgaria’s main opposition party launched a no-confidence motion against the government, putting pressure on Prime Minister Boyko Borissov as protesters take to the streets against his failure to fight high-level corruption. The Socialist Party, which filed the motion on Wednesday, doesn’t have enough lawmakers to oust the cabinet in the fifth such confidence vote it has faced. But the ...

Bloomberg President Donald Trump told a federal judge in New York that he will continue to challenge a grand jury subpoena seeking his tax filings after the US Supreme Court ruled he is not immune from investigation. Manhattan District Attorney Cyrus Vance Jr is investigating hush-money payments made before the 2016 presidential election to Stormy Daniels, a porn actress who ...

Bloomberg Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic. The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured ...

Bloomberg Citigroup Inc. set aside $7.9 billion for souring loans even as the bank’s revenue from fixed-income trading surged 68%, keeping bank solidly profitable. The $5.6 billion windfall from trading bonds, currencies and commodities was even greater than what the firm generated in the year’s first three months, when the pandemic set off a flood of client transactions. Combined with ...