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

Bloomberg Automotive industry borrowers have raised $155 billion amid the coronavirus outbreak as the pandemic shutters showrooms and factories. Companies worldwide have been drawing down on existing credit lines and seeking new credit deals to weather the health crisis as it hits demand for vehicles. The $155 billion gathered in less than three months since mid-March is equivalent to the ...

Bloomberg One of the UK’s biggest real-estate managers is predicting gloomy times ahead for bricks and mortar. Insurance giant Aviva Plc expects residential property prices to drop 12% and commercial real estate to decline by 15% because of the impact of the pandemic, it said in an earnings update on Thursday. On a slightly brighter note, it sees long-term growth ...

Bloomberg First the virus lockdown shuttered the two dairies where farmer Gavrila Tuchilus sells the milk from his 1,500 cows. Then his fields dried up, forcing him to abandon his barley crop for the first time in 39 years. “A double war is taking place,” said Tuchilus, from Matca, a village in southeast Romania. “It’s a war against invisible Covid-19 ...

Bloomberg Stocks declined alongside US equity futures on Thursday as deteriorating Sino-American ties cast a cloud over the recent rally in risk assets. Treasuries advanced with the dollar. The Stoxx Europe 600 Index erased Wednesday’s gain, with all 19 sector groups in the red. Contracts on the three main American equities gauges signalled a drop at the Wall Street open, ...

Bloomberg Indian stocks climbed, putting the main indexes on track for the third day of gains, amid optimism of economic revival as the nation gradually exits from the world’s strictest lockdown. The S&P BSE Sensex climbed 0.5% to 30,983.04 as of 10:11 am in Mumbai, while NSE Nifty 50 Index rose by a similar magnitude. Both the measures posted their ...

Bloomberg Malaysian stocks rallied on Thursday led by glove makers, with the benchmark gauge poised for its longest winning streak in almost two years. The FTSE Bursa Malaysia KLCI Index rose 1% in Kuala Lumpur, its seventh day of gains, sending valuations to a 10-month high. Volumes for the whole market hit a record earlier this week. Top Glove Corp. ...

ABU DHABI / WAM Under the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has approved the order to disburse housing loans, houses and residential plots totaling AED5.5 ...

Bloomberg Oil rose for a fifth day as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook. Futures in New York for July delivery gained to above $32 a barrel. A report that a virus vaccine study didn’t produce enough critical data to assess its success added some caution to markets, which have been buoyed ...

ABU DHABI / WAM The total foreign currency assets held by the central bank of the UAE increased to circa AED371.6 billion ($101.17 billion) during in April this year, a growth of 1.6 percent from AED365.5 billion during the same month last year, as current account balances and deposits with foreign banks strengthened to AED331.75 billion from AED297.41 billion during the ...

Dubai / WAM Investment Corporation of Dubai (ICD) on Wednesday announced its consolidated financial results for the year ended December 31, 2019 having achieved revenues of AED228.0 billion and a net profit of AED25.0 billion. Net profit grew by 16.9 percent from the prior year to AED25.0 billion including a record contribution from banking and financial services and a strong ...