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

Bloomberg European equities haven’t had such a bad day in more than three years as increasing concerns over the economic impact of the coronavirus hurt travel and luxury sectors. The Stoxx Europe 600 Index fell as much as 3.6%, the most since June 2016, led by the auto, mining and travel sectors. Luxury companies tumbled on fears that the epidemic ...

Bloomberg European Central Bank (ECB) policy makers from two of the euro area’s biggest economies said governments must shoulder most of the burden for rebooting economies if the coronavirus has a deeper impact on growth. France’s Francois Villeroy de Galhau and Italy’s Ignazio Visco were speaking at the Group of 20 meeting of central bankers and finance ministers in Riyadh, ...

Bloomberg Bank of Ireland Group Plc shares fell to a four-month low after profits fell, impairment charges rose more than expected and the lender’s dividend disappointed investors. Ireland’s biggest lender posted an underlying profit for 2019 of 758 million euros ($821 million), down nearly a fifth from a year ago, the company said in Dublin on Monday. The drop was ...

Bloomberg A decade-long slide in Australian interest rates is threatening to turn one of the global currency market’s most popular wagers on its head. Investors with an appetite for a little risk had a winner for years with a carry trade that saw them borrow trillions of yen at near-zero rates and use the money to buy Australian dollars. Holding ...

Bloomberg UniCredit SpA’s Jean Pierre Mustier pulled out of the race to become chief executive officer of HSBC Holdings Plc, a rejection that adds to uncertainty at the top of Europe’s largest lender and extends the search for a new boss into its seventh month. Mustier, who led a turnaround at the Milan-based bank over the last four years, plans ...

Bloomberg China’s banking regulator is considering setting up new regional bad-debt managers to help clean up risks after the failure of thousands of peer-to-peer lending platforms, according to people with knowledge of the matter. Companies in Shanghai, Zhejiang and Shenzhen have submitted applications to set up local asset managers dealing with bad loans, especially those from online lending platforms, said ...

Bloomberg China’s overall credit growth surged in January, before the extended Lunar New Year holiday due to the coronavirus outbreak curtailed economic activity across much of the country. Aggregate financing increased 5.07 trillion yuan ($723 billion) last month, the highest since the current data series started in 2017. The median estimate was 4.2 trillion yuan. The stock of outstanding aggregate ...

Bloomberg Boeing Co engineers discovered in 2017 that a software glitch had rendered a warning light on the newly introduced 737 Max inoperable on 80% of the planes. But the company chose not to fix it or to inform US regulators. The next year, a Lion Air jet suffered the malfunction the alert was designed to detect and crashed in ...

Bloomberg An interim report into the deadly Boeing Co 737 Max crash in Ethiopia that led to the grounding of the US company’s top-selling model is set to be released in time for the first anniversary of the tragedy. The report will be published by March 10, Ethiopian Transport Ministry spokesman Musie Yehyies told Bloomberg. The decision not to release ...

Bloomberg The airline industry expects the first annual decline in global passenger demand in 11 years, after tallying up the initial impact of the thousands of flights cancelled because of the coronavirus outbreak in China. The estimate shaves about 4.7 percentage points off of a passenger-traffic forecast issued just two months ago, with almost all of the impact in the ...