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

Europe’s banks have come a long way since the euro zone crisis. Lenders have halved their piles of non-performing loans from 1 trillion euros ($1.1 trillion) in 2014 to 543 billion euros in the third quarter of 2019. However, markets still doubt lenders’ real strength, as you can see from their depressed price-to-book ratios. The blame falls, in part, on ...

Bloomberg Stocks rallied globally and bonds slipped amid hopes for a breakthrough in fighting the coronavirus. Crude oil advanced with industrial metals. Futures on the three main American indexes all turned higher and the Stoxx Europe 600 Index rebounded after a string of reports on possible vaccines or treatments for the deadly pathogen. Contracts on the S&P 500 Index climbed ...

Bloomberg For Vietnamese stock investors, the return from the Lunar New Year break has been almost as bad as for their Chinese counterparts. Mounting concerns that trade disruptions caused by the coronavirus outbreak will have a deep impact on the Southeast Asian nation have pushed the benchmark VN Index down more than 6% since January 30. That’s the world’s worst ...

Bloomberg Global central bankers are biding their time as the coronavirus fallout reverberates through the world economy, which they had hoped was stabilising after its worst year since the financial turmoil of 2009. While yet to respond with major stimulus, monetary policy makers across the globe have expressed concern and signalled a willingness to act if the virus delivers a ...

Bloomberg The power struggle at Credit Suisse Group AG escalated as two top shareholders urged Chairman Urs Rohner to leave unless he publicly supports Chief Executive Officer Tidjane Thiam in the wake of a spying scandal. David Herro, who helps oversee the investments of Credit Suisse largest shareholder Harris Associates, accused Rohner of “trying to push Mr Thiam out of ...

Bloomberg Danske Bank A/S expects its profits to plunge this year as Denmark’s biggest lender continues to grapple with the consequences of its money-laundering scandal. Net profit for 2020 will be between 8 billion kroner ($1.18 billion) and 10 billion kroner, compared with 15.1 billion kroner in 2019, the Copenhagen-based bank said on Wednesday. Danske’s shares fell as much as ...

Bloomberg Philippine central bank Governor Benjamin Diokno said it would be better to cut interest rates sooner than later, a signal that policy makers will likely lower borrowing costs on Thursday. Since monetary policy works with a lag and the central bank is mindful of risks to global growth from the coronavirus outbreak, it’s preferable to act the “sooner the ...

Bloomberg Srei Infrastructure Finance Ltd plans to stop financing Indian infrastructure projects after three decades in the business, as a slowing economy and crisis in the shadow bank sector dries up funding lines. The International Finance Corp-backed firm will instead focus solely on financing purchases and leasing of equipment, Vice Chairman Sunil Kanoria said in an interview in his Kolkata ...

Bloomberg Yes Bank Ltd has picked Cantor Fitzgerald LP, IDFC Securities Ltd and Ambit Pvt to help the Indian lender raise as much as $2 billion for bolstering capital buffers, people with knowledge of the matter said. Yes Bank, staggering under the weight of soured loans, has been plagued by worries about its asset quality and uncertainty about efforts to ...

Bloomberg Macy’s Inc plans to close 125 of its least productive department stores — almost a quarter of the total — over the next three years and cut about 2,000 jobs as part of a large restructuring. The stores, including 30 that are already in the process of being closed, account for about $1.4 billion in annual sales, the company ...