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

Bloomberg Credit Agricole SA followed competitor SocieteGenerale SA in strengthening its capital buffers, even though slower investment banking activity weighed on second-quarter earnings. Profit at the large clients business that houses the securities unit fell 20 percent after the bank saw a continued drop in margins in a sluggish market. A decline in overall net income was in line with ...

Bloomberg Beijing pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s largest economies sent stocks tumbling across three continents. Trump announced that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set ...

Bloomberg South Korea’s Financial Services Commission said it will give “swift and sufficient” financial support to companies affected by Japan’s export restrictions in an effort to limit the impact on the economy. Financial institutions including the Korea Development Bank will immediately extend the debt maturity of companies affected by Japan’s export restrictions by a year, while commercial banks will voluntarily ...

Bloomberg India’s federal government is asking provinces that are renegotiating contracts to reconsider their decision, as states backtrack from existing renewable power purchase pacts. “We are mindful of the difficulties being faced by investors in some instances where the state government is trying to renegotiate some of the executed contracts,” India’s federal oil minister Dharmendra Pradhan said at a BloombergNEF ...

Bloomberg Indonesia is planning a slew of incentives for electric-car manufacturers and drivers, to help bolster a sector that has already lured investment from Toyota Motor Corp. and SoftBank Group Corp., according to a draft government strategy seen by Bloomberg. The measures are aimed at accelerating the adoption of battery-powered cars in Indonesia and building a base for the production ...

Bloomberg Factories across Asia and Europe are increasingly feeling the brunt of the festering U.S.-China trade war that shows no imminent sign of ending. Purchasing managers’ indexes from some of the largest economies on both continents remained below 50 in July, signaling contractions in industrial output. Germany, the motor of Europe’s growth, is mired in its worst manufacturing slump in ...

Bloomberg When a potential cliff-edge Brexit loomed last spring, Albion Stone stockpiled equipment and materials as a precaution against disruptions. Not this time around. Michael Poultney, the business director at the Redhill, England-based firm, is still smarting after spending more than $240,000 on preparations, only to see Britain’s exit from the European Union pushed back to October 31, or perhaps ...

Bloomberg California, New York and 10 other states sued the Trump administration for weakening Obama-era auto regulations intended to increase industry compliance with federal fuel-efficiency standards. The suit filed in the federal appeals court in Manhattan challenges a final rule issued by the National Highway Traffic Safety Administration that reduces financial penalties for companies that fail to meet corporate average ...

Bloomberg Supercar manufacturers typically operate in the rarefied sphere of recession-proof consumption, where wealthy customers possess enough money to drop $300,000 or more on their purchases. Ferrari NV experienced the limits of that behaviour, reporting growth in the second quarter far behind the first three months of the year, sending its stock tumbling. Both profit and shipments slowed from more ...

Bloomberg It’s dry in the Pacific Northwest, British Columbia and Alaska. Very dry. A contiguous stretch of over 2,000 miles of Pacific coastline is experiencing drought conditions ranging from “abnormally dry” to “extreme drought,” according to US and Canadian Drought Monitors. While drought has receded across much of the Canadian provinces from June, and overall conditions in the lower 48 ...