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

India’s insolvency tribunal has made a dangerous decision. Unless its judgment is quashed, credit costs for India Inc. will surge, shares of state-run banks will swoon and foreign investors will flee. The case concerns the country’s most high-profile bankruptcy, Essar Steel India Ltd. Insolvency judges recently ruled that creditors whose claims are backed by collateral won’t get preferential treatment in ...

The European Union’s satellite navigation system, Galileo, has been down since July 11. The outage, the longest-ever of such a service, highlights how difficult it will be to wean the world off its dependence on the US, Russian and Chinese militaries for critical (and lucrative) navigation services. At the time of writing, Galileo’s 24 satellites were listed as “not usable” ...

Bloomberg US equity futures drifted with European stocks as a mixed bag of corporate earnings gave traders food for thought amid fresh trade tensions. Treasuries yields edged lower and European government bonds climbed. Contracts on the S&P 500, Dow Jones and Nasdaq gave up some their early gains after Bank of America’s net interest income fell short of analysts’ expectations, ...

Bloomberg Nigeria’s benchmark stock index fell for a fifth day, a slump that underscores foreign investor frustration over a lack of policy progress since President Muhammadu Buhari won re-election in February. The index dropped 0.5 percent by earlier close to the lowest since May 2017. It has declined 13 percent in the five months since Buhari, who is still to ...

Bloomberg The Guernsey stock exchange says it was stood up by the UK regulator when trying to share information on some of the holdings in Neil Woodford’s flagship fund. The “Financial Conduct Authority failed to show up,” the exchange said in a statement and published by the UK’s Treasury Committee. “Eventually, without explanation, an FCA PA called to suggest reorganisation.” ...

Bloomberg Australia’s banking regulator is set for a major overhaul after a government-commissioned review found it had a “culture of conformity” and needed to become more forceful. In a scathing 146-page report released on Wednesday, the Australian Prudential Regulation Authority (APRA) was found to be slow to act, tentative in addressing issues that don’t entail traditional financial risks, and have ...

Bloomberg Svenska Handelsbanken AB, one of Sweden’s biggest banks, is taking a long, hard look at its business model to see which corners it can ax so that costs stop growing faster than income. Carina Akerstrom, who took over as chief executive officer in March, said she’s “not at all” happy with the way in which Handelsbanken’s costs are developing. ...

Bloomberg Cash-strapped Dewan Housing Finance Corp is in discussions with its bondholders to revamp its debt as the Indian mortgage lender tries to shore up its financials after posting its first quarterly loss in more than a decade. In a meeting with its rupee bondholders, Dewan Housing discussed an inter-creditor agreement that the consortium of bankers has agreed to enter ...

Bloomberg The Bank of England’s balance sheet should fall to around half its current size when quantitative easing (QE) is finally unwound, according to the executive director for markets. While there’s no sign that the bond-purchase programme will be pared back any time soon, a new BOE Discussion Paper on quantitative tightening suggests that the “steady state” balance sheet should ...

Bloomberg Ghana stocks headed for the lowest in 21 months as investors sold shares to free up cash as they contend with the fallout from banking reforms in the West African nation. The Ghana Stock Exchange Composite Index retreated 1.5 percent in Accra on Wednesday, heading for the lowest close since October 2017. Ghana’s banking industry regulator completed a clean-up ...