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

Bloomberg Banks from Greece to Italy that are struggling to get rid of a mountain of bad loans may soon get some help from European Union lawmakers. A bill that’s nearing the finish line in Brussels would soften the capital hit banks usually face when they sell non-performing loans at a loss. That could give a boost to Italian lenders, ...

Bloomberg UniCredit SpA paid a high price to close a $3 billion bond sale in a stressed market and the big winner looks to be Pacific Investment Management Co. Pimco was the sole buyer of the bank’s surprise sale of five-year bonds, two people with knowledge of the transaction said, asking not to be identified because the matter is private. ...

Bloomberg Indian lender Yes Bank Ltd tumbled by a record in the dollar bond market and suffered another share price plunge after Moody’s Investors Service cut its credit rating to junk, making the lender a so-called fallen angel. Losing an investment-grade score is rare among Indian private-sector banks. The lender is now the only junk-rated one among four such lenders ...

Bloomberg Puerto Rico is poised to restructure the Government Development Bank’s debt by exchanging its bonds for $2.6 billion of new securities, the first such debt swap for the US territory since it collapsed into bankruptcy in May 2017. The transaction will restructure about $4 billion of Government Development Bank debt. Under a previously arra-nged agreement, investors will exchange their ...

Bloomberg Deutsche Bank AG’s management changes have yet to run their course. Germany’s largest lender is replacing senior executives in the US and is considering changing staff who tend its relationships with regulators, according to a person with knowledge of the matter. The moves come on the heels of strong cuts to the US operations and after authorities in the ...

Bloomberg After two years of insisting that Brexit has had no impact on flight bookings, UK airlines are starting to see the first evidence to suggest sales are taking a hit. Virgin Atlantic Airways Ltd. and discount operator Jet2 have said demand is being depressed by the weaker pound, a trend that could deepen as UK political opposition threatens to ...

Bloomberg Airline stocks extended this month’s rebound, outperforming the broader market after Spirit Airlines Inc.’s upbeat outlook suggested the industry’s turnaround may be gaining momentum. Spirit surged as much as 22 percent, the most on record, and the S&P Supercomposite Airlines Industry Index was up nearly 2 percent. The S&P 500 Index was little changed. The airline index, which does ...

Bloomberg A malfunctioning sensor at the centre of the investigation into the October 29 crash of a Lion Air jetliner into the Java Sea wasn’t repaired before the fatal flight even though it had failed on the plane’s previous trip, according to a preliminary investigative report. A mechanic worked on other sensors and equipment during a night shift before the ...

Bloomberg Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane-leasing company, said its board and shareholders approved an additional $300 million to repurchase bond. It will be conducted through open-market transactions, the company said. To date, Dubai Aerospace has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorisation of $300 million. The company currently ...

Bloomberg Total holiday shopping this year might be one for the record books, but you wouldn’t know it looking at this past weekend’s numbers. More than 165 million Americans shopped either in stores or online during the five-day period from Thanksgiving Day through Cyber Monday — more than expected, but well below the 174 million shoppers during the same period ...