Bloomberg Cathay Pacific Airways Ltd expects to fly one-third of its pre-Covid capacity by the end of the year, up from 25% previously projected as Hong Kong gradually loosens restrictions on travel, including lengthy mandatory quarantine stays. The recovery will take time as Hong Kong’s main airline returns its fleet to service and trains staff after operating at as …
Read More »
Bloomberg As the latest iPhone hit stores, Apple Inc is counting on well-heeled shoppers to make the device a hit during a year of roaring inflation and shaky technology spending. The iPhone 14 lineup reserves the best features for the high-end Pro models costing at least $1,000. And based on preorder data, the strategy is already working with consumers, who …
Read More »
Bloomberg SpaceX wants to show the world its Starlink satellite system can deliver Netflix and YouTube at 30,000 feet. So it recently held a demo for the media aboard a jet operated by its first airline customer, regional carrier JSX. The short jaunt from Burbank to San Jose, California marks the start of Elon Musk’s bid to seize in-flight …
Read More »Bloomberg It was a bit surprising when Cruise, the autonomous vehicle startup that’s 80% owned by General Motors, said it planned to expand its robotaxi service to Phoenix and Austin over the next three months. The company had just recalled a previous version of its self-driving software that was in use when a car got in an accident with …
Read More »
JEDDAH / WAM The Kingdom of Saudi Arabia announced the discovery of new sites for gold and copper ore deposits in the Madinah region. According to the Saudi Press Agency (SPA), the Saudi Geological Survey, represented by the Survey and Mineral Exploration Centre, said that the discoveries of gold ore were within the boundaries of Aba Al-Raha, the shield …
Read More »
Bloomberg Oil edged higher in uneven trading, remaining within a narrow price band as traders weighed a souring US economic outlook against risks of supply disruptions from Russia. West Texas Intermediate futures traded near $86 a barrel, struggling to hold onto gains while under pressure from equity markets. Equities slid as Fedex Corp. withdrew an earnings forecast, in what …
Read More »
South Korea / WAM South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s top diplomat. “In the Middle East, we hope to deepen cooperation in high-tech industries,” said Park Jin, Foreign Minister of the Republic of Korea, while hosting a dinner for invited guests, during Jeju Forum for …
Read More »
Bloomberg Germany is taking control of Russian oil major Rosneft PJSC’s German unit, including stakes in three oil refineries, as Chancellor Olaf Scholz reacts to the unprecedented energy crisis sparked by the invasion of Ukraine. Grid regulator BNetzA will become trustee of RN Refining & Marketing GmbH and Rosneft Deutschland GmbH, which account for around 12% of Germany’s oil processing …
Read More »
Bloomberg Eskom Holdings SOC Ltd, South Africa’s state power utility, favors burning more domestically sourced gas as it transitions away from coal, its CEO Andre de Ruyter said. With the structure of the nation’s demand changing and more renewable technology being added to the grid, additional storage in the form of batteries will be needed along with power that can …
Read More »
Bloomberg Natural gas prices fell as the European Union started outlining details of its intervention into an unprecedented energy crisis, including a proposal for targets to reduce electricity demand. Power prices also slumped. Benchmark gas futures declined as much as 9.3% to the lowest in a month. Still, prices remain almost eight times higher than normal for the time …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.