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

  Bloomberg Chicago has sold the largest municipal airport transaction this year amid swirling volatility in fixed-income markets, pricing $1.8 billion of debt that will partially fund improvements at O’Hare International Airport. The $1.1 billion Series 2022A includes bonds due in January 2031 which priced with a 5% coupon and 3.69% yield, while debt due 2055 with a 5% coupon ...

  Bloomberg John Lewis Partnership Plc is hiring more than 10,000 temporary workers across the UK to meet demand over the crucial Christmas period. That’s 3,000 more than the department store chain hired in its festive push last year and all employees will receive free food from October to January to help with the higher cost of living, the retailer ...

  Bloomberg The US government is seeking to seize a Boeing 737 aircraft owned by Russian oil company Lukoil PJSC for allegedly violating sanctions imposed on Moscow after the invasion of Ukraine. The Justice Department announced it had obtained a warrant to seize the aircraft, which is valued at $45 million and bears the tail number VP-CLR. The aircraft “flew ...

  Bloomberg Cathay Pacific Airways Ltd., one of the world’s biggest airfreight operators, warned that inflation, supply-chain snags and Covid-19 restrictions in China could lead to weaker cargo demand in this year’s peak season. “Inflation is having an impact on some areas of consumer demand, the supply chain disruption of recent months has dampened manufacturing output, and there continue to ...

  Bloomberg 3M Co. plans to eliminate jobs as part of a broader cost-cutting drive in response to the slowing economy, according to internal communications. The move comes just days after 3M suffered a setback over a key legal strategy designed to mitigate mounting liabilities and as it faces an array of other challenges, ranging from inflationary woes to sluggish ...

  Bloomberg Glow Recipe, a skin-care brand popular for its fruit-based products, is exploring a sale that could value it at $400 million to $500 million. The company is working with Goldman Sachs Group Inc., said the people, who asked to not be identified. It has $80 million in annual revenue. No final decision has been made and Glow Recipe ...

  Bloomberg Warren Buffett’s Berkshire Hathaway Inc. trimmed its stake in BYD Co. even further, offloading another 1.72 million shares as of September 1, according to an exchange filing on Friday, just days after the legendary US investor began reducing his holding in China’s biggest maker of electric vehicles. Berkshire’s interest in BYD’s Hong Kong-listed shares has now fallen to ...

  Bloomberg Stocks are set for a third straight week of declines ahead of key US jobs data that could stir expectations for another sharp Federal Reserve interest-rate hike. A dollar gauge slipped from a record high and the euro strengthened. US futures fluctuated on Friday, while European stocks rose and Asian shares fell. The jobs update is expected to ...

  Bloomberg SpiceJet Ltd said it’s in talks with bankers to raise as much as $200 million in fresh capital after reporting a worse than expected quarterly loss, as the Indian airline looks to work a way out of financial distress. The carrier plans to also spin off its cargo business into a separate company, SpiceXpress, by the end of ...

Bloomberg Deutsche Lufthansa AG will suspend almost its entire flight operations in Frankfurt and Munich on Friday because of a strike by pilots who are demanding higher pay, adding another day of major disruptions to what has already turned into a summer of travel chaos. In total, about 130,000 passengers will be affected as Lufthansa scraps 800 flights at its ...