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

Bloomberg Lawmakers in Sweden and Finland are reviewing their $33 billion emergency backstop plans devised over the weekend to prevent utilities from defaulting after a fresh surge in energy prices. The two governments announced liquidity facilities made up of loans and credit guarantees to avoid some power companies going into technical defaults over climbing collateral requirements. The aim is to ...

  US-based airlines canceled more than 100,000 flights between January and July, surpassing the number of cancellations that took place during the same period in pre-Covid 2019. The impact on passengers is significant. Not only must they find alternative transportation; they must also obtain a refund for their advance purchases. That’s harder than it should be. In fact, difficulty obtaining ...

We know that the US economy is currently weak, but the real economy is really weak, and the Federal Reserve’s commitment to precipitate a recession to curb high inflation will make this reality obvious to seemingly oblivious investors. Real gross domestic product dropped for two consecutive quarters, and although the National Bureau of Economic Research has yet to declare that ...

  A few months ago, when India restricted wheat exports following a heatwave, rumbles ran through the world’s food markets. Still, while India is a giant consumer of wheat, it’s not as big an exporter. The real fear was that New Delhi might cut off rice shipments as well: India is the world’s largest exporter by far. Fortunately, rice prices ...

As energy prices surge, UK politicians seem to be relying on Latin American literature for guidance. Like a novel by Nobel Prize winner Gabriel Garcia Marquez, officials have lost the ability to differentiate between substance and magical realism. But companies can’t afford to live in a fantasy land. Departing Prime Minister Boris Johnson is clearly a fan of the literary ...

  Bloomberg Travellers alarmed at sky-high airfares this Christmas can add soaring fuel prices spurred in part by Russia’s weaponisation of its energy resources to the list of factors to blame. The price of jet fuel — which typically accounts for around a quarter of an airline’s total operational costs — is on a tear. The jump this year is ...

  Bloomberg Laxman Narasimhan will take over as Starbucks Corp.’s chief executive officer with a long list of pressing tasks, from redesigning cafes to improving profitability. But perhaps none is as pressing as blunting a fast-spreading US union drive. It’s a tall order — especially for a leader without experience operating restaurants. Narasimhan, 55, is coming in from British consumer-goods ...

  Bloomberg Passengers finding themselves with a lengthy delay or cancelled flight have a new way to check what they can get from airlines, ahead of an expected travel rush for Labour Day weekend. The Biden administration launched a dashboard where passengers can check if airlines will provide meals, rebooking, or hotel rooms when flights are delayed or cancelled because ...

  Bloomberg Tens of thousands of applications for a payment-by-instalment plan have flooded into a British budget grocery chain just two weeks after its launch, as a cost of living crisis crushes UK household incomes. Customers of Iceland Foods have sent in around 60,000 applications so far, more than the total number of loans the credit provider behind the initiative ...

  Bloomberg Samsung Electronics Co.’s credit risk falls after Moody’s Investors Service lifted its rating to the same level as the South Korean government, citing the company’s profitability and strong finances. The senior unsecured debt rating of Korea’s biggest company was raised to Aa2, the third highest level, from Aa3, Moody’s said. The cost to insure the technology giant’s debt ...