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

Bloomberg EBay Inc reported second-quarter revenue that beat expectations and an upbeat profit outlook, evidence that a new focus on luxury items and collectibles is helping offset slowing sales and customer traffic. The shares rose about 5% in extended trading. Sales will be $2.29 billion to $2.37 billion in the period ending in September, the San Jose, California-based company said …

  Bloomberg Next Plc raised its profit forecast as the hotter weather and return to formal events encouraged more Brits to buy summer clothing but warned that worsening inflation could hit consumer sentiment. The British clothing and housewares chain said profit will be £860 million ($1.04 billion) this year through January, up from previous guidance of £850 million, according to …

  Bloomberg Fast Retailing Co will open its first GU store in the US, adding to its Uniqlo shops in the country as the apparel maker seeks a greater presence in the North American market. Opening this fall in Soho, New York, the pop-up store will be GU’s first outside Asia, where there are already 450 outlets selling more stylish …

  Bloomberg SAS AB reported a 32% plunge in passenger traffic last month, revealing the impact a strike had on troubled Scandinavian airline and its customers. The total number of passengers fell to 1.3 million in July from 1.9 million a month earlier, the Stockholm-based carrier said in a statement. Capacity falls 23% in July as the 15-day strike among …

  Bloomberg Everybody likes to have options to choose from, or at least they think they do. That’s part of what led some automakers to bet heavily on plug-in hybrid electric vehicles, or PHEVs, which offer consumers a way to get a sampling of the EV experience without jumping fully in. PHEVs are often described as a transition technology — …

  Bloomberg Elon Musk, chief executive officer (CEO) of Tesla Inc and the world’s richest person, said he sees signs the global economy is ‘past peak inflation.’ Speaking at the electric-vehicle maker’s annual shareholder meeting, Musk said Tesla’s commodity and component costs are trending downward over the next six months. He also reiterated that he expects a mild recession that …

  Bloomberg Internships at Meta Platforms Inc, the Facebook and Instagram owner, are coveted for their selectivity, high compensation, lavish perks — and most of all, the potential job offer waiting at the end of the summer. This year, that’s more elusive. Meta told interns via email in early July that it would delay deciding whether to hire them, giving …

Bloomberg Semiconductor maker Semtech Corp is acquiring Sierra Wireless Inc in all-cash transaction valuing the Canadian company at $1.2 billion including debt. Semtech said in a statement that it’s paying $31 a share for Sierra Wireless, a premium of about 25% to the closing price before Bloomberg News reported the merger talks. The deal is expected to roughly double Semtech’s …

  Bloomberg Glencore Plc will return an additional $4.45 billion to shareholders in dividends and share buybacks after first-half profit more than doubled to a record thanks to surging coal prices. Glencore, the world’s top coal shipper, has been one of the biggest winners from the global energy crunch as demand surges for fossil fuels. The company’s sprawling trading business …

  Bloomberg Shell Plc has given the vast majority of its employees a bonus equivalent to 8% of their annual salary as earnings surge to historic highs. “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our Executive Committee has decided to make a Special Recognition Award of 8% of …