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

Bloomberg Eni SpA raised share buybacks after profits surged due to high oil and gas prices. The Italian oil giant will repurchase a further 1.3 billion euros ($1.3 billion) of shares this year, raising the total to 2.4 billion euros, which is close to the top end of the previously specified buyback range. Investors in Big Oil are receiving a …

  Bloomberg The biggest US coal miners are seeing soaring revenues as global demand for the dirtiest fossil fuel drives prices to record highs. Peabody Energy Corp., the biggest US coal producer, saw second-quarter sales jump 83% to $1.32 billion, the most since 2018, the company said in a statement. Arch Resources Inc. reported revenue of $1.13 billion, more than …

  Bloomberg Southwest Airlines Co said it’s facing high costs and delays in aircraft deliveries from Boeing Co, tarnishing a quarter in which the carrier topped Wall Street’s profit expectations on rebounding summer travel. The airline will receive 66 jets this year, down sharply from its prior plan for 114 deliveries, Southwest said in a statement. That puts further pressure …

  Bloomberg JetBlue Airways Corp is acquiring deep-discounter Spirit Airlines Inc for at least $3.8 billion in cash, clinching a deal less than a day after Spirit called off a planned merger with Frontier Group Holdings Inc. JetBlue will pay $33.50 per share for Spirit, or as much as $34.15 depending on timing, the airlines said in a joint statement. …

Bloomberg British Airways (BA) parent IAG SA reported a second-quarter profit and said it expects to post positive earnings for the full year as a rebound in travel led by premium leisure bookings more than makes up for capacity curbs tied to the industry’s staffing crisis. IAG had an operating profit of 287 million euros ($293 million) in the three …

Bloomberg Hermes International’s profitability rose to record levels in the first half as the maker of the $10,000-plus Birkin bag became the luxury industry’s standout performer. The French company’s shares soared as much as 8.5% after it said its recurring operating margin reached a historical high of 42%, up from 41% a year earlier. “This set of results confirms that …

  Bloomberg An Airbus SE A320 aircraft operated by IndiGo, India’s biggest airline, slid off the runway onto grass while taxiing for takeoff in Jorhat, the carrier said in a statement. The flight to Kolkata was cancelled and the aircraft is being inspected in Jorhat, a city in the northeastern state of Assam. IndiGo, which is operated by InterGlobe Aviation …

  Bloomberg L’Oreal SA sales climbed as demand for makeup bounced back and the strength of its luxury products offset the negative impact of Covid-19 restrictions in China. Overall sales rose 13% on a comparable basis in the second quarter, the French company said. Analysts expected a gain of 9.7%. The company’s stock rose more than 2% in early trading. …

  Bloomberg Financial firms may be fined and stripped of their regulatory authorisation unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good for their clients and that this approach is taken at all levels of the business, Ian Searle, head …

  Bloomberg A strong quarter from Standard Chartered Plc’s traders provided a boost to the emerging market-focused bank despite fears that a slowing global economy could squeeze its lending business. The London-based bank reported underlying pretax profit rises 7% to $1.32 billion in the second quarter, as its traders benefitted from volatility in global markets along with many of its …