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

Bloomberg South Africa’s government and national airline are being sued by a little-known investment firm, which wants the sale of a majority stake in the carrier scrapped and re-run due to a lack of transparency. This year’s acquisition of 51% of South African Airways (SAA) by the Takatso Consortium — made up of a local jet-leasing company and a private-equity …

Bloomberg British Airways (BA) workers at London Heathrow airport are set to strike in a dispute over pay, adding to a wave of industrial action across Europe that threatens to unleash travel chaos in the region this summer. The GMB and Unite unions said hundreds of BA check-in staff backed walkouts during the peak vacation period after the carrier refused …

  Bloomberg More than 75% of people are “terrified” of the effect the cost-of-living crisis will have on their families, according to the head of UK’s largest supermarket. Tesco Plc Chief Executive Officer Ken Murphy said the grocer has done a lot of research about how people are feeling right now as they battle the worst inflation to hit Britain …

  Bloomberg TUI AG Chief Executive Officer Fritz Joussen is set to leave after almost 10 years at the helm of the world’s biggest tour operator, having steered the company through the Covid-19 crisis. Joussen, 59, will step down at the end of September, according to a statement. Chief Financial Officer Sebastian Ebel will replace him and Mathias Kiep, the …

  Bloomberg Global equity funds saw their biggest outflows in nine weeks as investors piled into cash amid fears that the US economy could be headed for a recession. About $16.8 billion exited global stock funds in the week through June 22, with US equities seeing their first outflow in seven weeks at $17.4 billion, Bank of America Corp (BofA) …

Bloomberg After what is poised to be the worst first half since 2008 for European equities, strategists are optimistic that at least some of the losses will be clawed back by the end of the year. The Stoxx Europe 600 Index will end December at 467 index points, according to the average of 15 forecasts in Bloomberg’s monthly survey. That …

  Bloomberg South African airline FlySafair plans to add at least 10 new routes across sub-Saharan Africa to take advantage of a gap in the market left by the collapse of domestic rival Comair Ltd. The closely held carrier will fly to capital cities such as Nairobi, Lusaka and Maputo alongside holiday destinations including Victoria Falls, Zanzibar and Seychelles, according …

  Bloomberg Amazon.com Inc tapped Doug Herrington to run the company’s sprawling retail and logistics operation, giving him the new title chief executive officer of Worldwide Stores and signalling the importance of a continued push into groceries under company CEO Andy Jassy. Herrington, 55, joined Amazon in 2005 and launched the Amazon Fresh grocery delivery service in 2007. He replaces …

  WEST VIRGINIA / WAM A helicopter used for tourism flights crashed onto a highway in West Virginia state, killing six people on board, Reuters cited local media as saying. The helicopter, which was based at an airport in the state’s Logan County, crashed on State Route 17 and was on fire when rescue crews arrived, the WSAZ-TV reported, citing …

Bloomberg British sporting goods billionaire Mike Ashley’s Frasers Group Plc raised its stake in fashion retailer Hugo Boss AG, ramping up its exposure to the German retailer as it works on a rejuvenation effort. Frasers valued the new holding at about 900 million euros ($944 million) in a statement, two years after first investing about 108 million euros in the …