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

  Bloomberg Investors are rushing out of US equities as the likelihood of an economic downturn increases amid a myriad of risks, according to Bank of America Corp (BofA) strategists. The nation’s stock funds had outflows of $10.9 billion in the week to September 7, according to EPFR Global data cited by the bank. The biggest exodus in 11 weeks …

Bloomberg Stocks and US equity futures advanced on Friday as investors assessed whether monetary tightening to tackle inflation in the US and Europe is getting closer to being priced in. A gauge of dollar strength dropped the most in a month. Europe’s Stoxx 600 Index jumped as miners rallied on optimism over Chinese demand. Gains in S&P 500 and Nasdaq …

BALMORAL / WAM Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, has died aged 96, Buckingham Palace said on Thursday, Reuters reported. With her death, her eldest son Charles, the former Prince of Wales, will lead the country in mourning as the new King and head of state for 14 Commonwealth realms.

  GENEVA / WAM The International Air Transport Association (IATA) announced passenger data for July showing that the recovery in air travel continues to be strong. Total traffic in July (measured in revenue passenger kilometers or RPKs) was up 58.8 percent compared to July 2021. Globally, traffic is now at 74.6 percent of pre-crisis levels. Domestic traffic for July 2022 …

Bloomberg The UK Treasury and Bank of England launched a £40 billion ($46 billion) fund to provide energy traders liquidity to deal with massive margin calls, joining a list of European states taking dramatic action to prevent the energy crisis becoming a “Lehman” moment. The so-called Energy Markets Financing Scheme will provide stability for energy and financial markets, and help …

  Bloomberg Retail sales growth slowed last month as shoppers tightened their purse strings in the face of Britain’s escalating cost-of-living crisis. Sales were just 1% higher than in August 2021, the British Retail Consortium and consultancy KPMG said in a report. Clothing sales were “sluggish” for the first time in recent months and parents curbed their back-to-school spending. With …

  Bloomberg The Pentagon has halted deliveries of Lockheed Martin Corp’s F-35 after finding an alloy used in magnets for pumps on the fighter jet were made in China. The F-35 program office “temporarily paused the acceptance of new F-35 aircraft to ensure the F-35 program’s compliance” with defense regulations “pertaining to specialty metals,” Defense Department spokesman Russell Goemaere said …

Bloomberg The expected post-Labour Day high-grade borrowing rush is underway, with Target Corp, Walmart Inc, McDonald’s Corp, Lowe’s Cos, and Nestle SA among the companies tapping the US investment-grade market. Eighteen issuers are selling new debt, with more deals possible. Companies are rushing into the market despite increasing volatility and higher borrowing costs over the last several weeks. Syndicate desks …

  Dubai / Gulf Time Alpha Flight Services (Alpha), a leading UAE-based catering, retail, and hospitality services provider, has signed a 10-year concession agreement with Ras Al Khaimah International airport (RKT). The partnership will see Alpha Flight Services invest in infrastructure and provide in flight catering services to more than 10 airlines at the airport. In addition, it will operate …

  Bloomberg Instacart Inc is acquiring Rosie Applications Inc, an online grocery startup focused on local retailers and wholesalers, as it moves to consolidate and expand its share of the online grocery delivery market ahead of an anticipated initial public offering (IPO) this year. Rosie is Instacart’s second acquisition this month, following its purchase of pricing and promotions platform Eversight …