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

Bloomberg Google and Facebook Inc. dropped plans for an undersea cable between the US and Hong Kong after the Trump administration said Beijing might use the link to collect information on Americans. But the companies quickly submitted a revised proposal that includes links to Taiwan and the Philippines, as envisioned in the application that was withdrawn last week. The new ...

Bloomberg Verily, the Alphabet Inc. life sciences unit that’s previously targeted mosquito-borne illness and launched Covid-19 testing programs, is getting into the health insurance business. The San Francisco Bay Area company announced a new subsidiary named Coefficient Insurance that will also be backed by Swiss Re Corporate Solutions, the commercial insurance unit of Swiss Re Group. The company will sell ...

Bloomberg Apple Inc. terminated Epic Games’s App Store developer account, escalating a bitter legal fight over the iPhone maker’s controversial fees and rules. This means Epic can’t submit new apps or updates to the App Store and it prevents iPhone users from making purchases inside Epic’s popular Fortnite video game via Apple’s payment system. It will also leave the Apple ...

Bloomberg Oil held near a five-month high as Hurricane Laura bore down on key refining facilities on the US Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm. Futures in New York were steady after jumping 1.7%. The storm is expected to make landfall on Thursday along the Texas-Louisiana coast, according to the ...

Bloomberg UK judges can set global royalty rates for the use of telecommunications technology, Britain’s highest court said in a pair of cases over how much Huawei Technologies owes a US patent owner. The UK Supreme Court on Wednesday affirmed a decision that Huawei would either have to pay Unwired Planet International Ltd. a global rate set by judges or ...

Bloomberg AirAsia Group Bhd posted its largest quarterly loss on record as restrictions imposed by governments to contain the spread of the coronavirus decimated travel. Southeast Asia’s second-biggest budget carrier by market value reported a net loss of 992.9 million ringgit ($238 million) in the three months ended June 30 versus net income of 17.3 million ringgit a year ago, ...

Bloomberg A court ordered Kenya Airways Plc to stop a plan to fire some pilots pending the determination of a case challenging the move, according to a ruling by Judge Onesmus Makau. Sub-Saharan Africa’s third-largest airline said not being able to proceed with the cuts imperils the viability of the airline. Kenya Airways is facing financial troubles that have partly ...

Bloomberg Wizz Air Holdings Plc wants to expand its new base at London’s Gatwick airport from just one plane to 20 within a year if it can secure enough takeoff and landing slots. While the hub will open with a lone Airbus SE A321 jet in October, Budapest-based Wizz sees scope to quickly expand it to employ 800 people, an ...

Bloomberg Grocery stores are booming as the coronavirus pandemic drives Americans to stock up their pantries. But the nation’s biggest grocer is largely missing out. Walmart Inc, which has sat at the top of the food chain for years, has lost market share to companies like Kroger Co and Albertsons Cos, whose quarterly sales have risen by double-digit percentages. While ...

Bloomberg Bed Bath & Beyond will eliminate 2,800 jobs under a plan to cut costs and streamline operations amid deepening challenges for brick-and-mortar retailers. The “significant workforce reduction” will begin immediately, affecting both corporate headquarters and retail stores, the home-goods retailer said in a statement. Along with previously announced restructuring actions, the latest effort will result in as much as ...