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

Bloomberg Burberry Group Plc’s sales remained below 2019 levels despite a quarterly jump, showing the British brand is trailing some luxury peers in recovering from the pandemic. The shares fell as much as 10%. Comparable store sales in the three months through March soared 32%, the company said in a statement. That was in line with its own forecast. Revenue ...

Bloomberg President Joe Biden told Prime Minister Benjamin Netanyahu he’d support a cease-fire between Israel and Hamas after days of calling for calm but not publicly seeking an end to the conflict, a shift in the US approach to the crisis following days of rising criticism. “The president expressed his support for a cease-fire and discussed US engagement with Egypt ...

Bloomberg A cyclone barreling through India’s west coast sank a barge hired by state-run explorer Oil & Natural Gas Corp (ONGC) prompting a massive operation to rescue 96 people missing from the vessel. “Long-range maritime surveillance aircraft were assisting rescue effort but bad weather was hampering operations,” Indian Navy Spokesman Vivek Madhwal said, adding that about 177 people, who were ...

Bloomberg President Joe Biden’s infrastructure proposal includes billions of dollars tied to improving cybersecurity, an area of intensified interest after the ransomware attack on the Colonial Pipeline Co sent US gasoline prices soaring last week. But the exact amount that will be spent on improving cyber defenses remains to be seen. The $2 trillion American Jobs Plan, as the infrastructure ...

Bloomberg The decline of Spain’s rural population has vexed lawmakers and citizens for more than half a century. Now Covid-19 is suddenly changing the landscape. For the first time in decades, some towns outside the country’s main urban centers are counting more people arriving than leaving, as stay-at-home restrictions and worries about the spread of the virus spur demand for ...

Bloomberg The UK government is locked in an internal debate over a trade deal with Australia as it tries to balance a desire for greater access to new markets against potential ramifications for domestic business. Britain and Australia agreed the bulk of a free-trade agreement in April and have signaled they want to conclude the pact by the G-7 summit ...

Bloomberg The UK labour market strengthened more than expected in April as the economy began to emerge from coronavirus restrictions. The number of people on payrolls rise 97,000, and vacancies increased 13%, the Office for National Statistics said on Tuesday. The jobless rate in first quarter falls unexpectedly to 4.8% as employment surged 84,000, the first gain since the pandemic ...

Bloomberg President Joe Biden began to make good on his promise that the US would be an “arsenal” of coronavirus vaccines for the world, announcing he’d share FDA-authorised shots after criticism that his administration had hoarded hundreds of millions of doses. But he also signaled that he intends for US manufacturers to hold or grow their share of the global ...

Bloomberg While Apple Inc.’s attentions turned to a California court clash with Epic Games Inc, Europe’s top antitrust enforcer issued a reminder that the tech giant’s legal battles across the Atlantic are also heating up. EU Competition Commissioner Margrethe Vestager warned that a probe into the company’s Apple Pay product is moving ahead on top of an investigation into how ...

Bloomberg Brazil, the world’s biggest exporter of coffee, sugar and orange juice, just had a rainy season that brought hardly any rain. Soils are parched and river levels are low in the nation’s Center-South region, a powerhouse of agricultural output. The drought is so severe that farmers are worried they’ll run out of the water reserves that help keep crops ...