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

Bloomberg Cancellation of plans for a third runway at London’s Heathrow airport could cost the UK economy more than 300,000 jobs, an industry study warned as would- be prime minister Boris Johnson said he’d review the project. As many as 120,000 posts would be put at risk by any erosion of Britain’s competitiveness in air transport, while a further 200,000 ...

Bloomberg Levi Strauss & Co fell in late trading as profit in its second quarter as a public company tumbled from a year earlier. The denim maker said on its conference call that adjusted diluted earnings slipped 21 percent from the prior year to 17 cents. When including $29 million of expenses associated with its IPO, second-quarter profit was 7 ...

Bloomberg Airbus SE booked a slew of jetliner deals from last month’s Paris Air Show, dragging the company out of one of the thinnest sales periods in its recent history. Toulouse, France-based Airbus signed contracts for 145 planes in June, taking the first-half total into positive territory at 88, as cancellations had previously outweighed new sales. The results outpaced arch-rival ...

Bloomberg Air France condemned the French government’s plan for a new tax on flights, saying the levy would hurt the airline’s ability to invest in less polluting planes and aggravate already high costs of operating in the country. “This new tax would significantly penalise Air France’s competitiveness,” the French arm of Air France-KLM said in a statement, estimating the extra ...

Bloomberg US stocks rose towards all-time highs and Treasuries climbed with gold as comments by Jerome Powell cemented market bets for a rate cut this month. Equities that had slumped since the strong jobs report rallied back to intraday records after the Fed chairman signalled a willingness to lower rates, citing a slowing global economy and trade issues. Gains faded ...

Bloomberg The Bitcoin bulls are back in control, with the largest cryptocurrency approaching its highest price of the year after breaching $13,000 for the first time in two weeks. The digital asset gained for a third day to as high as $13,154, continuing its recovery from the drop that almost pushed it below $10,000 last week. It reached a more ...

Bloomberg Deutsche Bank AG fixed-income head Ram Nayak assured staff they will keep their jobs at his business even as the lender cuts 18,000 positions in a sweeping overhaul, according to people familiar with the matter. The bank’s move to “resize” debt trading operations won’t lead to dismissals, Nayak told colleagues on a conference call, the people said, asking not ...

Bloomberg Australia’s interest-rate cuts failed to gain traction as households’ worries about the economic outlook sent consumer confidence slumping to a two-year low. The sentiment index fell 4.1 percent to 96.5 in July, the weakest reading since August 2017, Westpac Banking Corp said in a statement. The biggest decline was in the sub-index tracking expectations for the economy in the ...

Bloomberg A sprawling Russian banking group run by an ally of President Vladimir Putin is fast becoming one of the most powerful forces in the country’s grains market. Since entering the grain export business last year, Andrey Kostin’s government-backed VTB Group has loaded up on assets including port terminals, a rail-freight operator and a trader. Those investments could be worth ...

Bloomberg The European Court of Auditors (ECA) joined regulators in questioning the value of the EU’s bank stress test, saying last year’s exercise should have been tougher and more consistently applied across the bloc. The scenario simulated by the European Banking Authority, the EU’s top banking regulator, was milder than the 2008 financial crisis, according to an ECA report. The ...