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

BLOOMBERG  Qantas Airways Ltd plans to hire 8,500 more workers in the next decade, about the same number it cut during the pandemic, underscoring aviation’s growth trajectory less than a year after the crisis. The additional roles include pilots, cabin crew and airport staff. With more than 300 new aircraft arriving in the next 10 years, Qantas also plans to ...

BLOOMBERG  London’s Heathrow Airport asked Britain’s antitrust watchdog to overturn an order by the nation’s aviation regulator to cut airline charges by around 20% per passenger next year. The airport said it had submitted an appeal to the Competition and Markets Authority (CMA) over the Civil Aviation Authority’s (CAA) decision to drop charges for airlines using the travel hub. Heathrow ...

BLOOMBERG  Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy in New Jersey with plans to shut down, putting thousands of jobs on the line. The US housewares retailer will use the court process to begin liquidating its 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops, while also searching for a buyer for some or ...

BLOOMBERG US bank deposits fell, indicating the financial system remains fragile after a string of bank failures. Deposits decreased by $76.2 billion in the week ended on April 12, according to seasonally adjusted data from the Federal Reserve. The drop was mostly at large and foreign institutions, but they also fell at small banks. Meantime, commercial bank lending rose $13.8 ...

BLOOMBERG ICICI Bank Ltd reported a 30% rise in profit, helped by robust demand for retail loans in the world’s most populous country. Net income climbed to 91.2 billion rupees ($1.1 billion) in the quarter that ended March 31, compared with 70.18 billion rupees a year ago, according to a statement. That beat the average estimate of 90.4 billion rupees ...

BLOOMBERG The Philippine central bank is closely monitoring the peso “for possible spillover impact on inflation amid the global banking stresses” after the currency slid to more than four-month lows this week. Still, the Bangko Sentral ng Pilipinas (BSP) believes that “a freely moving exchange rate is an essential price signal” that allows the economy to respond to global developments, Deputy ...

BLOOMBERG Dutch bank ING is suing China’s largest bank for losses sustained in a batch of copper deals and seeking $170 million in damages, the Financial Times (FT) reported. ING alleged Industrial and Commercial Bank of China (ICBC) breached contract terms because it released export documents for copper transactions without collecting payment, the paper said, citing a Hong Kong court filing. ...

BLOOMBERG Norway and Sweden are no longer the place to go for currency investors hunting richer returns in Europe. The Nordic nations’ comparatively high interest rates and slow inflation made them a carry-trade favourite in quiet times when demand for riskier wagers was strong. Investors borrowed in low-rate currencies like the euro and Swiss franc and used the money to ...

BLOOMBERG German public-sector workers struck a wage deal with employers, capping a confrontational series of negotiations that saw repeated strikes in Europe’s largest economy. Staff will receive staggered one-time payments totalling  $3,300 through February 2024. After that, salaries will rise by 200 euros on a permanent basis, and then be increased by 5.5%. The agreement covers about 2.5 million employees ...

BLOOMBERG Tesla Inc was found by a Los Angeles jury not to be at fault following a trial over a driver’s claim that the Autopilot feature in her Model S caused her to veer into the center median of a city street, according to a court clerk. Justine Hsu, who suffered face injuries in the 2019 crash, alleged negligence, fraud ...