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US airlines step up as Spirit winds down

US air carriers on Saturday mobilized to help passengers and crew members stranded by the overnight shutdown of Spirit Airlines, after the low-cost carrier's last-minute talks with creditors and the White House collapsed.

Aviation companies step up as Spirit winds down

US air carriers mobilized Saturday to help passengers and crew members stranded by the overnight shutdown of Spirit Airlines, after last-minute talks with creditors and the White House collapsed.

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Amsterdam airport offers airline discounts over fuel costs

Amsterdam's Schiphol Airport said Thursday it would offer airlines a 10-percent discount on airport charges due to the high price of jet fuel caused by the Iran war.

LVMH's Arnault says to talk of retirement in '7-8 years'

Bernard Arnault, chief executive of the world's biggest luxury conglomerate LVMH, brushed off speculation of his retirement on Thursday, telling shareholders that "we'll talk about all this again in seven to eight years".

US says forces boarded tanker carrying Iranian oil

The US Defense Department said Thursday its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran, as disruption from a stand-off with the Islamic republic continued to batter the world economy.

Portugal picks Air France-KLM and Lufthansa to make offers for TAP

Portugal on Thursday asked Air France-KLM and Lufthansa to make binding offers to buy a controlling stake in TAP Air Portugal, as the government seeks to privatise an airline it rescued during the Covid-19 pandemic.

Nestle sales slump under strong franc but volumes recover

Nestle, the food giant whose brands include Nespresso coffee and Perrier water, saw first-quarter sales figures slump due to the strong value of the Swiss franc and a baby formula recall, but sales volumes overall edged higher.

Oil prices jump, stocks retreat as US-Iran peace talks stall

Oil prices and the dollar jumped Thursday while most equity markets slid as the United States and Iran appeared no closer to resuming peace talks.

Africa faces 86 mn tonne fuel shortfall by 2040: AFC

The Iran war has exposed Africa's vulnerability to fuel chokepoints and is heading for a 86 million tonne fuel shortfall by 2040, the Africa Finance Corporation (AFC) said Thursday.

Pentagon denies clearing Hormuz Strait mines will take six months

The Pentagon blasted as cherry picking and false on Thursday a news report saying that the department assessed it could take six months to completely clear the Strait of Hormuz of Iranian-laid mines.

EssilorLuxottica sales slide as investors turn wary of AI glasses

Shares in EssilorLuxottica, the world's top maker of eyeglasses, slid on Thursday as analysts said investors have turned wary of AI glasses.

Lufthansa loses fight over bailout at EU top court

German airline giant Lufthansa Thursday lost a legal battle over a six-billion-euro ($7-billion) pandemic-era government bailout when the EU's top court ruled Brussels mishandled its approval of the cash injection.

Eurozone business activity falls on Mideast war

Business activity in the eurozone contracted for the first time in 16 months in April, as the war in the Middle East drove energy prices up and disrupted global supply chains, a closely watched survey showed Thursday.

Electric vehicles supercharge EU car sales

Sales of new cars jumped last month in the European Union as consumers turned to electric vehicles as petrol prices soared due to the war in the Middle East, data showed Thursday.

South Korea e-commerce probe opens rift in US ties

South Korea pushed back on Thursday against criticism of its business environment by US lawmakers, as a rare spat deepens over Seoul's investigation into online retail company Coupang.

US firms voice 'concern' over China's new supply chain rules

China's new supply chain regulations could be a "concern" for US firms, the American Chamber of Commerce in China warned on Thursday.

Chip giant SK hynix posts record quarterly profit on AI boom

Chip giant SK hynix logged a record quarterly net profit on Thursday thanks to the artificial intelligence boom, shrugging off concerns that the Middle East war could drag on the semiconductor industry.

Tesla reports higher profits, confirms hefty spending ahead

Tesla reported higher first-quarter profits Wednesday, topping expectations as it confirmed plans for massive additional investments in autonomous transport, humanoid robotics and artificial intelligence.

Tesla reports higher profits, topping estimates

Tesla reported higher first-quarter profits Wednesday, pointing to recovering demand in North America as it pursues significant investments in autonomous transport and artificial intelligence.

US stocks rise, shrugging off uncertain ceasefire prospects while oil prices jump

Oil prices climbed Wednesday while stocks were mixed as Iranian officials refused to reopen the Strait of Hormuz after US President Donald Trump announced the extension of a ceasefire.

Migrants deported from US stranded, 'scared' in DR Congo

Spending the past five days cooped up in a hotel in the capital of the Democratic Republic of Congo is not quite what a group of Latin Americans expected when they sought asylum in the United States.

US doesn't dictate terms of trade talks: Carney

The United States does not get to dictate the terms of upcoming trade talks, Canadian Prime Minister Mark Carney said Wednesday, when asked about reports that Washington wanted an "entry fee" before starting negotiations.

Mideast war weighs on parent of Durex condoms

Reckitt Benckiser, the British supplier of health and hygiene products including Durex condoms, said Wednesday that soaring oil prices caused by the Middle East war could cost it up to £150 million ($203 million).

US Treasury chief defends pivot to extend Russia oil sanctions relief

US Treasury Secretary Scott Bessent on Wednesday defended the Trump administration's recent about-face to temporarily extend a sanctions waiver that allowed the sale of Russian oil already at sea.

Oil prices rise on uncertain prospects for US-Iran ceasefire

Oil prices climbed Wednesday while stocks were mixed after US President Donald Trump announced the extension of a ceasefire with Iran, prompting investors to wait and see if peace talks would resume.

New drugs raise hopes of pancreatic cancer breakthrough

After decades of struggling to find a way to treat pancreatic cancer, researchers have developed several promising new drugs that could offer rare hope to patients given this particularly deadly diagnosis.

South Africa coal delay could cause 32,000 deaths, report says

South Africa risks thousands of premature deaths if the phase-out of coal plants is delayed due to the government's updated decommissioning dates, climate rights groups said in a report Wednesday.

EU unblocks 90-bn-euro Ukraine loan after Hungary row

The EU on Wednesday gave the green light to unblock a 90-billion-euro ($106 billion) loan for Kyiv, after the deadlock was broken in a months-long row between Ukraine and Hungary over a damaged pipeline.

Thousands of London commuters walk to work in underground strike

Workers streamed into the British capital by foot, bike and bus Wednesday as strike action on the London Underground train network disrupted services.

Boeing reports narrowing loss, points to progress on turnaround

Boeing reported a small quarterly loss Wednesday following an uptick in commercial plane deliveries as the aerospace giant pointed to progress on a turnaround after a long period of stumbles.

EU nears approval of Ukraine loan after Hungary pipeline row

The EU on Wednesday gave a preliminary green light to unblocking a 90-billion-euro ($106 billion) for Kyiv, after a months-long row between Ukraine and Hungary over a damaged pipeline.

Three ships targeted in Hormuz, Iran seizes two: monitors, Guards

Iranian forces targeted three container ships on Wednesday, seizing two and firing on a third, global security monitors and the country's Revolutionary Guards said, the latest incidents to threaten a crucial trade route in the Middle East war.

Ships attacked in Gulf as Trump extends Iran ceasefire

Iranian gunboats attacked at least one container ship in the Strait of Hormuz on Wednesday, maritime agencies said, despite US President Donald Trump announcing he was extending a ceasefire to allow more time for peace talks.

Germany set to slash growth forecast due to Mideast war

The German government on Wednesday is expected to cut its growth forecast for this year as the energy shock triggered by the Middle East war hammers Europe's biggest economy.

Dubai Telegraph - Economy (English)