Uber’s rivals win tax charge appeal in London
London — Uber’s rival taxi operators will not face a 20% tax charge on their profit margins outside London after the UK’s Supreme Court on Tuesday ruled that private-hire operators do not enter into a contract with passengers.
Uber had brought the case after a 2021 decision by the UK’s Supreme Court that its drivers were workers, which had an impact on Uber's tax and other obligations.
In a separate case, Estonian ride-hailing and food delivery start-up Bolt this year defeated an appeal by Britain’s tax authority HMRC on why it has to pay VAT at 20%.
HMRC has since been granted permission to challenge the ruling that Bolt is only liable for VAT on its margin, rather than the full cost of the trip, at the Court of Appeal. Reuters
Dubai airport records 46-million interim passengers
Dubai — Dubai International Airport (DXB), the world’s busiest air travel hub, attracted a record 46-million passengers in the first six months of 2025, up 2.3% from a year earlier, as recent travel disruptions due to conflict in the Middle East proved short-lived, it said on Tuesday.
Many airline services remain disrupted in the Middle East after last month’s 12-day air war between Iran and Israel that ended with a US-brokered ceasefire. However, Paul Griffiths, CEO of DXB’'s owner Dubai Airports said overall travel at Dubai airport has “recovered very quickly”.
“We were quite positively surprised that the disruption we saw was so short-lived... Our passenger base continues to be strong,” Griffiths said in an interview.
He forecast that DXB would handle 96-million passengers this year, up from a record 92-million last year and 100-million passengers in 2026. Reuters
Boeing, Saab in talks with BAE over new UK jet
Paris/London — Boeing and Sweden’s Saab are in talks with Britain’s BAE Systems about teaming up on a future replacement of Britain’s Hawk trainer in a growing niche of the fast jet industry, three people familiar with the matter said.
Boeing and Saab have jointly developed the T-7 advanced trainer for the US Air Force, while Britain has said it plans to replace the out-of-production Hawk fleet, part of which is instantly recognisable through its Red Arrows display team.
The proposals are at an early stage and details are still to be worked out, with no guarantee that an agreement can be reached, one of the sources said.
“We don’t comment on rumour and speculation,” a BAE spokesperson said. Reuters
Nomura Holdings first-quarter profit soars 52%
Tokyo — Japan's Nomura Holdings said first-quarter profit surged 52% with its trading and investment banking divisions putting in a solid showing amid volatile global markets, while it also benefited from a one-off gain on a property sale.
The results follow Nomura’s highest annual profit in the year ended March 2025 and underscore some progress in its efforts to become a global financial player.
The country’s top investment bank and brokerage booked a net profit of ¥104.6bn in April-June, its highest first-quarter profit since 2020. Reuters
United Parcel Service revenue slides on slow demand
Bengaluru — United Parcel Service reported a decline in second-quarter profit and revenue on Tuesday, as demand took a hit from new “de minimis” tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies.
The White House in May began collecting tariffs on shipments under $800 from China that were previously duty free. While those levies were reduced to 54% from 120% as part of a trade truce, consumer demand is still expected to take a hit.
Experts believe the removal of the exemption likely creates a greater-than-expected volume headwind for the company’s international segment, as customers may cut back on discretionary online purchases, reducing shipments from bargain e-commerce sellers such as Temu and Shein on UPS’s most profitable China-US trade lines. Reuters
Spotify shares fall after lower profit forecast
Bengaluru — Spotify forecast third-quarter profit below Street estimates on Tuesday as higher taxes related to employee salaries outweigh upbeat demand for its premium music-streaming plans.
The company’s shares, which have risen about 57% so far this year, fell nearly 9% in premarket trading.
Investors are closely monitoring the Swedish company’s profitability after price hikes, cost cuts and subscriber gains in recent years helped it achieve its first annual profit in 2024.
Spotify said it expects operating income of €485m in this quarter, below an estimate of €562m, according to data compiled by LSEG. Reuters
JetBlue, United Airlines get nod for partnership
Bengaluru — JetBlue and United Airlines have cleared a review of their planned Blue Sky partnership by the US department of transportation allowing them to proceed with the implementation, the companies said on Tuesday.
The two companies in May unveiled a partnership that would allow travellers to book flights on both carriers’ websites, while interchangeably earning and using points in their frequent flyer programmes.
Spirit Airlines in June had urged the US transportation body to reject the collaboration between the two carriers, saying it was anticompetitive and would prompt other large carriers to pursue similar deals. Reuters
Gucci owner Kering’s quarterly sales disappoint
Paris — Gucci owner Kering reported on Tuesday a 15% drop in quarterly revenues, falling short of market expectations, with its finance chief flagging further price hikes in the US to counter tariffs.
Sales in the second quarter totalled €3.7bn, down 15% on a comparable basis, missing a Visible Alpha consensus estimate among analysts for a 13% drop cited by UBS. Gucci, which accounts for the bulk of group profits, reported sales of €1.46bn, down 25% year on year.
The French group controlled by the billionaire Pinault family is facing pressure from investors to revive its fortunes after two years of falling sales and reduce its pile of debt.
Kering’s net debt was €9.5bn as of June, down from €10.5bn at the end of last year largely due to real estate sales. The group also further reduced its store network and now plans to close up to a net 80 stores by the end of 2025.
Having seen its shares lose about 60% of their value over the past 24 months, Kering said last month it had hired former Renault CEO Luca de Meo as its next chief executive from September. Reuters
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