Bloomberg Pfizer Inc is in advanced talks to buy Global Blood Therapeutics Inc., the maker of a therapy for sickle-cell disease, for about $5 billion, the Wall Street Journal (WSJ) reported. The New York-based drug giant is looking to finalise a deal in the coming days, the Journal reported. Bloomberg News had reported earlier this week that biotech was ...

  Bloomberg As volcanic activity in Iceland starts, the country’s tourism industry kicked into high gear, grasping an opportunity to revive the business after the pandemic had banished most visitors from the Atlantic island for more than two years. With reports emerging of sightings of lava, the shares of Icelandic airlines Icelandair hf and Fly Play hf, which flies under ...

  Bloomberg Italy’s sovereign rating outlook was lowered to negative by Moody’s Investors Service, which cited accumulated risks from Russia’s war in Ukraine to departure of PM Mario Draghi. Italy’s finance ministry called action “questionable.” The credit quality of the European nation, which is rated Baa3 by Moody’s, is under pressure from heightened government risk that could impede structural reforms, ...

Bloomberg Canadian employment unexpectedly falls for a second straight month in July as workers dropped out of the labour force, adding to evidence the economy is losing momentum. The country shed 30,600 jobs last month, Statistics Canada reported in Ottawa, a surprise negative reading compared to the 15,000 gain anticipated by economists. Still, the unemployment rate held at a record ...

  Bloomberg Everybody likes to have options to choose from, or at least they think they do. That’s part of what led some automakers to bet heavily on plug-in hybrid electric vehicles, or PHEVs, which offer consumers a way to get a sampling of the EV experience without jumping fully in. PHEVs are often described as a transition technology — ...

  Bloomberg Elon Musk, chief executive officer (CEO) of Tesla Inc and the world’s richest person, said he sees signs the global economy is ‘past peak inflation.’ Speaking at the electric-vehicle maker’s annual shareholder meeting, Musk said Tesla’s commodity and component costs are trending downward over the next six months. He also reiterated that he expects a mild recession that ...

  Bloomberg Internships at Meta Platforms Inc, the Facebook and Instagram owner, are coveted for their selectivity, high compensation, lavish perks — and most of all, the potential job offer waiting at the end of the summer. This year, that’s more elusive. Meta told interns via email in early July that it would delay deciding whether to hire them, giving ...

Bloomberg Semiconductor maker Semtech Corp is acquiring Sierra Wireless Inc in all-cash transaction valuing the Canadian company at $1.2 billion including debt. Semtech said in a statement that it’s paying $31 a share for Sierra Wireless, a premium of about 25% to the closing price before Bloomberg News reported the merger talks. The deal is expected to roughly double Semtech’s ...

  ABU DHABI / WAM Foreign direct investments (FDI) in the UAE witnessed significant growth in recent years, despite the challenges posed by the Covid-19 pandemic. According to a report by the Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 ...

  DAR ES SALAAM / TANZANIA /WAM Masdar announced that it has signed an agreement with Tanzania Electric Supply Company Ltd. (Tanesco) related to the development of renewable energy projects with a total capacity of up to 2 gigawatts (GW). In the presence of Hon. January Makamba, Minister for Energy for Tanzania, the Joint Development Agreement (JDA) was signed by ...