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

Bloomberg Makers of vaccines and other coronavirus treatments dropped in Asia after Merck & Co. said its experimental pill cuts the risk of hospitalization and death from Covid-19 in half. The declines followed a slump in shares of BioNTech SE and Moderna Inc. in New York after Merck delivered the news on its drug, which is seen by some as …

Bloomberg China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash. Trading of Evergrande was suspended pending an announcement on a “major transaction,” the developer said in a stock exchange filing. Evergrande Property Services Group said it …

Bloomberg Vitol Group, the world’s biggest independent oil trader, is jumping into the electric-vehicle fleet business. The Rotterdam-based trading house formed a $250 million joint venture with BYD Co, a Chinese EV and battery maker, it said in a statement. The new service will offer electric-car fleet services and charging infrastructure to cities, companies and other organisations. It’s the latest …

Bloomberg India’s coal power giant NTPC Ltd expects to raise $2 billion through initial public offerings in three units including its renewables business, and the paring of a joint venture stake, according to a company official familiar with the plans. The state-run generator plans to sell shares in NTPC Renewable Energy Ltd within a year, the official said, asking not …

Bloomberg Clayton Dubilier & Rice (CD&R) LLC won a months-long battle for WM Morrison Supermarket Plc, beating out private-equity rival Fortress Investment Group in a rare auction with a knockout $9.5 billion offer for Britain’s fourth-largest grocer. The final offer of 287 pence a share “represents excellent value for shareholders while at the same time protecting the fundamental character of …

Bloomberg Virgin Atlantic Airways Ltd will double the number of services it operates to the US, adding back six routes suspended at the start of the coronavirus crisis as the Biden administration relaxes border curbs. The UK carrier restored flights from London Heathrow to San Francisco, which will be followed by links to Orlando, Florida, and Las Vegas next month, …

Bloomberg Air France-KLM is deep in negotiations with Airbus SE, Boeing Co and engine-makers vying for a massive narrow-body order and plans to make a decision on suppliers within months, Chief Executive Officer Ben Smith said. The deal will include at least 80 firm orders and 60 to 80 options, Smith said at an event in Paris. The purchase could …

Bloomberg JetBlue Airways Corp told workers that two provisions in a recent federal mandate mean they must get fully vaccinated against Covid-19, possibly as soon as December 8. Airline cites provision requiring vaccinations at companies with more than 100 employees and those that do business with the federal government; “We will be treated as a federal contractor,” memo said. JetBlue …

Bloomberg Walmart Inc is looking to sell more sustainable debt amid pressure for the retail industry to reduce its carbon emissions. The world’s biggest retailer made its debut in the green bond market in September with a $2 billion offering, the largest ever from a US corporation. The transaction was part of $7 billion bond sale spread across five parts …

Bloomberg The Czech central bank pledged to keep raising borrowing costs after lifting interest rates by the most in nearly a quarter century, pushing the koruna higher and angering the government with the European Union’s most aggressive anti-inflationary campaign. Policy makers increased the benchmark rate by 75 basis points to 1.5%, exceeding expectations for a half-point increase. The move followed …