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

Bloomberg A consortium led by China’s Tencent Holdings Ltd agreed to buy 10% of the world’s biggest music company, Universal Music Group, from Vivendi SA, after months of talks. The deal values Universal Music at 30 billion euros ($33.6 billion) and allows Tencent and its partners to increase the stake to as much as 20% for the same price before …

Bloomberg Uber Technologies Inc and Postmates Inc sued the state of California, alleging that a labour rights law set to go into effect this week is unconstitutional. The lawsuit filed in Los Angeles federal court is a preemptive strike against the state’s landmark measure designed to ensure gig workers receive employment protections. Uber and Postmates argue the legislative process around …

Dubai / Emirates Business Emirates, the world’s largest international airline, concluded 2019 with a successful string of product, network, and customer experience highlights. The airline ushered in 2020 with a continued focus on strengthening its business across operational, commercial and customer experience metrics, and excitement for Expo2020 – the world’s greatest show – which will open its doors to global …

Dubai / Emirates Business Travel is expected to reach another peak towards the end of this week for Emirates, as the airline expects yet another busy period with outbound travel after New Year’s celebrations and inbound traffic to take advantage of the Dubai Shopping Festival. The busiest days anticipated are January 1-4. Emirates reminds customers to arrive at the airport …

Bloomberg Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Amazon.com Inc. in India. JioMart, open to select customers who pre-register, promises more than 50,000 grocery products, free home delivery and a return policy that asks no questions. Labeled ‘the …

Bloomberg NWP Retail, a shopping mall developer backed by Warburg Pincus LLC, will spend $123.5 million buying five Lippo shopping malls in Indonesia. Two shopping malls will be acquired from the Indonesian units of Singapore-listed Lippo Malls Indonesia Retail Trust for $92 million while another three will be bought for $31.5 million from entities owned by PT Multipolar. The acquisitions …

Bloomberg Winter storms that delivered cold rain and ice to much of the Northeast and snow to the Midwest left more than 100,000 homes and businesses without power and caused more than 500 flight delays. The storms also produced treacherous road conditions, reduced visibility and knocked down power lines in an area that stretched from North Dakota, Minnesota and northern …

Bloomberg Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in US crude stockpiles eased oversupply concerns. Futures climbed 0.6% in New York after closing at the highest level in three months. American crude supplies fell by 5.47 million barrels in the week ended December 20, more than three times the median …

Bloomberg The US merchandise-trade deficit unexpectedly narrowed for a third month in November to the smallest shortfall in three years as exports increased and imports declined, the latest sign that economic growth is holding up at the end of the year. The gap decreased to $63.2 billion from $66.8 billion the prior month, according to Commerce Department data released on …

Bloomberg Gulf borrowers raised more than $100 billion in bond placements this year, a record amount that marked a shift from the more private funding route offered by loans. Saudi Aramco was the biggest issuer, while Egypt, Oman and Saudi Arabia also tapped international bond markets. Syndicated loans dropped 39% this year as sovereigns and companies sold notes in dollars …