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

Bloomberg Bristol-Myers Squibb agreed to acquire Celgene Corp in a record-sized $74 billion deal that will unite two drugmakers battling for advantage in a crowded market for innovative cancer treatments. Both companies have faced investor wariness about their prospects in recent months. Bristol makes an immunotherapy drug called Opdivo that accounts for roughly a quarter of its sales but that ...

Bloomberg Apple Inc plunged to its lowest price in a year-and-a-half after the company cut its revenue outlook for the first time in almost two decades, citing weaker demand in China. Chief Executive Officer Tim Cook said sales will be about $84 billion in the quarter ended on December 29, down from earlier estimates of $89 billion to $93 billion. ...

Bloomberg The first week of the new year brought a slew of bleak reports for the UK economy, highlighting the scale of the challenges to come as Britain prepares to leave the European Union. Data showed the housing market had its worst 12 months since 2013 last year, consumers remained reticent about borrowing and a gauge of services, the largest ...

Bloomberg PG&E Corp is considering filing for bankruptcy protection within weeks as a way of organising billions of dollars in potential liabilities tied to deadly wildfires that ravaged parts of California in 2017 and 2018, according to people familiar with the situation. The California utility giant may decide to file by February, said the people, asking not to be identified ...

Bloomberg Another year, another increase to your monthly pay-TV bill. Giants including Comcast Corp, Dish Network Corp and AT&T Inc’s DirecTV plan to raise rates again in the new year, a move that could boost revenue but risks alienating subscribers who have been ditching their traditional TV subscriptions in record numbers. Cable and satellite providers are hoping to squeeze more ...

On its 20th birthday, the best that can be said of the euro — the European currency used by 19 countries — is that it has survived. Two decades after being introduced in 1999, it has not achieved its central goals: increasing economic growth and strengthening public support for European political institutions. In many ways, just the opposite has occurred. ...

It’s an ominous sign for investors. The first working day of 2019 was marked by a British commercial property company pausing its buyback program. Hammerson Plc had been repurchasing stock while simultaneously trying to reduce its borrowings. Now it turns out the developer can’t have its cake and eat it. The announcement sent Hammerson shares down as much as 4.8 ...

They told you so, Apple. Japan’s machinery makers gave Apple Inc. CEO Tim Cook a warning well in advance about what he didn’t seem to know: Chinese smartphone demand was plummeting. The iPhone maker blamed China for a cut in its revenue forecast, which sent fresh ripples through the company’s long chain of suppliers across Asia. Apple “did not foresee ...

For investors attempting to adjust their portfolios in anticipation of a recession by the end of 2020, recent economic indicators carry a message: they may have to prepare for the downturn to start as early as 2019 despite stocks enjoying a recent “dead-cat bounce.” Bloomberg News reports that a Federal Reserve Bank of New York gauge puts the chances of ...

The world enters 2019 with a lot more uncertainty about the prospects for global growth. The excitement a year ago about a synchronised pickup in global growth is replaced by angst that was initially focused on China and Europe but is increasingly spreading to the US, the sole consistent bright spot and one of the most powerful job creators and ...