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

Bloomberg Telstra Corp. plans to cut 8,000 jobs, sell assets and potentially spin off a new infrastructure business in a make-or-break attempt to fend off competition. The stock tumbled. Australia’s former phone monopoly, which has lost more than half its market value since early 2015, said it will almost double its cost-cutting programme. An asset carve-off will raise as much ...

Bloomberg About two years after Blackstone Group LP registered India’s first real estate investment trust, the private equity giant is close to taking it public. Rising interest rates threaten to get in the way. Blackstone and local partner Embassy Group plan to file a prospectus for an initial public offering of the REIT as early as next month, a deal ...

Bloomberg The European Union is on course to hand dozens of UK-based companies a pre-Brexit tax bombshell, according to people familiar with a state-aid probe that could lead to bills exceeding 1 billion pounds ($1.3 billion.) A decision in the European Commission’s investigation into a controversial tax break for UK-based multinationals will be ready later this year, well before Britain’s ...

Bloomberg Volkswagen AG and Ford Motor Co are considering a strategic alliance to work together on a range of commercial vehicles, a move that would enable two of the world’s largest automakers to share the burden of meeting tougher environmental rules. The potential alliance on several projects, including vans and other commercial vehicles, won’t lead to an exchange of equity ...

Bloomberg 21st Century Fox Inc accepted a sweetened, $71.3 billion bid from Walt Disney Co for its entertainment assets, outbidding Comcast Corp in a battle for one of the media industry’s biggest prizes. The $38-a-share price is about $10 a share higher than what Disney offered in December — and $3 above Comcast’s bid from last week. The new agreement ...

Bloomberg Consumer confidence slid for a seventh month in Sweden amid sliding housing prices and a tumbling krona, adding to woes as the largest Nordic economy now also faces a possible trade war. The National Institute of Economic Research’s consumer confidence indicator unexpectedly slid to 96.8 in June, which is the lowest in almost two years. Swedes became more pessimistic ...

Bloomberg Sales of previously owned US homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors (NAR) data showed. The drop in sales was led by declines in purchases of single-family homes and cheaper properties, according to NAR, indicating that the market is being driven by ...

President Donald Trump and the Democrats can’t agree on anything, except one big thing: China. After the administration announced plans on June 15 to impose tariffs on $50 billion of Chinese imports, Charles Schumer, the Democrats’ Senate leader, called the decision “on the money.” That was a startling statement on a startling fact: China has few friends left in Washington, ...

While everyone else is watching the World Cup, biotech bankers are keeping busy. This week will bring a bumper crop of baby biopharmas into the market, with seven expected to go public in the US — the most in more than three years, according to data compiled by Bloomberg. The list includes companies working on cutting-edge medical research, from potentially ...

Grab Holdings Inc. seems pretty pleased with itself at nabbing a $1 billion investment from Toyota Motor Corp. The idea isn’t new, but this is the biggest financing by a car company of a ride-hailing service. Grab ought to be wary of such largess in a deal that looks a bit like vendor financing. The Southeast Asian startup needn’t be ...