Investors in Dubai continued to accumulate cash in early trade on Thursday ahead of the $1.4 billion initial public offer of Emaar Malls Group, a subsidiary of Emaar Properties, the largest listed developer in the emirate. The Dubai index fell 1.3 per cent as most stocks were in the red. Emaar itself was the main drag, falling 1.8 per cent as its shares no longer entitled their holders to priority allotment in the malls unit’s IPO.
Updated 6 Years ago

Dubai private equity firm Ithmar Capital has sold a 7.3 per cent stake in Al Noor Hospitals for 10.30 pounds per share, two sources familiar with the matter said on Thursday, in a deal worth 87.55 million pounds ($142 million). Ithmar offered 8.5 million shares in the healthcare firm in the first such sell-down since the company was listed in July 2013. The sale leaves Ithmar with a 20 per cent stake, according to Thomson Reuters data.
Updated 6 Years ago

The growth in luxury hotel accommodation in Dubai’s Jumeirah Beach Road shows no signs of abating with Mandarin Oriental confirming it will open a 200-room hotel in 2017. Four Seasons is opening its resort in December, and having both five-star brands in close proximity will keep both operators and other high-end brands across the city on their toes, although Dubai shouldn’t have too much problem accommodating their relatively small inventory (Four Seasons also has 200 rooms).
Updated 6 Years ago

Last week, a group of 22 white-collar professionals fought in 11 clashes at the Park Hyatt Hotel in Beijing during a glamorous black-tie charity dinner attended by around 500. Aged between 23 to 49, the fighters' occupations range from editor, engineer, radio host to manager. As in other white collar boxing events around the world, the fighters are all amateurs and had no previous boxing experience.
Updated 6 Years ago

The value of the Chinese currency renminbi, or the yuan, strengthened by 95 basis points to 6.1425 against the US dollar in its central parity on Wednesday, according to the China Foreign Exchange TRADING SYSTEM. The rate hit its highest point against the dollar since March 19, when the central parity rate was recorded at 6.1351, according to the central bank's RMB central parity chart against the dollar.
Updated 6 Years ago

Alibaba's initial public offering is three times oversubscribed, Hong Kong Economic Journal reported Wednesday. Alibaba Group Holding Ltd kicked off a 10-day global roadshow on Monday, meeting investors in cities from New York, Boston, San Francisco and Los Angeles, to Hong Kong, Singapore and London.
Updated 6 Years ago

The Cantareira water system in São Paulo state has fallen below 10% capacity for the second time ever, according to the website of state water utility Sabesp. At the current rate of depletion, the Brazilian reservoir could reach a new record low by end-September.
Updated 6 Years ago

The Colombian unit of German insurer Allianz saw its share of property and casualty (P&C) premiums in the first six months of the year increase to 7.49%, from 6.29% in the year-ago period, a greater increase than any of its competitors, according to figures from local regulator Superfinanciera. Total premiums in Colombia's P&C sector in the first half of the year came to 4.66tn pesos (US$23.6bn), with Allianz' accounting for 349bn pesos.
Updated 6 Years ago

Brazil's President Dilma Rousseff defended the idea of a bill to make broadband universalization legally binding in the country. But Rousseff, who is seeking reelection next month, rejected putting broadband in the "public regime" via a decree, as demanded by a group of consumer protection entities and civil society organizations gathered under the banner Banda Larga é um Direito Seu! (broadband is your right!), to avoid "legal challenges."
Updated 6 Years ago

Apple learned early on that it doesn't always pay to be a pioneer. While it largely created the modern personal computer, the company lost out (at least for a few decades) to Microsoft and its hardware partners. Ever since then, Apple has made a killing by waltzing into markets established by others and quickly taking over, leaving behind a trail of losers. Remember Creative Labs or Diamond Multimedia in the pre-iPod days? Or Nokia, RIM and Palm before the iPhone came along?
Updated 6 Years ago