Meraas Holding, a state-owned property firm that is developing some of Dubai’s most ambitious real estate projects, is in talks with banks to raise up to $4 billion, sources aware of the matter said on Monday. Dubai has bounced back rapidly from a debt crisis in 2008, when property prices fell by more than half, and state-linked property companies have started work on several major projects in the last two years.
Updated 6 Years ago

Saudi Arabia’s Ministry of Labour has imposed fines totalling SAR10 million ($2.6 million) on companies found to be flouting labour rules over the last nine months, local media reported. The Labour Ministry unearthed almost 62,762 violations of the labour law during its periodic inspections, deputy labour minister Abdullah Abu Ethnian was quoted as saying in the press.
Updated 6 Years ago

Rao Pingru started to paint pictures of his wife and recorded scenes from their 60 years of marriage at the age of 87. It was just weeks after his wife passed away. The Jiangxi native and former editor calls it "the only way to kill the alone time" after the death of his spouse, Mao Meitang.
Updated 6 Years ago

Taiwan-based Chinese actor Kai Ko, or Ko Chen-tung, 23,apologized publically for the first time for taking drugs at a pressconference in Beijing this afternoon. Ko was released this morning after 14 days of administrativedetention after he was detained for possession and use of drugs inBeijing on August 18.
Updated 6 Years ago

The dollar was firmer above ¥104 in Tokyo trading Monday after reaching the marker in New York trading Friday. At 5 p.m., the dollar was quoted at ¥104.15-15, up from ¥103.82-83 at the same time Friday. The euro stood at $1.3131-3133, down from $1.3169-3169, and at ¥136.77-78, up from ¥136.73-73.
Updated 6 Years ago

Growth in China's manufacturing sector moderated slightly in August, a sign of subdued momentum in the country's economic recovery, new data showed Monday. The purchasing managers' index (PMI) came in at 51.1 in August, down from July's 51.7, according to data released by the National Bureau of Statistics and the China Federation ofLogistics and Purchasing.
Updated 6 Years ago

China's top legislature on Sunday adopted a revision to the Budget Law which clears ambiguity and closes loopholes in managing the trillions of yuan involved in fiscal revenue and spending. This is the first time the Budget Law has been revised since it took effect in 1995.
Updated 6 Years ago

Current iron ore prices – which slumped to nearly their lowest level in five years as Chinese house prices cool and mining companies ramp up production – are not sustainable in the long term, said Marcus Severini, accounting director at Brazilian mining giant Vale. He said only a price range of US$115/t-120/t would provide stability to the sector. "Current prices aren't sustainable in the long term. They are too low. They create enough revenue to cover costs, but not enough to finance the development of new mines," Severini was quoted as saying by local daily paper Valor Econômico. Vale has one of the lowest production cost structures in the iron ore market, he added.
Updated 6 Years ago

Mexico's energy reforms are ushering in an era of profound change for the country and for state oil firm Pemex, and will generate the necessary conditions for greater development and better opportunities for the population, CEO Emilio Lozoya Austin said. Pemex has begun its restructuring process to take better advantage of the tools provided by the energy reform to guarantee the firm's continuity and prosperity, and make it more competitive within the oil industry, Lozoya Austin told Pemex employees in Veracruz, according to a press release.
Updated 6 Years ago

Chilean state copper producer Codelco saw its pre-tax profit for the first half of 2014 fall 27.5% to US$1.31bn compared to US$1.81bn in 1H13, as a decline in copper prices impacted its financial results, despite reporting increased production. "The impact of lower prices explains the company's results. All in all, we remain at prices and profit levels above the average of the company's history. The results are lower than previous years, but they are still good when taking a long-term view," CFO Iván Arriagada said in a press conference.
Updated 6 Years ago