Dubai International Real Estate (DIRE) has awarded a $395 million contract to the Habtoor Leighton Group (HLG) to build the next phase of its $816 million Jewel Of The Creek Development in Port Saeed in Dubai. The project,which measures 123,955 square metres, will include serviced apartment buildings, nine hotels and a marina.
Updated 5 Years ago

Tripartite discussions between the South Korea, Japan and the United States are to take place later this week, the Yonhap News Agency has reported, with a focus on increased cooperation in intelligence sharing. Long touted as a way for the two U.S. allies to form a united front against North Korea, cooperation between South Korea and Japan remains controversial due to Japan’s 1910-1945 colonization of the Korean Peninsula. A similar military intelligence-sharing agreement between the two collapsed two years ago due to domestic resistance in South Korea.
Updated 5 Years ago

Chinese consumers are accustomed to all types of government measures to restrain rising home prices. Now it's time for a probable turnaround. Hangzhou is the provincial capital and the first city in the country to set a "bottom line" for a new - home transaction price. But the city government later clarified that it was not setting a "bottom line" for home price drops; instead, it means to regulate the pricing behaviors of developers.Property deals in Hangzhou in East China's Zhejiang province are set to terminate if the actual transaction price is 15 percent lower than that developers recorded with the municipal government.
Updated 5 Years ago

China will launch a campaign to keep terrorism-related video and audio information off the Internet, on grounds that publicity encourages terrorists to commit more violent acts, the State Internet Information Office said. The office announced the move in a video conference attended by heads of provincial Internet information offices.
Updated 5 Years ago

Governor of the Buenos Aires Province Daniel Scioli has positively echoed the news about the Paris Club deal affirming the accord will help to bum up the already “growing interests of investors” in Argentina, a mainstay for productive and infrastructure development. In statements to media this morning, Scioli expressed his “public congratulations” to Economy Minister Axel Kicillof who managed to reach a “very beneficial agreement for the country,” following “instructions of President Cristina Fernández de Kirchner.”
Updated 5 Years ago

Brazilian power utility Copel issued 1bn reais (US$448mn) in bonds. The bonds have a term of five years, a company statement said, with repayment due at the end of the third, fourth and fifth years.
Updated 5 Years ago

CALGARY — The Canadian unit of France’s Total SA is putting its $11-billion Joslyn oil sands mine on hold indefinitely, saying high costs do not support investing in the project. André Goffart, chief executive of Total E&P Canada Ltd., said Thursday the company is cutting spending and halting project-related site work on the mine, which was to produce 100,000 barrels of bitumen per day starting in 2020. The move will result in layoffs of up to 150 Canadian staff by year end, although some workers will be moved to the company’s other projects, he said.
Updated 5 Years ago

Donald Sterling’s approval wasn’t needed as his wife completed the $2 billion sale of the Los Angeles Clippers to former Microsoft Corp. (MSFT) Chief Executive Officer Steve Ballmer. Shelly Sterling signed a binding contract for the sale of the Clippers to Ballmer, according to a PR Newswire statement today. She was acting under her authority as the sole trustee of The Sterling Family Trust, which owns the Clippers.
Updated 5 Years ago

Billionaire Li Ka-shing’s Cheung Kong Group agreed to acquire Envestra Ltd. (ENV) in a cash deal that values the Australian natural gas distributor at A$2.4 billion ($2.2 billion), edging out a rival share offer from APA Group. Envestra’s independent directors recommended the A$1.32 a share offer from a group includingCheung Kong Infrastructure Holdings Ltd. (1038), the Adelaide-based company said today in a statement. The bid, announced earlier this month, compares with APA’s offer worth A$1.34 a share at today’s close. Envestra advanced 1.1 percent to close at a record A$1.365.
Updated 5 Years ago

U.S. authorities are seeking more than $10 billion from BNP Paribas SA (BNPQY) to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to a person familiar with the matter. A final deal is probably weeks away, said the person, who asked not to be identified because the talks aren’t public. The amount to settle has escalated: the bank said in April that it might need to pay far more than the $1.1 billion it had already set aside for the case. BNP Paribasdropped as much as 6.1 percent in Paris trading, the biggest decline in 15 months.
Updated 5 Years ago