News

Bloomberg Billionaire Quek Leng Chan’s GuocoLand Ltd. and its joint venture partners are buying Pacific Mansion near Singapore’s business district for S$980 million ($743 million), the biggest purchase of a residential site for redevelopment in more than a decade. The price is also the highest in the current so-called en-bloc cycle, and only surpassed by the S$1.3 billion sale of ...

Bloomberg Government officials in the US and Europe are demanding answers from Facebook Inc. after reports that Cambridge Analytica, the advertising-data firm that helped Donald Trump win the US presidency, retained information on tens of millions of Facebook users without their consent. Entreaties for the social-media giant to take responsibility evolved into calls for CEO Mark Zuckerberg to appear in ...

Bloomberg GKN Plc’s rival suitors offered additional sweeteners to win over the UK aerospace supplier’s shareholders, who are set to decide next week which side to support. Dana Inc. pledged to trade its stock in London following the US company’s planned takeover of GKN’s automotive unit, it said. Melrose said separately that it would bolster GKN’s pension plan, while easing ...

Bloomberg Samsonite International SA, the world’s biggest luggage maker, has its eyes on adding a handbag brand and is open to a deal that could rival its $1.8 billion purchase of Tumi, according to Chairman Timothy Charles Parker. Handbags would help Samsonite fill a gap as the company focuses on boosting sales of office gear and non-travel products to women, ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Sunday signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the agreements, which were signed at the Abu Dhabi Louvre, Total has been awarded a 20 percent interest in the Umm Shaif and Nasr concession and a 5 percent ...

DUBAI / WAM Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announced the acquisition of a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in ...

FUJAIRAH / WAM The National Bank of Fujairah (NBF) on Sunday approved a distribution of profits of 15 percent of paid-up capital. This took the form of cash dividends of 7.5 percent, AED102.5 million, and bonus shares of 7.5 percent, AED102.5 million, of paid-up capital. The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Sharia Supervisory Board ...

DUBAI / Emirates Business Pressure is mounting on regional banking and financial institutions to accelerate the adoption and digitisation of processes as the dem-and for cutting-edge online bank- ing from millennial consumers continue to rise. In order to remain competitive, swift response to the evolving consumer needs is paramount as more and more customers are now expecting their respective banks ...

DUBAI / Emirates Business Azizi Developments, one of the leading private developers in the UAE, has announced that its most ambitious project till date — a commercial and residential tower that will add to Dubai’s iconic skyline — will commence construction in the third quarter of 2018. The 122-storey building will stand at approximately 570m tall on Sheikh Zayed Road ...

DUBAI / WAM Nasdaq Dubai on Sunday welcomed the listing of a $1.25 billion sukuk by the Islamic Development Bank (IDB), whose activities include financing development projects for its 57 member countries. The listing brings the number of Sukuk listings by the IDB on the exchange to nine with a total value of US$11.5 billion, making it one of the ...