News

Shanghai / AFP Apple on Thursday launched its mobile payment service Apple Pay in China, pitting the US technology giant against strong domestic rivals in a large but already crowded market. Success in the world’s second-largest economy is crucial for the California-based firm. Apple Pay is available in only a few other countries including the United States, Britain, Canada and ...

Tokyo / AFP Toyota said on Thursday it was recalling 2.87 million vehicles globally due to the possibility that their rear seatbelt could come apart in a crash and cause injuries. The recall involved Toyota’s RAV4 sports utility vehicle made between July 2005 and August 2014 and between October 2005 and January 2016. The announcement also involves its Vanguard SUV ...

Singapore / AFP Vietnamese budget carrier VietJet Air said on Thursday it had signed a $3.04 billion deal with US engine maker Pratt & Whitney, underscoring the growth potential of Southeast Asia’s low-cost airline market. The engines will power the 63 Airbus A320neo and A321neo aircraft ordered by the carrier, VietJet said in a statement at the Singapore Airshow. The ...

Riyadh / Bloomberg A record 47,431 rooms and 124 hotel projects are currently under development in Saudi Arabia, according to a new report. The majority of projects are in the final construction and pre-opening stages with 52 projects and almost 20,000 rooms set to open to the public throughout the Kingdom this year, says the new report by TOPHOTELPROJECTS commissioned ...

London / Bloomberg Buy-to-let landlords are rushing to purchase U.K. homes ahead of an increase in the stamp-duty sales tax in April. The number of homes acquired by rental homeowners rose 71 percent in January from the same month a year earlier, according to data compiled by Countrywide Plc. the U.K.’s largest realtor. Landlords purchased 21 percent of all the ...

LAS VEGAS / Bloomberg At the onset of the millennium, house flippers—people who purchased imperfect homes, renovated them, and resold them at a profit mere months later—ran rampant in U.S. housing markets. When the market went bust, the flippers mostly went away, replaced by investors who bought distressed homes and rented them out. The practice of flipping homes has been ...

London / Bloomberg Wells Fargo & Co., the world’s largest bank by market value, is close to a deal to lease an office building being constructed near the Bank of England in the City of London financial district, a person with knowledge of the matter said, asking not to be identified because the talks are private. The 33 Central building ...

RIYADH / Bloomberg JODC’s core business of developing projects close to Islam’s holiest site in Mecca, is no longer viable. Jabal Omar Development Company (JODC) is in financial trouble and that much is known from the company’s disclosures to the Saudi Stock Exchange earlier in 2016. It has swung to a loss and the company has been forced to negotiate ...

Dubai / Emirates Business Emirates REIT delivered a strong financial and operating performance during 2015, consolidating its position as a leader in the UAE property asset management industry. By year end, the net asset value of the REIT stood at USD 469.6 million, an increase of 8.7% year-on-year. “We have continued to organically grow overall occupancy and leasing rates in ...

Dubai / Emirates Business Paperworld Middle East, the region’s largest trade fair for paper, office supplies, and stationery, is eyeing continued growth, as its launch partners lead the charge of returning exhibitors with high hopes for a big year in 2016. With more than 250 exhibitors from 42 countries expected this year, the sixth edition of the three-day event in ...