October, 2016

• 30 October

  DAMAC Properties unveils ‘AKOYA Fresh’

  

    Dubai / Emirates Business DAMAC Properties, one of the leading luxury real estate developers in the region, unveiled AKOYA Fresh, a collection of 3-bedroom villas in an international golf community, presenting millennials, including young professional couples and families, with a refreshing way of life. Priced at AED 1.2 million payable over 3 years, each villa comes with a plot ...

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• 30 October

  Bangladesh telecoms caught up in $500mn tax row

  

    DHAKA / AP By government accounts, four foreign-backed cellphone operators owe $500 million to Bangladesh in unpaid taxes. By the companies’ accounts, the figure is closer to $50 million — if it isn’t zero. As the legal row drags into its fourth year without resolution, telecommunications analysts warn it is putting pressure on the industry that is Bangladesh’s single ...

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• 30 October

  Shanghai Electric to pay $1.8bn for K-Electric stake

  

    Bloomberg State-backed Shanghai Electric Power Co. agreed to pay buyout firm Abraaj Group $1.77 billion for a controlling shareholding in Pakistani utility K-Electric, gaining access to 2.5 million customers in the south Asian country’s most populous city. Abraaj is selling its 66.4 percent stake in K-Electric through its KES Power unit, according to a statement posted on its website, ...

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• 30 October

  USA urges China to cut coal imports propping up N Korea

    BEIJING / AP A senior US official urged China to work with the US to close a loophole on North Korean coal imports that Washington believes has been critical to propping up the isolated country’s finances. Deputy Secretary of State Antony Blinken said in Beijing ahead of talks with Chinese officials that Chinese coal imports from North Korea contributed ...

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• 30 October

  NZ economy milks clamour for Middle Earth

  

    Wellington / AFP Peter Jackson’s “Lord Of The Rings” and “Hobbit” series have proved to be as precious to New Zealand’s economy as any magical ring as millions flock to the country for a glimpse of Middle Earth, making tourism the main driver of growth. For years, coffers have been supplemented mainly by booming sales of dairy products from ...

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• 30 October

  Low-cost carriers spread wings over the Atlantic

  

    New York / AFP Low-cost air carriers are spreading their wings across the Atlantic, much to the chagrin of the major airlines now forced to serve new destinations and cut fares. Transatlantic flights operated by Norwegian Air, Iceland’s Wow air, Canada’s WestJet and Morocco’s Royal Air Maroc have multiplied in recent years as jet fuel has grown cheaper. Frequently ...

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• 30 October

  ‘Heathrow’s runway 50 years too late’

  

    Bloomberg The UK’s government’s decision to expand London’s Heathrow airport is about ‘50 years too late,’ according to the chief executive officer of Dubai Airports, which is building one of the world’s largest aviation hubs. “Unfortunately the bureaucracy in the UK seems to be the world’s most refined and the world’s most comprehensive when it comes to strangling infrastructure ...

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• 30 October

  Nokia reduces losses as merger with rival proceeds

  

    Helsinki / AFP Finnish telecom equipment giant Nokia said it has managed to reduce losses but remained in the red in the third quarter after acquiring its former rival, French-American Alcatel-Lucent. The world’s former number one in handsets, which turned into a telecom equipment maker, reported a net loss of 125 million euros ($135 million) in the third quarter ...

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• 30 October

  Rise of private-jet ride sharing crimps new aircraft orders

  

    Bloomberg Thanks to new technology, flying in a private jet is no longer just for business titans and the super-wealthy. But in a paradox, that means aircraft manufacturers like Cessna and Bombardier Inc. are selling fewer planes. The general aviation industry is undergoing a major shakeup as new business models attempt to match idle aircraft with passengers, many of ...

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• 30 October

  Russia to plan sales of VTB, Transneft shares by 2020

  

    Bloomberg Russia is looking to sell dozens of stakes in state companies ranging from its oil-pipeline monopoly to its second-largest lender over the next three years as the government struggles to cover its budget gap, according to a draft privatization programme. After years of delays, the government is reviving plans to offer shares in Transneft PJSC and VTB Bank ...

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