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Saudi Arabia to auction detained tycoon’s real estate assets

Saudi Arabia to auction detained tycoon’s real estate assets

One source estimated the indebted billionaire’s sale proceeds to be US$267-US$533 million. (Bloomberg pic) RIYADH: Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters. Sanea, ranked by Forbes in 2007 […]

September 16, 2018 | By | Reply More
Macau halts gambling as typhoon deals latest blow to casinos

Macau halts gambling as typhoon deals latest blow to casinos

Casino Lisboa, center, stands before the expected arrival of Super Typhoon Mangkhut in Macau on Sept 15, 2018. (Bloomberg pic) HONG KONG: All bets are off in Macau — for now. The world’s largest gambling hub suspended gaming operations at all its casinos as Typhoon Mangkhut ripped through the region, in the latest setback for […]

September 16, 2018 | By | Reply More
Japan’s Abe says he told Trump it’s dangerous to play with FX

Japan’s Abe says he told Trump it’s dangerous to play with FX

Japanese Prime Minister Shinzo Abe. (Bloomberg pic) TOKYO: Japan’s Shinzo Abe told US President Donald Trump that it’s dangerous to broach the topic of currencies, the prime minister said on Sunday. The comment came in a television debate with lawmaker Shigeru Ishiba, his rival in the ruling Liberal Democratic Party leadership election on Thursday, as Abe […]

September 16, 2018 | By | Reply More
BMW to recall more than 139,000 of its 3-series cars in China from November

BMW to recall more than 139,000 of its 3-series cars in China from November

BMW 328i is pictured during world premiere of company’s new 3-series in Munich. (Reuters pic) BEIJING: German automaker BMW will recall more than 139,000 of its 3-series cars in China from Nov 9, because of a defect in the air-conditioning system, the market regulator said. The recall covers 89,309 vehicles produced in China between May […]

September 16, 2018 | By | Reply More
China’s Silicon Valley dream needs reality check

China’s Silicon Valley dream needs reality check

China’s Silicon Valley threatens to swallow up Hong Kong. (Bloomberg pic) Build it and they will come. Maybe. President Xi Jinping’s grand plan to bind Hong Kong and Macau with the southern tip of China using the world’s longest bridge and a cross-border bullet train faces some large roadblocks. The “Greater Bay Area” is an attempt […]

September 16, 2018 | By | Reply More
Are we there yet? No bottom in sight for China stocks

Are we there yet? No bottom in sight for China stocks

Shanghai is the world’s worst-performing major stock market this year despite respectable corporate earnings. (AFP pic) SHANGHAI: Shanghai is the world’s worst-performing major stock market this year despite respectable corporate earnings, a disconnect which is feeding growing talk that Chinese equities are now a screaming buy. Not so fast, say brokers and analysts, who warn […]

September 16, 2018 | By | Reply More
Resilient China is firewall in emerging currency crisis

Resilient China is firewall in emerging currency crisis

China’s ability to resist risk is said to be relatively strong. (AFP pic) FRANCE: China is the last bulwark against a deep crisis in emerging economies going fully global, analysts say, although a prolonged trade war could sap Beijing’s defences. Emerging countries — loosely defined as having fast growing but volatile economies — have seen their […]

September 16, 2018 | By | Reply More
France to replace ‘Exit Tax’ on capital gains, target fiscal cheats

France to replace ‘Exit Tax’ on capital gains, target fiscal cheats

French President Emmanuel Macron says the “Exit Tax” damages France’s attractiveness as an investment destination. (Reuters pic) PARIS: France will abolish a tax imposed on the capital gains of top earners and entrepreneurs who leave France and sell their assets with a more-targeted levy designed to deter tax optimisation, a finance ministry spokesman said on Saturday. […]

September 16, 2018 | By | Reply More
Uber glitch leaves drivers unpaid and frustrated

Uber glitch leaves drivers unpaid and frustrated

A sign marks a pick-up point for the Uber car service at LaGuardia Airport in New York. (AP pic) SAN FRANCISCO: Drivers for the ride-hailing company Uber are frustrated over a glitch that is keeping them from being paid immediately. The Mercury News of San Jose reports San Francisco-based Uber was still working on Saturday […]

September 16, 2018 | By | Reply More
BMW drives to cut battery costs, share costs on autonomous vehicles

BMW drives to cut battery costs, share costs on autonomous vehicles

A logo of the German luxury carmaker BMW is seen during the company’s annual news conference in Munich, Germany, March 21, 2018. (Reuters pic) NEW YORK: German luxury vehicle maker BMW AG plans more deals with mining companies to secure electric vehicle battery materials, and is open to forming alliances to share the costs of […]

September 16, 2018 | By | Reply More