Las Vegas casino developer sues leading banks for $3 billion
Friday 24th April, 2009
Fontainebleau Las Vegas, LLC which is developing a multi-billion dollar casino resort on the Las Vegas Strip, has launched a lawsuit against some of the world's top banks.
Fontainebleau is suing Bank of America, Merrill Lynch, JPMorgan Chase, Barclays, Royal Bank of Scotland, Sumitomo Mitsui, and Deutsche Bank, for $3 billion.
Fontainebleau alleges the banks and other lenders reneged on their contractual commitments to provide the Company with almost $800 million in prearranged funding.
Commercial property in Dubai takes dive
Friday 24th April, 2009
This time last year vacant commercial office space in Dubai was a scarcity. The vacancy rate was in fact barely 1%. How the market has changed. Jumeriah Lakes, the Dubai Technology, Electronic-Commerce and Media Free Zone (TECOM) , Bur Dubai, the Business Bay and Financial Centre districts, Deira, and other areas are now home to gleaming new, but decidedly empty towers. The vacancy rate has now pushed past 16% according to international realtor Jones Lang LaSalle.
UAE developer shelves AED 4 billion in projects
Friday 24th April, 2009
The largest property developer in the emirate of Ras al Khaimah in the UAE, the 45%-government owned RAK Properties, is to downsize its operations. CEO Mohamed Sultan al-Qadi said this week the company would delay AED 4 billion in projects in Ras al Khaimah. The shelvings are due to the global financial crisis, he said.
Apple fires 1,600 from retail stores
Friday 24th April, 2009
Apple has fired some 1,600 employees from its chain of retail stores due to slackening consumer demand, the Wall Street Journal reported Friday.
The job cuts were referenced in a securities filing by Apple Thursday in which the company said it had 14,000 full-time equivalent employees in its retail division as of March 28, down from the 15,600 as of the end of December.
Ford Motors reports $1.4 bn loss
Friday 24th April, 2009
Ford Motor Company, trying to avoid the fate of Chrysler and GM, Friday posted a $1.4-billion first quarter loss that was, however, better than analysts had expected.
Revenues dropped 43 percent compared to the same period last year, to $24.8 billion, the company said. Overall, Ford sales outside the US fell by 36 percent in the first quarter, to 973,000 vehicles.
3 more US banks fail, lifting this year's tally to 28
25 Apr 2009, 0619 hrs, AGENCIES
CHARLOTTE: Regulators on Friday shut down three more banks, boosting the number of failures this year to 28 _ more bank closures than in all of last year. The latest banks seized were American Southern Bank in Georgia, Michigan Heritage Bank, and First Bank of Beverly Hills in California.
Toshiba says to cut British jobs
24 Apr 2009, 2241 hrs, AGENCIES
LONDON: Japanese electronics giant Toshiba said on Friday that it was cutting 270 jobs in Britain to move production to Poland. The firm said it was stopping the production of flat-screen televisions at its factory in Plymouth, southwest England.
Friday 24th April, 2009
Fontainebleau Las Vegas, LLC which is developing a multi-billion dollar casino resort on the Las Vegas Strip, has launched a lawsuit against some of the world's top banks.
Fontainebleau is suing Bank of America, Merrill Lynch, JPMorgan Chase, Barclays, Royal Bank of Scotland, Sumitomo Mitsui, and Deutsche Bank, for $3 billion.
Fontainebleau alleges the banks and other lenders reneged on their contractual commitments to provide the Company with almost $800 million in prearranged funding.
Commercial property in Dubai takes dive
Friday 24th April, 2009
This time last year vacant commercial office space in Dubai was a scarcity. The vacancy rate was in fact barely 1%. How the market has changed. Jumeriah Lakes, the Dubai Technology, Electronic-Commerce and Media Free Zone (TECOM) , Bur Dubai, the Business Bay and Financial Centre districts, Deira, and other areas are now home to gleaming new, but decidedly empty towers. The vacancy rate has now pushed past 16% according to international realtor Jones Lang LaSalle.
UAE developer shelves AED 4 billion in projects
Friday 24th April, 2009
The largest property developer in the emirate of Ras al Khaimah in the UAE, the 45%-government owned RAK Properties, is to downsize its operations. CEO Mohamed Sultan al-Qadi said this week the company would delay AED 4 billion in projects in Ras al Khaimah. The shelvings are due to the global financial crisis, he said.
Apple fires 1,600 from retail stores
Friday 24th April, 2009
Apple has fired some 1,600 employees from its chain of retail stores due to slackening consumer demand, the Wall Street Journal reported Friday.
The job cuts were referenced in a securities filing by Apple Thursday in which the company said it had 14,000 full-time equivalent employees in its retail division as of March 28, down from the 15,600 as of the end of December.
Ford Motors reports $1.4 bn loss
Friday 24th April, 2009
Ford Motor Company, trying to avoid the fate of Chrysler and GM, Friday posted a $1.4-billion first quarter loss that was, however, better than analysts had expected.
Revenues dropped 43 percent compared to the same period last year, to $24.8 billion, the company said. Overall, Ford sales outside the US fell by 36 percent in the first quarter, to 973,000 vehicles.
3 more US banks fail, lifting this year's tally to 28
25 Apr 2009, 0619 hrs, AGENCIES
CHARLOTTE: Regulators on Friday shut down three more banks, boosting the number of failures this year to 28 _ more bank closures than in all of last year. The latest banks seized were American Southern Bank in Georgia, Michigan Heritage Bank, and First Bank of Beverly Hills in California.
Toshiba says to cut British jobs
24 Apr 2009, 2241 hrs, AGENCIES
LONDON: Japanese electronics giant Toshiba said on Friday that it was cutting 270 jobs in Britain to move production to Poland. The firm said it was stopping the production of flat-screen televisions at its factory in Plymouth, southwest England.
