Saturday, 11 May 2013 12:14
Posted by Abdul Ahad
SHANGHAI: Alibaba Group, China's largest e-commerce firm, will take a 28 percent stake in digital mapping company AutoNavi Holdings Ltd, part of Alibaba's move to boost its competitveness by beefing up its product lineup.Unlisted Alibaba will invest $294 million to become the largest shareholder in the Chinese-based firm, according to a statement from AutoNavi on Friday which confirmed an earlier report from news portal Sina.The move comes after Alibaba, which competes with Tencent Holidings, acquired ...
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FRANKFURT: German publisher Axel Springer has drawn up a cost-cutting programme to save 20 million euros ($25.94 million) in a move which could see up to 200 staff made redundant, weekly magazine Der Spiegel said, citing people familiar with the plan.Copyright Reuters, 2013 ...
DUBAI: A planned floatation of Doha Global Investment Co, a $12 billion Qatari investment firm backed by assets from the Gulf state's sovereign wealth fund, has been postponed pending necessary approvals, a senior bourse official said on Sunday.Qatar unveiled plans to create the investment company in February and said its sovereign fund arm, Qatar Holding, will transfer $3 billion worth of assets into the new firm, with a similar amount raised in an initial public ...
MUMBAI: The Indian government's cyber watchdog is investigating how the computer systems of two companies that are part of the country's vast IT services industry were breached in a global ATM heist that saw $45 million stolen from two banks in the Middle East.EnStage Inc, which operates from Bangalore, and ElectraCard Services, based in the Indian city of Pune, processed card payments for the two banks that were hit in the theft, several people familiar ...
KUWAIT CITY: Kuwait's national carrier is due to sign a multi-billion-dollar deal with Airbus to purchase 25 new aircraft valued at $3.0 billion with the first delivery expected in 2019, a well-informed newspaper reported on Sunday.The deal will be signed "very soon," the privately-owned Al-Watan newspaper said quoting sources close to decision-makers.Last week Kuwait Airways Co. (KAC) board of directors decided to choose an offer made by Airbus because it carried a price tag $280 ...
BERLIN: Up to 200 jobs could be slashed at top German tabloid Bild, as its publishing group seeks to make some 20 million euros ($26 million) in cost savings, according to a media report on Sunday.Citing "several informed sources", newsweekly Der Spiegel said publishers Axel Springer were looking to cut between 170 and 200 jobs at Bild, the most widely read daily newspaper in Europe."Axel Springer clearly believes that serious cuts are needed in its ...
SHANGHAI: Alibaba Group, China's largest e-commerce firm, will take a 28 percent stake in digital mapping company AutoNavi Holdings Ltd, part of Alibaba's move to boost its competitveness by beefing up its product lineup.Unlisted Alibaba will invest $294 million to become the largest shareholder in the Chinese-based firm, according to a statement from AutoNavi on Friday which confirmed an earlier report from news portal Sina.The move comes after Alibaba, which competes with Tencent Holidings, acquired ...
NEW YORK: A battle over US computer giant Dell heated up Friday as corporate raider Carl Icahn and other investors made a new offer and called a planned buyout led by company founder Michael Dell a "giveaway."The investor group, which holds around 13 percent of Dell shares, said in a regulatory filing it would urge shareholders to reject the private equity buyout and opt instead for its "superior" recapitalization plan, keeping the company public.Icahn has ...
