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PARIS: French hotel giant Accor said Tuesday it had sold its US budget hotel division to the Blackstone investment fund for $1.9 billion and would use the funds to tap into growth in Asia. "Accor announces it has signed an agreement today to sell its United States Economy Hotels Division to an affiliate of Blackstone Real Estate Partners VII, for a total value of $1.9 billion" (1.5 billion euros), it said in a statement. The sale of 1,102 hotels with 107,347 rooms in the United States and Canada includes the Motel 6 chain and Studio 6, an extended-stay economy chain. "I am delighted by the transaction signed with Blackstone, which ensures the future of Motel 6 and its teams in North America, where we will remain present with luxury and upscale flagships under the Sofitel and Novotel brands," said chairman and CEO Denis Hennequin. "This deal will provide Accor with additional resources to address ...

SHANGHAI: Prices for new homes in China fell in more than 60 percent of major cities in April from March, the government said Friday, as moves to curb the property market took effect. Out of 70 major cities tracked by the government, 43 registered month-on-month falls in house prices last month, although that number was less than the 46 cities recorded in March. Prices were unchanged in 24 cities in April while only three cities saw price ...
MADRID: Spanish builder FCC registered a 59 percent fall in net profit in the first quarter of the year, hit hard by falling revenues at home where the economy slumped into a recession. Net profit in the first three months of the year was 16.6 million euros ($21.5 million) below analysts' expectations for 19 million euros in a Reuters poll. The company saw its first-quarter earnings before interest, tax depreciation and amortisations (EBITDA), fall by 13.8 percent ...
BEIJING: China's urban fixed asset investments rose 20.2 percent in the first four months of 2012 compared with a year earlier, the government said on Friday. Fixed asset investments in the cities are a key gauge of the Chinese government's infrastructure spending, which has increased rapidly in recent years as Beijing has sought to cushion the impact of the global downturn. Copyright AFP (Agence France-Presse), 2012 ...
HONG KONG: A corruption probe into the activities of one of Asia's richest families widened on Friday after Hong Kong authorities arrested the eldest sibling of the Kwok brothers at the centre of the scandal. The Kwok family's company, Sun Hung Kai Properties, was briefly suspended from trade on the Hong Kong stock exchange ahead of its announcement that anti-graft agents had arrested Walter Kwok over bribery allegations. Kwok informed the board late Thursday that he had ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln