Tag Archives: sales

Delays aid Dubai rents keep flat in 2015 sales costs drop

DUBAI Dec 14 The delayed handover of about 6,000 houses in Dubai has helped rents remain flat so far in 2015 even though residential sales prices have fallen a lot more than 10 percent, sector consultants CBRE stated on Monday.

Dubai’s genuine estate sector has stuttered this year following a rebound close to the peak values of the previous decade as a sturdy regional currency produced getting house much more pricey for foreign investors.

Overall, Dubai apartment and house sales prices on average fell 16 and 14 percent respectively in the first 11 months of 2015, CBRE estimated, forecasting additional declines in sale costs subsequent year.

Apartment rents were flat over the exact same period, although property rents dipped four percent, CBRE mentioned.

“The (rental) market has held up quite effectively but it does not inform the complete story,” mentioned Mat Green, UAE head of research at CBRE Middle East. “We have a really fragmented industry.”

He stated rental values in the city’s a lot more expensive districts such as Palm Jumeirah and Dubai Marina had fallen even though more affordable, peripheral places have noticed costs rise in 2015.

CBRE had forecast 20,000 units would be handed more than in 2015, but only about 14,000 will be delivered by the end of the year due to late payments by investors, issues in acquiring completion certificates and some developers opting against releasing units. Sales contracts allow for some delays.

“These who have some flexibility in their delivery pipelines will stall their delivery until rental or capital values of those units give much better returns,” said Nicholas Maclean, managing director of CBRE Middle East.

“Delivering they do not have a commitment to deliver these units, it is a sensible way of performing improvement. A essential weakness of some developments in Dubai in the last ten years or so was the lack of phasing in deliveries.”

CBRE estimates Dubai’s residential sector can absorb 20,000 new units each year just before vacancy rates increase.

“You’re seeing a a lot more pronounced influence this year, but there is usually going to be some slippage,” said Green.

He forecast sale rates would decline by about ten % in 2016, even though performances would differ markedly by district.

“Sales are driven by sentiment, outside influences, the currency circumstance, so you’ve a lot of external fundamentals influencing the investment selection, it’s not simple to forecast,” stated Green.

The UAE dirham is pegged to the dollar, which this year is up 9.2 percent versus the euro, six.6 percent against India’s rupee and two.eight % higher against the British pound. (Editing by David Clarke)

UPDATE 1-Brazil’s BTG Pactual research asset sales to bolster liquidity

BRASILIA Brazil’s troubled investment bank Grupo BTG Pactual is contemplating the sale of a series of assets to interested investors to enhance its liquidity but has not signed any deals but, the bank mentioned on Friday in a securities filing.

BTG mentioned it was studying the sale of parts of BSI, Recovery, Leader, UOL, BodyTech, BR Properties and Bravante, amongst other assets, to enhance its cash position and stem outflows following the arrest of founder André Esteves final week.

BTG mentioned its Banco BTG Pactual SA and BTG Pactual Participation Ltd units had been lately approached by third parties interested in acquiring diverse assets.

“As a result of these contacts, the organizations are taking into consideration these enterprise opportunities and could, if they deem convenient, sell component of their assets to additional improve their liquidity and strengthen their money positions,” the filing stated.

Brazilian financier André Esteves resigned as chief executive officer and chairman of BTG Pactual late on Sunday right after he was jailed as portion of a corruption inquiry swiftly ensnaring Latin America’s biggest independent investment bank.

Earlier on Friday, BTG Pactual SA stated it had secured a 6 billion-actual ($ 1.6 billion) lifeline from a deposit assure fund backed by Brazil’s prime banks.

Customers pulled out and the bank’s financing situations deteriorated following the Nov. 25 arrest of Esteves, the bank’s former controlling shareholder. The 3 key credit rating agencies have downgraded the bank’s debt to junk status since his arrest.

BTG Pactual’s Brazil registered fund had net outflows of 12.two billion reais ($ three.two billion) from Nov. 25 to Nov. 30 and 3.04 billion reais on Nov. 30 alone, data from Brazil’s fund business group Anbima showed on Friday.

Esteves faces indefinite detention following prosecutors accused him of operating with Senator Delcídio do Amaral, the ruling Workers’ Celebration leader in the Senate, to obstruct a bribery probe at state-run oil company Petroleo Brasileiro SA (Petrobras) Esteves and Amaral have denied the allegations.

(Reporting by Anthony Boadle Editing by Chris Reese and Dan Grebler)

UPDATE 3-HP Inc profit forecast misses Street on weak Computer, printer sales

* HP Inc sees 1st-qtr adj EPS $ .33-$ .38/shr vs est $ .42/shr

* HP Inc cuts FY 2016 adj profit to $ 1.59-$ 1.69 per share

* HP Inc’s shares down six.two pct in extended trading

* HPE’s shares up two.four percent (Adds executive comment, specifics, background updates shares)

By Abhirup Roy and Anya George Tharakan

Nov 24 HP Inc, which homes former Hewlett-Packard Co’s legacy printer and Computer organization, forecast adjusted profit for the initial quarter beneath market place expectations as it struggles with weak sales of PCs and printers.

Nevertheless, Hewlett Packard Enterprise Co, which is headed by Meg Whitman and holds the corporate hardware and solutions firms, maintained its adjusted profit forecast for the year.

HP Inc’s shares were down 7.1 percent in extended trading on Tuesday, whilst HPE’s shares have been up two.three percent.

“Looking ahead, we expect the Computer market to remain challenged for much more quarters to come,” HP Inc’s Chief Executive Dion Weisler stated on a conference contact with analyst.

Pc sales have been falling sharply worldwide and the recent launch of Windows ten has so far failed to reboot the industry.

Income in HP’s individual pc and printer firms fell about 14 percent in the fourth quarter ended Oct. 31, pushing Hewlett-Packard Co’s general income down for the fifth straight quarter.

The benefits are the final for Hewlett-Packard Co, the tech pioneer that split into two separate firms this month, prior to HP Inc and Hewlett Packard Enterprise Co start off to report separately.

The 76-year-old firm has struggled in current years to hold up with newer technologies and trends, such as the shift by buyers to smartphones and tablets and by businesses to the Web to retailer and handle large amounts of information.

HP Inc forecast adjusted profit of 33-38 cents per share for the quarter ending January, missing analysts’ typical estimate of 42 cents, according to Thomson Reuters I/B/E/S.

The business also cut its 2016 adjusted profit forecast to $ 1.59-$ 1.69 per share from $ 1.67-$ 1.77 per share.

Hewlett-Packard Co’s income from enterprise solutions division fell 9 %, while income from its enterprise group rose 2 %.

General, income at Hewlett-Packard Co fell 9.5 percent to $ 25.71 billion.

Net earnings fell to $ 1.32 billion from $ 1.33 billion a year earlier. But on a per share basis, profit rose to 73 cents per share from 70 cents, primarily based on fewer shares outstanding.

Up to Tuesday’s close of $ 13.69, HPE shares had fallen 7 percent because their industry debut on Nov. two.

In contrast, HP Inc’s shares, which closed at $ 14.64, had risen about 20 percent. (Reporting by Abhirup Roy and Anya George Tharakan in Bengaluru Editing by Anil D’Silva)

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UPDATE 1-U.S. probing Comcast’s role in ‘spot’ cable ad sales marketplace – WSJ

(Adds specifics)

The document, which is known as a civil investigative demand, indicates that the Justice department’s antitrust division is probing whether Comcast’s cable ad sales, as nicely as its deals to represent rival pay Tv providers’ ad sales, are hindering competition. (on.wsj.com/1HkGWFE)

The investigation is examining “monopolization or attempted monopolization” of the “spot” cable ad sales business in areas where Comcast offers service, WSJ reported, citing the document.

The document also indicates that the government is examining whether Comcast’s ad deals with pay Tv rivals are an unlawful restraint of trade, the Journal said.

The DoJ is also requesting additional data from firms in the market, including Comcast, WSJ said, citing folks familiar with the matter.

Representatives of the DoJ and Comcast have been not quickly available for comment. (Reporting by Anya George Tharakan in Bengaluru Editing by Sriraj Kalluvila and Anil D’Silva)

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