Industrialists in Pakistan selling assets to repay loans
The government, instead of solving exporters’ problems, has made matters worse by failing to release promised research and development grant, reduce inflation and bank mark-up and has even withheld their small dues.
Exporters are dismayed because they are already under pressure due to global recession. Prices of their products have gone sharply down in the international More...
Philadelphia Newspaper Owner Files For Bankruptcy
The owner of The Philadelphia Inquirer and Philadelphia Daily News filed for bankruptcy protection Sunday in an effort to restructure its debt load.
Philadelphia Newspapers Inc., owned by Philadelphia Media Holdings LLC, is the second newspaper company in two days, and fourth in recent months, to seek bankruptcy protection.
‘This restructuring is focused solely on our More...
John Laing Homes, US Subsidiary of Emaar Properties, Filed For Chapter 11
A company that builds under the brand of John Laing Homes - a US subsidiary of Emaar Properties - has filed for Chapter 11 bankrupcy protection, claiming between $500 million and $1 billion in debts.
WL Homes, which operates 105 real estate developments in Colorado, California, Arizona and Texas, has up to 50,000 creditors, according to More...
Milford Real Estate in Dubai closes shop, 28 employees lost job
Dubai-based Milford Real Estate was forced to cease trading on Sunday, making it one of the first full casualties in the emirate’s property industry of the global economic downturn.
Pam Brown, general manager, confirmed by telephone to Arabian Business that the firm, which was established in 2002, had now folded.
Between 20 and 28 employees More...
Nike to cut 1400 jobs
Nike Inc, the world’s largest athletic shoe and clothing maker, warned on Tuesday that up to 4 per cent of its workforce could be cut amid an ongoing business review aimed at bringing products more quickly to market while reducing expenses.
Up to 1,400 jobs out of about 35,000 globally could be cut and More...
WS Atkins cut 210 jobs in Dubai
WS Atkins Plc, the UK’s biggest engineering design company, plans to cut about 1,000 jobs as clients delay or cancel projects amid a construction slump in Britain and the Middle East.
Atkins, which employed about 18,600 people last summer, will reduce its headcount by five percent, including 210 Dubai employees, England-based company said in a More...