Dubai based ITP cuts 60 jobs
Gulf-based publisher ITP announced on Wednesday that it is laying off some 60 people and closing nine magazines this week. The company continues to publish over 75 consumer and business magazines and web sites in the Middle East and India, including Arabianbusiness.com. ITP issued a statement saying that it “deeply regrets the necessity of this More...
City7 cuts 90 jobs in Dubai
The owner of City7, an English language TV station in Dubai, confirmed on Monday that 90 jobs have been lost, adding that there will be more emphasis on news and information in the future. Mohi-Din Binhendi, president of Bin Hendi Enterprises, denied media reports last week that City7’s remaining 50 employees would have to take More...
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 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 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 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...