Qatar Acquires Raffles Hotels in Singapore, Paris
A Qatar-owned company said it has taken over the famous Raffles Hotel Singapore and an affiliated luxury hotel in Paris in the latest high-profile acquisitions by the energy-rich Gulf state, reported AP on Saturday.
The Qatar National Hotels Co said that it recently took ownership of the 125-year-old Raffles Hotel Singapore and Le Royal Monceau Raffles hotel in Paris.
It did not disclose financial terms in the deal with Toronto-based Fairmont Raffles Hotels International, which had owned both hotels.
State-owned Qatari companies have been snapping up investments at a brisk pace in recent months, including stakes in European energy companies, Germany’s largest builder Hochtief AG and majority ownership in the French football team Paris Saint-Germain.
Singapore Ranks No. 1 as Asia’s Property Investment Destination
Singapore ranked the top destination for property investments in the Asia-Pacific region in 2012, followed by Shanghai and Sydney, according to a survey by Urban Land Institute and PwC, Bloomberg reported on Saturday.
Singapore retained its top ranking for a second year because of immigration and tourism growth, Urban Land and PwC said in a joint statement. Mumbai, which was ranked third last year, fell to the 15th spot, while New Delhi’s ranking fell to 12th from fifth, the survey said.
DBS Compensates S$500,000 After Unauthorised Withdrawals
DBS Group Holdings, whose customers were hit by unauthorised withdrawal of funds in Malaysia, on Monday said it is compensating about S$500,000 to clients as it investigates the biggest such scam to hit the bank.
The situation has been contained and it affected 400 customers, Sim S. Lim, DBS’s Singapore country head, said.
The bank had said it immediately de-activated the compromised cards and was taking steps to compensate customers in full.
Lim said preliminary investigation suggests that selected ATMs at Bugis Street had been compromised.
