Headlines

Thai hotel group Minor International has made its biggest ever acquisition with a 294 million euro ($320 million) deal to buy 14 Tivoli chain hotels that belonged to the collapsed Espirito Santo Group, Reuters reported. The purchase of the properties in Portuagl and Brazil is part of Minor's aggressive eoverseas expansion plan. The group said last year that it wanted to have 190 hotels by 2019. The Tivoli deal lifts its tally to 145.

A Chinese online finance company bilked investors out of more than $7.6 billion, spent lavishly on gifts and salaries and buried the evidence, according to local authorities who described the operation as an enormous Ponzi scheme, the International New York Times DealBook blog reported. The accusations throw a shadow over China’s online finance industry, a lucrative area for many global leaders in the sector, but one that the authorities say has also drawn a growing number of cases of fraud and flameouts.

Irish titanium and zircon miner Kenmare Resources has defaulted on its debts after failing to reach agreement with lenders on a new deleveraging plan by an agreed deadline of January 31st. The explorer said however, negotiations with banks on a deal are ongoing, the Irish Times reported. At the end of December, bank loans amounted to $341.9 million and cash and cash equivalents were $14.3 million. Lenders agreed to defer payment of $2.3 million in fees last April.

The European Central Bank will contribute its share to helping the economic recovery, its president said on Monday, warning, however, of threats to the economy including from emerging markets, First Post reported on a Reuters story. "Growth prospects are slowly improving in advanced economies, but the outlook in emerging markets is more subdued. Overall, growth is low by historical standards," Mario Draghi told lawmakers in the European Parliament.

Russia is lining up seven major state companies, including Aeroflot, Alrosa, the diamond miner, and Rosneft, for potential privatisation as the Kremlin debates drastic options to replace dwindling oil revenues, the Financial Times reported. The decision to consider the first such comprehensive push in years comes as the latest slide in crude prices is expected to drive Russia into a second year of recession and has ripped a gaping hole in its budget.

Brookfield Asset Management Inc has withdrawn an offer to buy the 24.4 percent stake in infrastructure company Invepar held by Brazil's Grupo OAS SA because Brookfield would not have full management control of the company, two sources with direct knowledge of the situation said on Monday, Reuters reported. Brookfield failed to reach an agreement with OAS's partners in Invepar, pension funds Previ, Petros and Funcef, over management control of the firm, said the sources, who requested anonymity because of the sensitivity of the issue.

The builders challenging plans of the National Asset Management Agency (Nama) to construct 20,000 homes have broadened their complaint to include the body’s involvement in commercial development, the Irish Times reported. Five builders have complained to the European Union competition directorate that the Government’s proposal that Nama fund the building of 20,000 homes as part of a plan to tackle the housing crisis is illegal State aid. It is understood the companies have also raised concerns with Brussels officials about the State agency’s involvement in office developments.

Top UK regulators are trying to help three Iranian-owned banks reintegrate into the financial system after years of international sanctions — by deploying a unit designed to aid start-ups, the Financial Times reported. The UK-based Iranian lenders would be among the first beneficiaries of the just-launched unit, which allows participating banks access to services such as a helpline and case officers. The Bank of England officially reactivated the licences of the three banks — Persia International Bank, Melli Bank and Bank Sepah International — two weeks ago.

Princess Cristina of Spain will face tax fraud charges next month after a court rejected a final attempt by her lawyers on Friday to exempt her from a corruption case that has badly damaged the reputation of Spain’s monarchy, the International New York Times reported. The court’s decision means that Princess Cristina will appear in February alongside 17 other defendants in a case that centers on whether her husband, Iñaki Urdangarin, and his business partners embezzled about 6 million euros, or $6.5 million, that regional authorities disbursed for organizing sports events.

The Australian law firm that snapped up the bulk of scandal-hit insurance claims company Quindell has been forced into restructuring talks amid concerns over the deteriorating state of its finances, The Telegraph reported. Lenders to Slater & Gordon, Australia’s largest class-action law firm, have hired turnaround experts FTI Consulting in the UK as its problems mount following the company’s shock takeover of Quindell’s legal arm last year.