Mitsui Fudosan Co. (TYO:8801) will partner with the Chinese apparel firm Shanshan Group Co. to open an outlet mall with famous brands as tenants in the city of Ningbo in the Zhejiang Province as early as 2011.
Mr Riad T. Al Sadik, Chairman of the Al Habtoor Leighton Group (HLG), announced that Mr Laurie Voyer has been appointed as the new Managing Director of the Group.
Wall Street Monday rebounded from a three-day losing streak as investors were optimistic about the merger and acquisition market after Xerox agreed to buy business services provider Affiliated Computer Services in a US$6.4 billion deal. Analysts' upgrades also boosted Cisco, Citigroup and other firms in both the technology and financial sectors.
Overnight Wall Street was lower for a second consecutive session on a weak home sales report. The National Association of Realtors said sales of existing homes fell 2.7 per cent in August to an annual rate of 5.10 million units, breaking a string of four increases in six months. The surprise drop in home sales raised more concerns over the economy recovery strength.
After a modest setback on Monday, US shares climbed overnight to a fresh high as investors returned to the market on upbeat outlook on the economy. Meanwhile, positive company earnings reports also helped to lift the market sentiment.
US markets were closed for the Labour Day public holiday, while Europe and Asia markets posted strong gains on Monday.
Wall Street was higher on Friday as a government report showed that the pace of job losses slowed in August. But the US stocks were still in negative territory for the week with the worst performance since early July.
