The World Bank´s Board of directors on Wednesday approved a $29.3 million loan to improve the quality of life for the urban poor residing in 12 Jamaican communities.
The money will be used to improve access to basic urban infrastructure, financial services, land tenure regularization, enhanced community capacity and improvements in public safety.
TUI AG has successfully completed the 2005 financial year. The Group´s core businesses tourism and shipping continued the positive trend of the previous year.
Turnover in the tourism division rose 5.8 percent to €14.1 billion, outperforming the global travel market. A similar growth rate was posted by Group EBITA which rose by €20.1 million to €365.2 million.
Kerzner International Ltd., operator of the Atlantis casino in the Bahamas, agreed to be sold for about $3 billion to a group that includes the company´s chairman and chief executive officer. The shares had their biggest gain in more than three years.
The Kerzners will gain control of a company they built into the largest casino operator in the Caribbean, and the deal may allow them to fend off possible takeover bids amid a wave of mergers in the industry.
Chile-based carrier LAN Airlines SA said Friday it will change its accounting policy to eliminate provisions related to aircraft maintenance expenses.
The new policy is effective retroactively to January 1 and is expected to generate a $40.3 million one-time, pretax benefit during the first quarter of 2006. LAN also expects the change to boost 2006 operating results by $2 million.
InterContinental Hotels Group has sold a portfolio of 24 hotels (4,903 rooms) to a subsidiary of Westbridge Hospitality Fund LP. Westbridge is a hospitality investment fund managed by Westmont Hospitality, one of IHGs largest franchisees.
Proceeds to IHG in cash and debt assumption are $345.2 million (before transaction costs), with the balance of 6.8m relating to third party minority interests.
The Kuoni Group achieved a 3 percent year-on-year turnover increase in 2005, posting total turnover of CHF 3,688 million for the year.
The result is attributable to Kuoni´s strong presence in growing markets such as India, China and Africa and to the broad geographical spread of the Group´s business activities, which enabled Kuoni to respond swiftly and flexibly to the more difficult market conditions in the regions affected by the Asian tsunami disaster of December 2004 and to reassign capacities to other vacation regions.