Financial tools for Forex addicts

Chinas baidu challenges alibaba with financial services platform

´╗┐Oct 21 Baidu Inc will launch an online wealth management platform next week, as China's biggest Internet search company moves away from its advertising business to compete against Alibaba and Tencent Holdings . Baidu said it would launch its Baidu Finance Center on Oct. 28, offering a product together with China Asset Management Co. aimed at producing an annual yield of 8 percent for depositors.

China's finance sector has been dominated by state banks for decades. But now technology companies are using their online expertise and platforms to push financial products developed by finance management firms.

Baidu, e-commerce group Alibaba and Internet services company Tencent have pushed to obtain licences to build financial services platforms, offering web users mutual funds, loans and insurance.

Alibaba's online payment affiliate Alipay launched a money market fund with Tianhong Asset Management Co. in June. It is the most successful Chinese fund of the year and has attracted 16 million users. Earlier this month, Alipay bought a controlling stake in Tianhong. Alibaba also has partnered with Tencent and Ping An Insurance Group to offer online insurance products.

Dubai investments to close dh11 bln loan by year end ceo

´╗┐DUBAI Dec 10 Dubai Investments, part owned by sovereign wealth fund Investment Corp of Dubai, plans to close a 1.1 billion dirham ($299.52 million) loan by Dec. 31, its chief executive said on Saturday. United Arab Emirates banks First Gulf Bank (FGB) and Abu Dhabi Commercial Bank have been mandated for the loan, Khalid Bin Kalban told reporters in Dubai. The loan will be used to build a residential project in Dubai's Mirdif neighbourhood located near the world's busiest airport for international travel, Dubai International. Bin Kalban said the company would not take the entire loan, which is to be delivered in tranches, if off-plan sales of the project meet expectations. Sales launched on Saturday. He also said there are plans to list 30 per cent of Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments and Union Properties, on the Dubai bourse next year.

Bin Kalban is also chairman of Union Properties. The listing, expected to raise $200 million, would only go ahead if market conditions improved, he said, adding that plans to list this year were cancelled.

Dubai Investments is also planning to build and operate business parks in Saudi Arabia, Morocco and Angola. A joint-venture project to build a business park valued at 600 million dirhams in Riyadh, the Saudi capital, is expected to break ground in the next month, Bin Kalban said.

A similar project is planned for the Angolan capital Luanda and Morocco's Tangier, he said. Dubai Investments will go into Angola on its own, whilst would consider a joint venture in Morocco, Bin Kalban said. The three projects would be similar to a 23 square kilometre business park the company owns and operates in Dubai. ($1 = 3.6726 UAE dirham)