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DUBAI:

Bahrain-based investment firm Arcapita said on Tuesday it had bought a group of warehousing facilities in Dubai for about $150 million, raising the total value of its logistics portfolio in the United Arab Emirates to $250 million.

Most of the new assets are in Dubai Investments Park, which is owned by Dubai Investments.

Martin Tan, Arcapita’s chief investment officer, said in a statement that he believed his company had the option of eventually exiting its investment by listing a real estate investment trust on one of the region’s bourses. He did not elaborate. (RTRS)

NEW YORK:

Ruby Tuesday says it will explore strategic alternatives including a sale or merger, and that a key sales figure fell in the latest quarter.

The restaurant chain says it’s at the start of its strategic review and it doesn’t plan to make more public comments until the process is completed. It said it can give no assurances to the outcome or timing. Its shares surged nearly 18 percent in after-hours trading.

The company reported preliminary results for the quarter ended Feb 28, with sales down 4 percent at established locations. The metric is considered a key indicator of financial health because it strips out the volatility of newly opened and closed locations. (RTRS)

LOS ANGELES:

Goodyear has let the helium out of the last of its fabled fleet of blimps, but the company’s flight program will continue.

About two dozen employees were on hand early Tuesday to witness the deflation of California-based Spirit of Innovation.

But shed no tears, blimp fans, you’ll still see a familiar blue-and-gold form floating over your favorite sports event or awards show.

Although the blimp’s replacement, Wingfoot Two, will look about the same when it arrives at Goodyear’s airship base in Carson later this year, it will be a semi-rigid dirigible. (AP)

TRENTON:

Activist investor Bill Ackman has sold his hedge fund’s stake in beleaguered drugmaker Valeant Pharmaceuticals International Inc, saying the investment took up a “disproportionately large amount of time and resources.”

The move announced Monday comes after Valeant’s latest disappointing financial results and forecast led a number of analysts to downgrade their recommendations and stock-price targets on the one-time Wall Street darling.

After a yearslong spree of drug and company acquisitions, followed by triple-digit price hikes on critical heart drugs and other medicines it had acquired, Valeant’s practices were put under a microscope by multiple congressional committees probing soaring prescription drug prices. (AP)

LONDON/PARIS:

An activist hedge fund has said it objects to plans by Walt Disney to take full control of debt-laden Paris theme park operator Euro Disney , according to a letter seen by Reuters.

Paris-based CIAM, which owns 1.4 percent of Euro Disney shares, has written to the board of the French company to object to what it believes are plans by Walt Disney to force out minority shareholders. It said it has the support of more than 5 percent of Euro Disney shareholders, including its holding.

“The Walt Disney Company seeks to force out the remaining minority shareholders by offering them a new public offer, under penalty of having to undergo a strong dilution later,” said the letter, dated March 6.

Euro Disney defended the terms of the Walt Disney takeover. (RTRS)

HAVANA:

Frontier Airlines and Silver Airways are dropping air service to Cuba, saying other airlines are adding too many flights to the island nation and making the routes unprofitable.

US airlines rushed to begin flights to Cuba last year after the Obama administration allowed commercial service for the first time in more than half a century. More Americans are visiting Cuba, but the glut of new flights has exceeded demand, resulting in many empty seats.

Florida-based Silver said Monday that it will end Cuba service on April 22, just six months after it started flying between Fort Lauderdale, Florida, and Cuban provincial capitals like Camaguey and Cienfuegos. Several of its Cuban destinations are also served by major carriers such as American Airlines. (AP)

LOS ANGELES:

Alibaba Pictures Group has struck a three year strategic co-operation deal with Alibaba, its parent corporation.

The agreement is intended to establish a long term alliance for codevelopment and co-development, by pooling group resources.

While it is majority controlled by Chinese e-commerce giant Alibaba, Alibaba Pictures Group has a separate stock market listing in both Hong Kong and Singapore.

Under the terms of the deal Alibaba will give priority to APG for all rights flowing from its related business units, which include Alibaba Gaming, Alibaba Literature and streaming video giant Youku Tudou. (RTRS)

LONDON:

British fashion retailer French Connection Group Plc reported a loss for the fifth straight year, prompting calls from activist investor Gatemore Capital Management to split up the company.

The company’s stock rose 3.9 percent to 36.25 pence as of 0910 GMT on the London Stock Exchange.

French Connection has closed stores and hired new management and design teams as it struggles to compete with fast-fashion rivals such as ASOS Plc, Forever 21 and Inditex’s Zara.

French Connection’s current position is a far cry from its heady days in 2004, when the huge success of its FCUK logo boosted the company’s shares to more than 500 pence. (RTRS)

LONDON:

Investec Plc expects higher full-year revenue and operating profit as a recovery in equity markets boosted the company’s asset management and wealth and investment units.

The South Africa-focused bank, which is also listed in London, also said it expects its specialist banking businesses to report results for the year ended March 31 ahead of the previous year, helped by the UK unit.

“The UK economy has been performing better than initially expected, however the possibility of a hard Brexit continues to create uncertainty and could impact overall levels of economic growth,” the company said. (RTRS)