MGM Resorts ends mall pursuit

BAE Systems Plc, Europe’s largest defence company, is taking part in a UK government initiative to strengthen suppliers around the historic Portsmouth, England, shipyard at a time when the facility’s future is in doubt.

The company would help allocate grant money under a £3.2bil government effort to bolster small and medium-sized businesses, Derren Chamberlain, head of BAE’s maritime supply chain, said in an interview.

Some funds were dedicated for suppliers at Portsmouth, he said. — Bloomberg

Royal DSM NV is in advanced talks to sell its business making caprolactam, used in plastics and car parts, and may announce a deal before year-end, according to two people with knowledge of the matter.

The bidding process was in the second round, with buyout firms and corporate rivals preparing detailed offers, said the people, who asked not to be identified because the talks are private.

The asset may fetch more than 200 million euros (US$270mil), the people said. — Bloomberg

Dubai, the emirate that suffered one of the world’s worst property crashes, doubled property-sale fees in a bid to limit speculators from stoking prices further.

The Dubai Land Department would raise fees to 4% from 2% effective Oct 6, said director-general Sultan Mejren. The change would apply to residential and commercial properties, including those sold in advance, he said. It won’t be retroactive or affect industrial real estate.

“This decision will limit unhealthy transactions which are harmful to the market,” Mejren told reporters in Dubai yesterday. — Bloomberg

MGM Resorts International is no longer pursuing a sale of the Crystals mall at its CityCenter resort in Las Vegas, chief financial officer Dan D’Arrigo said.

The casino company planned to increase the mall’s profitability and revisit a sale in a year or two, D’Arrigo said on Wednesday in an interview in Las Vegas. The shopping centre was valued at US$935mil at yearend, according to the company.

“Nothing’s ever off the market, but we’re not pursuing a sale at this point,” he said. — Bloomberg

Hertz Global Holdings Inc, adding more upscale autos to its fleet, said it’s offering Tesla Motors Inc electric cars at two airports in California.

Hertz is introducing Tesla Model S and Roadster rechargeable cars to its fleet at Los Angeles and San Francisco airports, the Park Ridge, New Jerseybased company said on Wednesday in a statement.

Hertz had five Teslas combined at the two airports, with rental prices starting at about US$500 a day, Paula Rivera, a Hertz spokeswoman, said in an e-mail. — Bloomberg