Teen Traders' Blog

-Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in Zain, the Indian ambassador to Kuwait said in remarks published on Saturday. Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom Zain.-YahooFinance

-The Income Tax Department continued its raids for the second day in a row on the offices of Mumbai-based property developer HDIL and residences of some of its directors, according to sources in the I-T Department.HDIL has now been asked to pay tax of Rs 100 crore.BusinessStandard

-Indian drinks and aviation tycoon Vijay Mallya plans to gather his Formula One, cricket and soccer interests into one company and float it on the Mumbai stock exchange early next year.YahooFinance

-While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.BusinessStandard

-Retail group Shopper’s Stop Ltd will add 500,000 square feet space by March, across four Shopper’s Stop stores and three Hypercity stores, a top official said on Friday-YahooFinance

-Day Five: Jet Airways today cancelled 281 flights, 21 of them international, as the strike by the pilots entered the fifth day after marathon talks between them and the management ended in a deadlock.¬BusinessStandard

-Sterlite Industries, the Vedanta group’s flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal — its third bid in two years-BusinessStandard

Sulaiman Abdul Kareem Mohammad Al-Fahim,the Abu Dhabi based billionaire told Arabian Business that he plans to complete the deal to buy English Premier League team Portsmouth within two weeks.

Al-Fahim, a board member of Abu Dhabi United Group for Development and Investment told Reuters that negotiations for Portsmouth were still ongoing and that he hoped to conclude the deal by July.

The CEO of the Abu Dhabi based Hydra Properties shall be speaking to fans at the Portsmouth Football Supporters Club in London on July 11 regarding his future plans for the club.

Recently there were concerns over capital availibility concerning over the takeover of Portsmouth. But still he confirmed that the investment shall be taken care of by investors outside of the real-estate fraternity as the real estate market in Abu Dhabi has been widely affected by the global Real Estate woes. He told, ”Let me be very clear in saying that my involvement in ­Portsmouth has nothing to do with Hydra. The money for the Portsmouth Football Club acquisition and the needed future investment has been raised through the network of Falcon Equity from Asian and Middle Eastern investors. None of these investors are from the real estate sector or part of a royal family.”

Abu Dhabi United Group for Development and Investment of which Al-Fahim is a member as told above, had bought Manchester City last year. The middle east is gaining a lot of interest in the now very glamorous Soccer world. Recent enhancements indicate further involvement in world sports from the Middle East . Areas such as the distressed F1 racing and NFL should be on the cards for the Sheikhs.