Airbnb’s First-Quarter Financials Show Strong Growth Rate, Cash Reserves

Home-sharing company Airbnb Inc.’s most-recent financial data shows its strong cash position and a first-quarter growth rate above 30%, both key metrics that will draw investors as the startup positions itself to go public next year. The San Francisco-based travel company had about $3.5 billion in cash on its balance sheet as of March 31, accordi...

Softbank to Lend Employees Up to $20 Billion for Fund, WSJ Says

Softbank Group Corp. is planning to lend as much as $20 billion to its employees to buy stakes in its second venture capital fund following the success of an earlier $100 billion fund to invest in tech startups, the Wall Street Journal reported. The second Vision Fund aims to raise $108 billion, Softbank said earlier. In addition to its employees, ...

Kenya expecting 2.2m tourists in 2019

Despite a 0.7% drop in tourists during the first half of the year, Kenya is expecting to grow tourist numbers by 10% compared with last year and reach 2.2 million by the end of 2019, says Cabinet Secretary for Tourism, Najib Balala. The number of international visitors in the first half of this year was 921 090, a 0.7% drop compared with 927 797 in...

Bugatti reveals its most powerful supercar yet: The $10 million Centodieci

Bugatti debuted its most powerful supercar at Pebble Beach on Friday: a $10 million,1,600 horsepower throwback to the ’90s that sprints from 0 to 62 mph in 2.4 seconds. The French carmaker is making a splash at Monterey’s annual auto week. The Centodieci is the company’s latest coach built super car commemorating Bugatti’s 110th anniversary...

CIS is the next frontier for Islamic banking expansion: Moody’s

Islamic banking will grow substantially in Commonwealth of Independent States (CIS) countries in the next five years from a very low base, driven by government initiatives to nurture the sector according to a report by global rating agency Moody’s. Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan are set to lead this expansion of Islamic banking...

Dubai attracts 8.36m tourists in first half of 2019, up 3%

Dubai welcomed 8.36 million international overnight visitors in the first six months of 2019, up 3 percent compared to the same period last year, according to official figures. According to Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), India was the largest source market with 997,000 visitors despite severe air traffic and...

Bank of America Says ‘No Way’ to Negative Municipal-Bond Yields

Bank of America Corp., the biggest underwriter of state and local government debt, isn’t worried that municipal-bond yields will turn negative, even if they do in other parts of the U.S. fixed-income markets. Bond yields have been plunging fast, making it seem possible that American investors could actually wind up paying governments to lend them...

Nissan Middle East to let buyer's DNA determine car color

Over 200 people have the chance to let their DNA determine the color of their car. Launched by Nissan Middle East, the activation has been running in the United Arab Emirates with Al Masaood Automobiles in Abu Dhabi, and Arabian Automobiles Company in Dubai. Customers interested in the Nissan Altima have been invited...

Turkish army pension fund to buy British Steel

The Turkish Armed Forces Assistance Fund (known as Oyak) says it plans to take over British Steel, which employs 5,000 people, by the end of the year. British Steel owns the Scunthorpe steel works where 3,000 people work and it employs another 800 on Teesside. But the firm was put into compulsory liquidation in May after rescue talks with the gover...

British Airways Halts Cairo Flights for Seven Days

British Airways suspended all flights to Cairo for seven days to “allow for further assessment,” with the U.K. government maintaining a warning about threats to aviation in Egypt. The U.K. carrier said it reviews security arrangements at all its airports and has stopped flights to the city as a precaution. “We ...

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