Australia's Crown Resorts to split assets
SYDNEY • Australia's Crown Resorts yesterday said it will separate its local assets from its international businesses, namely casinos in under-performing Macau.
The company said the initiatives were designed to maximise shareholder value and ensure a more efficient ownership structure for Crown's assets.
The demerger will lump together casinos in Melbourne and Perth, a proposed luxury resort in Sydney and its gambling and online gaming operations, the company said. London casino Crown Aspinalls will also be included.
A new entity will take Crown's interest in Melco Crown Entertainment which also has assets in Macau and the Philippines.
India eases overseas flying rules
NEW DELHI • India eased aviation rules in a step that allows the local affiliates of foreign carriers such as Singapore Airlines and AirAsia to start international flights more quickly.
The federal Cabinet ratified changes that will permit domestic airlines to fly overseas provided they deploy 20 planes or 20 per cent of capacity, whichever is higher, on local routes.
Earlier, carriers needed to have five years of domestic services. The move heralds more competition in the world's fastest-growing aviation market.