The Ascott

CapitaLand's serviced residence arm, The Ascott, has secured contracts to manage 14 properties with more than 2,000 units across eight countries, the group announced yesterday.

The countries are China, Germany, India, Indonesia, Japan, Malaysia, Thailand and Saudi Arabia. Three of the 14 new properties are under its co-living lyf brand and will be located in Fukuoka, Kuala Lumpur and Shanghai.

Also among the new properties is the 100-unit Ascott Riverpark Tower Frankfurt, to be designed by renowned architect Ole Scheeren. This will be the first time Ascott is bringing its Ascott The Residence brand to Germany.

Another newly secured property is the 118-unit Citadines Hongqiao Mixc Shanghai, secured under Ascott's strategic alliance with Huazhu Hotels Group, one of China's leading hotel operators, and Huazhu's subsidiary CJIA Apartments Group.

Crown Resorts

Australia's Crown Resorts said yesterday it was in talks with Las Vegas rival Wynn Resorts about a potential A$10 billion (S$9.7 billion) buyout, sending Crown shares up more than a fifth.

The proposal has an implied value of A$14.75 a share, half in cash and half in Wynn Resorts shares, said Crown in a statement to the Australian Stock Exchange. Wynn is the world's second-largest casino company.

"The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties in relation to the structure, value or terms of a transaction," said Crown.

Crown shares rose 21 per cent in early trading following the announcement.

REUTERS

Societe Generale

French banking giant Societe Generale is planning to cut 1,600 jobs, mainly in its BFI corporate and investment banking arm, said union sources on Monday.

About 700 cuts would come in France at both the BFI unit and in retail banking and international financial services, said the CFDT and CFT unions. Those cuts would be made via a programme of voluntary departures, said CFDT representative Khalid Bel Hadaoui, adding that "each year brings with it a number of job cuts".

The news was expected as Societe Generale had already unveiled a plan to cut costs by about €500 million (S$763 million) by next year, to increase profitability of its market activities.

The bank has a global workforce of about 148,000, of whom about 20,000 worked at BFI.

AGENCE FRANCE-PRESSE