Marriott becomes world’s largest hotel chain

NEW YORK: Several of the best-known names in travel are now united in one hotel company.

Marriott International closed on Friday morning on its $13 billion acquisition of Starwood Hotels & Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood’s Sheraton, Westin, W and St. Regis properties.

In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5,700 properties and 1.1 million rooms in more than 110 countries. That’s more than 1 out of every 15 hotel rooms around the globe.—AP

Soap makers body gets new chairman

KARACHI: Abdullah Zaki was elected chairman of Pakistan Soap Manufacturers Association for 2016-17, while Ali Zia and Ahsan Naveed were elected senior vice-chairman and vice-chairman, said a press release.

Twitter surges 20pc on buyout report

NEW YORK: Shares of Twitter surged more than 20 per cent on Friday following a report that it is in talks with potential acquirers as US stocks broadly fell in early trade.

The market retreated after strong gains the last two sessions following Wednesday’s Federal Reserve decision to keep interest rates low.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,354.41, down 0.2pc.—AFP

Goldman Sachs cutting Asia jobs

LONDON: Goldman Sachs is cutting almost 30 per cent of its 300 investment banking jobs in Asia outside Japan in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters.

The Wall Street bank is reducing the number of bankers working on mergers and acquisitions (M&A), and equity and debt capital markets deals, the sources said. Most of the jobs cuts are likely to take place in Hong Kong, Singapore and China, where Goldman’s main Asian offices are located, they added.

A Goldman Sachs spokesman declined to comment.

Published in Dawn September 24th, 2016