Companies

Activist investor Third Point purchases stake in Cartier proprietor Richemont

Published

4 years ago

November 8, 2021

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Chair Johann Rupert has long enjoyed the command over Swiss gathering due to exceptional democratic freedoms

Activist mutual funds Third Point has taken a stake in Swiss luxury group Richemont, which possesses watch and gems brands Cartier and Van Cleef and Arpels, as indicated by individuals acquainted with the matter. The US-based asset Artisan Partners, which has been a Richemont investor for a long time and possesses a generally 1.2 percent stake, has additionally been squeezing the gathering to work on its presentation, as indicated by one individuals. Third Point didn’t return demands for input, while Artisan couldn’t quickly be gone after remark. Richemont, which will report its half-year results on Friday, declined to remark. An activist crusade at Richemont would need to battle with amazing seat Johann Rupert, who has since quite a while ago set procedure and picked administrators for the 26 maisons that have a place with the gathering. Albeit the South African finance manager claims just 9.1 percent of the capital, he controls 50% of the democratic freedoms under a double class share structure. Pundits contend that Richemont has not stayed up with contenders during a very long term blast for the extravagance business generally determined by Chinese buyers. Its market capitalisation has ascended by 79% in the beyond five years, while those of LVMH and Hermes have generally quadrupled. Investigators have additionally scrutinized the gathering’s failure to stem misfortunes at its web based business unit Yoox Net-a-Porter, which has lost piece of the pie to more up to date contenders like Farfetch and not conveyed a since a long time ago guaranteed turnround.

It still up in the air the thing Third Point was planning to accomplish at Richemont, or the size of its interest in the organization. However, the mutual funds constrained by extremely rich person financial backer Dan Loeb can embrace forceful strategies, for example, when it encouraged Nestlé to sell resources in 2017 and as of late when it required the separation of Royal Dutch Shell. It can likewise be more sober minded with its speculations, for example, when it took a stake in Vivendi this year in front of its twist out of Universal Music Group however didn’t freely push for changes there. Craftsman is a more conventional long haul store however has taken a more dissident attach a portion of its ventures recently, for example, a public mission it mounted for this present year to eliminate Emmanuel Faber as Danone CEO. Richemont’s portions failed to meet expectations area pioneers LVMH and Hermès last year as financial backers worried that its adornments dependent business would experience the ill effects of the Covid-19 pandemic. In any case, the greatest players in extravagance have snapped back quicker than anticipated from the emergency, helped generally by excited Chinese shoppers who have continued to purchase at home despite the fact that they can presently don’t venture out to shop in Europe’s design capitals. That has helped Richemont’s portions rise 48% this year, beating a 35 percent ascend for LVMH and a 12 percent ascend for Kering, proprietor of Gucci, however failing to meet expectations a 63 percent ascend for Hermès. Experts have credited the Richemont rally to investors wagering that it has space to improve. Third Point’s venture was first revealed by autonomous design distribution, Miss Tweed.

Business

Indians lead new business registrations in Dubai, Chamber data shows

Published

6 hours ago

August 27, 2025

Michael Gomes

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Indian entrepreneurs continue to drive new business growth in Dubai, according to the latest figures from the Dubai Chamber of Commerce.

In the first half of 2025, a total of 9,038 Indian-owned companies joined the chamber, a 14.9% year-on-year increase, making India the top contributor among non-UAE businesses.

Pakistan ranked second with 4,281 new companies (up 8.1%), followed by Egypt in third with 2,540 companies (up 8.3%).

Bangladeshi businesses posted the highest growth rate at 37.5%, with 1,541 new companies joining, placing Bangladesh fourth. The UK ranked fifth with 1,385 new members, reflecting 11.1% growth.

Other countries in the top 10 included Syria (945), China (772), Jordan (688), Türkiye (642), and Canada (535).

Sector Trends

New members were most active in:

Wholesale & Retail Trade – 35%
Real Estate, Renting & Business Services – 35%
Construction – 17.3%
Transport, Storage & Communications – 7.6%
Social & Personal Services – 7.6%

The results underline Dubai’s position as a global hub for investment and entrepreneurship, attracting businesses across Asia, Europe, and North America.

Companies

Dubai warns engineering firms over costly villa designs

Published

1 day ago

August 26, 2025

Michael Gomes

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

Business

UAE urges businesses to file Corporate Tax returns on time to avoid fines

Published

6 days ago

August 21, 2025

Michael Gomes

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.