Reference no: EM13571481
Please make a summary for the articles in attachment. Each summary should be in points . Around 150 - 200 word. Please not copy from the article.
Article 1:
Apple launches iTunes store in the UAE
Launch expected to give a boost to iPhone 5 sales in the region
• By Naushad K. Cherrayil, Staff Reporter
• Published: 19:20 December 4, 2012
• Link : https://gulfnews.com/business/technology/apple-launches-itunes-store-in-the-uae-1.1114352
Dubai: Music lovers in the UAE and certain parts of the region can now officially purchase music on Apple's online store through its iTunes software available on most Apple devices.
The iTunes service has been a hit globally, where users can buy popular music for as cheap as 99 cents apiece. However, now users can buy and pay for the music content in local currency.
Although officially launched in the UAE, consumers here are still waiting for iPhone5, the latest product from Apple. The launch of iTunes is expected to give a boost to iPhone 5 sales in the region.
Prices for individual artists are between Dh4.09 and Dh4.99 while albums range between Dh17.99 and Dh29.99.
Both Arabic and English titles are present but the UAE store does not offer as much variety as in the US.
"We are happy for Apple to launch iTunes officially in the UAE and have been waiting for a very long time," Claudius Boller, business development director at Universal Music Mena, told Gulf News.
Competition to hot up:
He said other platforms will also launch online music in the future and consumers can benefit from the variety.
"We have tied up with HP to offer HP Play where users can download music for a monthly fee or for each song. The service has been accepted by the users as we have the largest music tiles in the world," he added.
iTunes already offers many Universal Music tiles and that is set to grow in the near future.
The launch of iTunes will "definitely increase competition in the market as demand for music is growing in the region," Boller said.
He said about 99 per cent of the music is pirated in the Middle East and the industry is losing a lot of revenue due to piracy.
Cheaper downloads:
"Pricing of models like iTunes are expensive for people to afford here, so we are helping everyone to have cheaper downloads in this region," Boller said.
The demand for music is growing in the region and it is going to be a "big market in the future. In two years, the music industry in digital distribution will be completely changed in the Middle East," he said.
"This is a good opportunity for music fans to access legal digital music in the region. We need more legal music platforms to be available in the region to benefit end-users," Boller said.
Apple has launched iTunes in Russia, Turkey, India, South Africa and 52 other countries, featuring an incredible selection of local and international music labels.
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Article 2:
McGraw-Hill sells education division to Apollo
McGraw-Hill will receive $250 million in Apollo debt with an annual interest rate of 8.5 per cent
• AP
• Published: 12:37 November 27, 2012
Link : https://gulfnews.com/business/investment/mcgraw-hill-sells-education-division-to-apollo-1.1110642
New York: McGraw-Hill said on Monday that it reached a deal to sell its education arm to private equity firm Apollo Global Management LLC for $2.5 billion in cash and debt, as part of its plan to focus on its financial information businesses.
As part of the deal, McGraw-Hill will receive $250 million in Apollo debt with an annual interest rate of 8.5 percent. The acquisition includes the New York-based company's digital and traditional textbook business and other assets.
The sale is expected to close in late 2012 or early 2013. At that time, The New York-based McGraw-Hill Cos. will be renamed McGraw Hill Financial. Harold McGraw III, McGraw-Hill's current chairman, president and CEO, will head that company.
McGraw Hill Financial expects 2012 revenue of about $4.4 billion. It plans to provide 2013 financial guidance when it announces its 2012 fourth quarter and year-end financial results.
Harold McGraw said the sale will boost value for the company's shareholders, give the company added financial flexibility and allow it to focus on growing brands like Standard & Poor's, S&P Capital IQ, Platts and J.D. Power and Associates.
The company said it plans to use the proceeds from the sale, estimated at $1.9 billion, to fund its stock buyback programme, make acquisitions and pay off debt.
Starting in the fourth quarter, McGraw-Hill will classify the education business as discontinued operations. It expects to take a non-cash impairment charge in the fourth quarter of about $450 million to $550 million related to the division.
McGraw-Hill first announced plans to split into two companies in September 2011 through either the sale or the spin-off of the education arm. Earlier this month, the company reported a 14 per cent drop in third-quarter net income, partially as a result of the planned split.
McGraw-Hill shares rose 20 cents to close at $51.89 Monday, off its session high of $53.60. Shares of New York-based Apollo fell 6 cents to $15.27, regaining most of its earlier drop to $15.12.
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Article 3 :
Dubai Mall expansion lifts shares on local market
Bloomberg News
Nov 30, 2012
Link : https://www.thenational.ae/thenationalconversation/industry-insights/markets/dubai-mall-expansion-lifts-shares-on-local-market
Dubai stocks rose the most in two months after Emaar Properties said it was expanding the world's largest mall and amid optimism that the Saudi Arabian king's health was improving after back surgery.
Emaar, the developer of the world's tallest skyscraper, gained 1.6 per cent after saying it would add a new shopping boulevard, residences and hotels to The Dubai Mall. Arabtec, the Emirates' biggest publicly traded construction company, advanced the most in a week.
The Dubai Financial Markets General Index climbed 1.2 per cent, the biggest gain since October 1, to 1,607.90 points.
Emaar rallied to a one-month high this week after Dubai's Government said the company would help to build the Mohammed bin Rashid City, which includes plans for a mall surpassing The Dubai Mall in size.
"Positive sentiment is being supported by new projects announced by Emaar, and the good news about the health of the Saudi king after his appearance in the media yesterday for the first time after his back surgery," said Nabil Farhat, a partner at Al Fajr Securities in Abu Dhabi.
In the capital, the Abu Dhabi Securities Exchange General Index gained 1 per cent to 2,674.56.
Saudi shares fell 3.8 per cent this month as concern mounted that King Abdullah bin Abdulaziz Al Saud's health might deteriorate after he underwent surgery. But the kingdom's state television yesterday showed images of the king meeting senior government officials.
The DFM General Index's performance this year outpaces a gain of 1.8 per cent for the Saudi Tadawul All Share Index. Saudi shares will rally tomorrow following the footage of the king, said Mr Farhat. The market was closed yesterday.
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Article 4:
Gucci puts faith in Middle East's 'incredible opportunities'
Gillian Duncan
Dec 2, 2012 Updated Dec 2, 2012 9.05am
link: https://www.thenational.ae/thenationalconversation/industry-insights/retail/gucci-puts-faith-in-middle-easts-incredible-opportunities
The Middle East market offers Gucci "incredible opportunities" for growth, said the group's president and chief executive.
"It is definitely a very important market," said Patrizio di Marco, who was in Abu Dhabi last month for the Global Champions Tour Gucci Grand Prix showjumping event.
"It is not only what you can do in a market looking at the customers and what they buy in their own countries but actually what you do as a brand for these customers who happen to be global travellers," he added.
The Al Tayer Group introduced Gucci to the UAE in 1999 and managed the brand for more than a decade. But the companies established a joint venture last year.
The move was designed to help Gucci to get to know the market better, said Mr di Marco.
"When you are a very important brand and you have a very important market you have to own the market, you have to be absolutely serious about that market."
Gucci has upgraded its Abu Dhabi Marina Mall boutique and it plans to open a new flagship store in the capital's financial district, Al Maryah Island, formerly known as Sowwah.
But it has also built an office in Dubai to house employees specialising in numerous fields from finance to operations, which acts as a hub for the region.
"The very important thing we managed to accomplish was to get to know better this market, to get to know better the customers and so to tailor-make a number of initiatives throughout all the possible levers of the product and communication and so on and so forth," Mr di Marco said.
One of those products is made to order handbags, which have only been introduced in a "selected number" of markets worldwide, according to the brand. Made to order shoes and made to measure clothes will also follow soon.
"The only way to be absolutely serious is to commit yourself to that market, to start investing in it and that's exactly what we have been doing and we will keep on doing it in the future."
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