Abu Dhabi's Mubadala flexes muscles in Russia

Mubadala has taken a stake in Russia's biggest fitness chain. (Supplied)
Updated 28 November 2018
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Abu Dhabi's Mubadala flexes muscles in Russia

  • Abu Dhabi fund invests in Russia's biggest gym chain
  • Mubadala controls assets estimated to be worth $226 billion

ABU DHABI: Mubadala Investment Company has teamed up with the Russian Direct Investment Fund (RDIF) to take a major stake in Russia’s biggest fitness group.
The consortium that also includes other regional investment funds has taken a 22.5 percent stake in Russian Fitness Group, which manages the largest chain of fitness clubs in Russia under the ‘World Class’ brand.
The consortium acquired the stake from VTB Capital. It comes as Moscow increasingly promotes healthy living in a country where heart disease accounts for more than two thirds of all deaths according to the World Health Organization.
“Together we will create the conditions needed to improve the quality of life,” said Kirill Dmitriev, CEO of RDIF. “Through both this project and the mixed martial arts company UFC Russia, which was established in partnership with Mubadala, RDIF is promoting the development and popularization of sports in Russia. ”
RDIF is Russia’s sovereign wealth fund and Mubadala is similarly focused on boosting the wealth of Abu Dhabi. Mubadala is active in 13 sectors and more than 30 countries around the world,.
Russian Fitness Group operates World Class and World Class Lite fitness clubs chains. Today World Class is the largest fitness corporation in Russia operating 39 own and 46 franchised clubs in 34 cities.


Apple China says it will push software update in bid to resolve Qualcomm case

Updated 5 min 51 sec ago
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Apple China says it will push software update in bid to resolve Qualcomm case

  • Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order”
  • Qualcomm has said that a court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models

SHANGHAI/SAN FRANCISCO: Apple Inc. , facing a court ban in China on some of its iPhone models over alleged infringement of Qualcomm Inc. patents, said on Friday it will push software updates to users in a bid to resolve potential issues.
Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order,” the firm said in a statement sent to Reuters.
Earlier this week, Qualcomm said a Chinese court had ordered a ban on sales of some older Apple iPhone models for violating two of its patents, though intellectual property lawyers said the ban would still likely take time to enforce.
“Based on the iPhone models we offer today in China, we believe we are in compliance,” Apple said.
“Early next week we will deliver a software update for iPhone users in China addressing the minor functionality of the two patents at issue in the case.”
The case, brought by Qualcomm, is part of a global patent dispute between the two US companies that includes dozens of lawsuits. It creates uncertainty over Apple’s business in one of its biggest markets at a time when concerns over waning demand for new iPhones are battering its shares.
Qualcomm has said that the Fuzhou Intermediate People’s Court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models, from the 6S through the X.
Apple has said that all of its phone models remained on sale in mainland China and that it had filed a request for reconsideration with the court. All the models appeared to be available to buy on Apple’s China website on Friday.
Qualcomm, the biggest supplier of chips for mobile phones, filed its case in China in late 2017, arguing that Apple infringed patents on features related to resizing photographs and managing apps on a touch screen.