US markets tumble on inflation worries
New York: US stocks tumbled on Tuesday with investors taken aback by comments from the Federal Reserve that inflation pressures had picked up, even as it hiked rates by 25 basis points.

The comments sparked fears of more aggressive rate hikes ahead, pushing US benchmark Treasury yields to their highest level in eight months.

The worries pushed the Dow and the S&P 500 to their lowest closing level since January 28 and the NASDAQ to its lowest 2005 close - its weakest since November 2. While the Dow Jones industrial average was down 94.88 points to end at 10,470.51, the Standard & Poor's 500 Index went down 12.07 points or 1.02 percent to close at 1,171.71. The Nasdaq Composite Index was down 18.17 points or 0.91 percent, to finish at 1,989.34.
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Dubai Holding arm buys out Tussauds
Abu Dhabi: Dubai International Capital, a subsidiary of Dubai Holding, will acquire the Tussauds Group, currently controlled by funds advised by Charterhouse Capital Partners LLP. The transaction values Tussauds at Dh 5 billion (around Rs6,600 crore)
Tussauds is Europe's leading visitor attraction business, entertaining over 14 million guests per year.

The Group operates city centre attractions comprising the number one attraction in Europe, the Madame Tussauds' in London, New York, Las Vegas, Amsterdam and Hong Kong as well as Warwick Castle. It also operates theme parks at Alton Towers, Chessington World of Adventures, Thorpe Park and Heide Park in Germany.

Tussauds' executive management team led by Peter Phillipson, Chief Executive, will remain as shareholders and will continue to lead and manage the Tussauds business.

Dubai International Capital is being advised by HSBC Bank Plc. Charterhouse is being advised by Lazard & Co Ltd. Closing of the transaction is subject, inter alia, to regulatory approval.
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