BROOKFIELD: Brookfield Infrastructure has completed the sale of 100% of its North American district energy business, Enwave. The business has been divested through two separate transactions for total consideration of $4.1 billion on an enterprise value basis. Enwave’s Canadian business was acquired by Ontario Teachers’ Pension Plan Board and IFM Investors on June 7, 2021,…
Pakistan witnesses highest ever electric power generation during FY21
§ Power generation is up by 8.1% YoY to 14,361 GWh (19,946 MW) during Jun’21, compared to 13,288 GWh (18,455 MW) during Jun’20. The rise in generation is witnessed due to higher generation on Nuclear, FO and Coal. § Major contributors during Jun’21 were Hydel (Share: 29%), RLNG (Share: 19%), Coal (Share: 18%), Nuclear (Share:…
Semiconductor shortage: Intel to acquire GlobalFoundaries in $30 billion deal
NEW YORK: Intel Corp is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion, the Wall Street Journal reported. A deal could help Intel ramp up production of chips at a time demand is at its peak and the company is looking to start producing chips for car makers that have struggled to keep operations running…
Pakistan receives 1.23 million doses of AstraZeneca vaccine
ISLAMABAD: Pakistan today received 1.236 million doses of COVID-19 Vaccine AstraZeneca through COVAX. COVAX, co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi (the Vaccines Alliance), and the World Health Organization, is a global initiative that works with governments and manufacturers to ensure COVID-19 vaccines are available worldwide to both higher-income and lower-income countries. Sameh Elfangary,…
Bank deposits up 10 percent, an all-time high
Banks Balance Sheets Fueled by Investment Book § Deposits of the banking sector have continued their upward trajectory, clocking in at PKR 19,795bn as at Jun’21, registering a 22% YoY jump while rising by a staggering 10% MoM. § Broad Money (M2) has seen an aggressive growth in tandem, posting a 13.7% YoY growth during FY21 while…
Armada Mercantile appoints Victor Cohen as CEO
VANCOUVER, B.C: Armada Mercantile Ltd. announced the appointment of Victor Cohen as Chief Executive Officer. Victor Cohen is a seasoned financier with excellent skills in evaluating business opportunities, risk, efficiency and profit potential. Mr. Cohen is a founder, funder and managing director who oversees a group of established finance companies such as Hardmoneymobile.com, a leader…
ALYI confirms order for 2,000 electric motorcycles
DALLAS, TEXAS: Alternet Systems Inc. (ALYI) today confirmed an order for 2,000 electric motorcycles. The order supports the planned rollout of a comprehensive Electric Vehicle (EV) Rideshare and rental solution in Africa beginning with electric motorcycles. ALYI has recently launched a comprehensive pilot bringing together a host of partners in Kenya to support a soup…
Cruz Cobalt acquires drill ready solar lithium project in Nevada
VANCOUVER, B.C: Cruz Cobalt Corp. has entered into a share purchase agreement to acquire a drill ready lithium project in Nevada consisting of 155 contiguous claims totaling 3,100 acres prospective for lithium. Cruz management plans to immediately apply for a drill permit and expects to be drilling this project as soon as possible. Nevada is…
Balanced agriculture policies, value chain investments needed to curb food inflation
KARACHI, PAKISTAN: The government needs to introduce balanced agriculture policies and modernize the value chain to control food inflation and manage strategic reserves of certain commodities in Pakistan, according to experts who participated in the Agri Webinar Series organized by Engro Fertilizers and Pakistan Agricultural Coalition. The session, titled “Rethinking Pakistan’s approach to managing food inflation and…
Aalberts agrees to buy all shares of Premier Thermal Solutions
UTRECHT, NETHERLANDS: Aalberts N.V. has reached a definitive agreement to buy 100% of the shares of Premier Thermal Solutions LLC (PT), based in Lansing (Michigan, USA), a news release said. PT operates nine locations across the industrial Midwest in Michigan, Wisconsin, Indiana and Ohio, generating an annual revenue of approximately USD 60 million with 250…
Sberbank closes deal to sell Eurocement Group for RUB 161 billion
MOSCOW, RUSSIA: Sberbank has closed a deal to sell parent company Eurocement Group’s shares and debt to OOO Mikhailovsky Kombinat Stroitelnykh Materialov (Mikhaylov Construction Materials Plant), which won the auction organized on the Russian Action house’s electronic platform. The transaction was valued at RUB 161 billion. The deal will have a positive impact on the…
GSK announced positive headline results from five studies
LONDON, UK: GlaxoSmithKline plc announced positive headline results from five studies of the Phase 3 ASCEND programme, evaluating the efficacy and safety profile of daprodustat, an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor (HIF-PHI), for patients with anaemia due to chronic kidney disease (CKD). The ASCEND programme showed that daprodustat met its primary efficacy endpoint in each study,…