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,…
Tom Lynch appointed permanent CEO of MedMen
LOS ANGELES: MedMen Enterprises Inc. announced the current interim Chief Executive Officer and Chairman of the Board of Directors, Tom Lynch, will be appointed as the permanent Chief Executive Officer of the Company effective Thursday, July 15, 2021. Lynch has served as the interim Chief Executive Officer since March 2020. “I am thrilled to be…
Noreco fixes $1.0 billion interest rate exposure under RBL facility until June 2024
OSLO, NORWAY: Norwegian Energy Company ASA (Noreco) has entered into a USD 1.0 billion swap transaction with a group of banks to fix the Company’s floating interest rate exposure under its Reserve Based Lending (RBL) facility from 1 Nov 2021 until 30 June 2024. Noreco will as a result pay interest on its RBL cash…
Samsung and Lucky Motor sign Samsung mobile manufacturing agreement
KARACHI, PAKISTAN: Samsung Gulf Electronics and Lucky Motor Corporation, subsidiary of Lucky Cement Limited, have signed an agreement for production of Samsung branded mobile devices in Pakistan. The mobile device production plant is anticipated to be completed by end of December 2021. The amount contemplated to be invested in the production facility and the capacity thereof has not…
SDS secures additional integration services order from Telenor Pakistan
STOCKHOLM, SWEDEN: After successfully receiving the breakthrough order from Telenor Pakistan worth USD 1.0 million, SDS secures another order from the prime supplier in the Telenor Pakistan digital transformation project. As part of the agreement, SDS will deliver additional services to supplement the deployment of their state-of-the-art transaction platform ERS 360. The solution will enable…