HERNDON: Stride Inc. announced that Nathaniel (Nate) A. Davis is retiring from his role as Chief Executive Officer. He will remain active in the business as the Executive Chairman of Stride’s Board of Directors. Replacing Mr. Davis as Chief Executive Officer is James J. Rhyu who has served in a variety of roles during his…
Delete Group announces timeline of the restructuring measures
HELSINKI, FINLAND: Delete Group Oyj together with its financial adviser, ABG Sundal Collier ASA, initiated certain restructuring measures. On 15 January 2021, Delete announced that the holders of its secured fixed rate notes due 2021 approved certain amendments requested by Delete to the terms and conditions of the Notes by which the relevant Restructuring Measures…
SEB revises financial targets to support customers through increased financial flexibility
STOCKHOLM: Skandinaviska Enskilda Banken (SEB) Board of Directors has revised the financial targets for the group, with the objective to create further financial flexibility to better support the bank’s customers over time. According to the new targets, the bank will maintain a Common Equity Tier 1 capital ratio of 100-300 basis points above the regulatory…
Emirates Islamic posts total income of AED2.1 billion in 2020
DUBAI: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, announced its full-year financial results for 2020 with the Bank reporting a total income of AED 2.1 billion. Emirates Islamic’s balance sheet remains healthy with strong impairment coverage, liquidity and capital ratios. The bank continued to increase impairment allowances in light of…
Emirates NBD delivers a net profit of AED7.0 billion in 2020
DUBAI: Emirates NBD delivered a net profit of AED 7.0 billion in 2020 despite a challenging operating environment, a news release said. Total income increased 4% y-o-y as the positive contribution from DenizBank helped offset a decline in net interest margin due to lower interest rates and a reduction in non-funded income. Emirates NBD provided…
Blis Technologies’ Tmall flagship store launched
AUCKLAND, NZ: Blis Technologies along with their e-commerce and digital agency RooLife have officially launched the BLIS PROBIOTICS product range in China on Alibaba’s Tmall Global marketplace Partnering with RooLife Group who specialise in China targeted E-Commerce and digital marketing Blis Technologies has officially launched the BLIS PROBIOTICS™ store on Alibaba’s Tmall Global marketplace at…
Jason Bull becomes Chief Operating Officer at Vital Limited
AUCKLAND: Vital Limited announced that Jason Bull, currently in the role of Chief Financial Officer, will transition to Chief Operating Officer effective 1 February 2021. Vital over the last 4 years has been focused on transforming the company for future growth which has included; debt reduction, rollout of new digital radio network, redesign and undergrounding…
Heritage Cannabis closes Premium 5 Ltd. acquisition
TORONTO: Heritage Cannabis Holdings Corp. has completed the acquisition of all of the issued and outstanding securities of Premium 5 Ltd., a news release said. Premium 5 is a Canada-based recreational and medical cannabis company and market leader in high-quality full spectrum concentrates. “This transaction delivers on several critical strategic objectives including immediate coast to…
Havn Life Sciences to acquire GCO Packaging and Manufacturing in a share exchange deal
VANCOUVER: Havn Life Sciences Inc. has entered into a definitive agreement to acquire all of the outstanding share capital of GCO Packaging and Manufacturing Ltd., which operates a large scale manufacturing, packaging and distribution facility, in British Columbia, in exchange for 6.0 million common shares of HavnLife. HavnLife intends to utilize the GCO facility to…
Fresh Money—Automobile parts & Accessories
ñ Panther Tyres Limited, formerly known as Mian Tyre and Rubber Company Limited, was founded in 1983 as a tyres and tubes manufacturing company. ñ In 2011, the Company changed its name from Mian Tyre and Rubber Company Limited to Panther Tyres Limited. ñ Location: Sheikhupura, spanning over an area of 168.6 kanals. ñ Panther…
Oil and Gas Exploration and Production: Previews
OGDC: Profitability to plunge by 24% YoY in 2QFY21 We expect OGDC’s earnings in 1HFY21 to arrive at PKR 42,964mn (EPS: PKR 9.99), down by 19% YoY. The fall is anticipated owed to i) drop in oil prices by 32% YoY given weak oil demand internationally and ii) 4% and 5.8% YoY dip in oil…
Cement: 2Q Preview & Outlook
We expect our cement sample to post 2x jump in quarterly earnings on a sequential basis. We base our forecast on double-digit growth in local offtake, higher retention prices and operational efficiency steps undertaken by manufacturers. Net revenue to grow 17% on higher volumes: Based on 11% jump in volumetric sales, total revenue of our…