Vaccines, Trials and Promising Results Pakistan has had 535,914 reported cases of coronavirus to date of which 490,126 recovered. Even though the recovery rate of 98% is higher than global recovery rate of 97%, nonetheless Pakistan needs to take adequate measures for the availability and distribution of Covid’19 vaccines. As per a statement issued by…
Trade deficit increased by 50% MoM in December
As seen recently, SBP’s latest data revealed that the trade deficit deteriorated sharply during Dec-2020 to US$2,768mn, which is a 50% MoM/64% YoY increase from the previously recorded months. The increase was largely driven by higher import payments, which jumped by 23% MoM during December. However, on a positive note, the highest increase was seen…
PVC-Ethylene margin rose by 6% WoW to record US$800/ton
The increase came on the back of a 9% decline in the Ethylene prices, currently at US$900/ton whereas spot prices were under pressure due to sluggish demand from Chinese buyers owing to the rising Covid-19 cases. Meanwhile, PVC prices were relatively stable on a weekly basis at US$1,250/ton on account of a slight increase in…
Air Liquide inaugurates low-carbon hydrogen membrane-based production unit in Canada
PARIS: Air Liquide has completed the construction of the world’s largest PEM (Proton Exchange Membrane) electrolyzer, a news release said. Supplied with renewable energy, this unit is now producing up to 8.2 tonnes per day of low-carbon hydrogen in Bécancour, Québec. With this large-scale investment, the Group confirms its long-term commitment to the hydrogen energy…
Mortgage Society of Finland’s credit ratings affirmed and outlook revised to stable
HELSINKI: On January 22, 2021 S&P Global Ratings (S&P) changed the trend of economic risk for Finland’s Banking Industry Country Risk (BICRA) to stable from negative. The Finnish economy and banking sector are performing better than many other European countries amid the Covid-19 crisis. S&P believes the Finnish banking sector is well positioned to weather…
Exact Therapeutics appoints Dr Hilary Mcelwaine-Johnn as Chief Medical Officer
LONDON: Exact Therapeutics AS announced the appointment of Dr Hilary McElwaine-Johnn as Chief Medical Officer. Dr McElwaine-Johnn will be based at the newly opened London office of EXACT-Tx at the Translation & Innovation Hub (i-Hub) at White City. “We are delighted to welcome Hilary to EXACT Therapeutics AS where her unique experience in both therapeutics…
DFDS signs agreement to acquire HSF Logistics Group for EUR 296 million
OSLO: DFDS today entered into an agreement to acquire 100% of HSF Logistics Group, a news release said. DFDS acquires the HSF Logistics Group for a debt-free price of DKK 2.2bn (EUR 296m). The acquisition will be made by a newly established company of which DFDS owns 100% of the ordinary shares. Non-voting preference shares…
Kongsberg Automotive appoints Joerg Buchheim as Chief Executive Officer
ZURICH: The Board of Directors of Kongsberg Automotive ASA announced Mr. Joerg Buchheim as new CEO and President of Kongsberg Automotive ASA, effective May 1st, 2021. He currently serves as President & CEO of Inalfa Roof Systems, Netherlands. “Joerg Buchheim not only brings more than 20 years of diverse and international executive leadership experience in…
AEX Gold appoints Jaco Crouse as new CFO
TORONTO: AEX Gold Inc. announced that Jaco Crouse has been appointed as the new Chief Financial Officer (CFO) of AEX effective immediately, replacing George Fowlie who has stepped down as the CFO but remains on the Board as a Director. The Board intends to propose Mr. Crouse as a director of the Company at the…
Eco Atlantic and Nepcoe Capital jointly launch Eco Atlantic Renewables
LONDON: Eco (Atlantic) Oil & Gas Ltd. has formed a new company (Eco Atlantic Renewables) with Nepcoe Capital Partners Ltd., a renewable energy developer and investment company, to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. owns 70% of Eco Atlantic Renewables and the…
Global Ports Holding completes sale of Port Akdeniz to QTerminals
LONDON: Global Ports Holding announced that all conditions precedent to the sale of Ortadoğu Antalya Liman Işletmeleri (Port Akdeniz) to QTerminals W.L.L., including obtaining regulatory clearance and approval from relevant Turkish government authorities, have been satisfied and the transaction has now completed. As previously announced, the agreed enterprise value for the sale was $140m, and…
ADES secures new contract in Egypt for Admarine 5
LONDON, UK: ADES International Holding, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has secured a new contract for Admarine 5 in the Gulf of Suez. The contract, secured with a top-tier client, covers a firm six-month period with the option to extend for an…