SINGAPORE: The economic outlook for New Zealand remains uncertain despite an as of yet successful response to the pandemic, AM Best, a global credit rating agency, news publisher and data analytics provider, noted in a report New Zealand’s life insurance market is being tested by regulatory developments and a pandemic fuelled economic downturn, with the…
AM Best removes from under review, upgrades ratings of insurance companies
OLDWICK: Global rating agency AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa+” from “a” of Life Insurance Company of North America and Cigna Life Insurance Company of New York. The…
AM Best
Founded in 1899, AM Best is the world’s first credit rating agency. It all began with the founder working out of a one-room office in New York City and grew to become what is now the largest credit rating agency in the world specializing in the insurance industry. Headquartered in the United States, the company…
Moody’s upgrades Aker BP to Baa3 with stable outlook
OSLO: Aker BP announced that Moody’s Investor Service today has upgraded its long-term issuer rating of Aker BP from Ba1 to Baa3 with stable outlook. With this assignment, Aker BP is now investment grade rated by S&P Global Ratings, Fitch Ratings and Moody’s Investor Service, all with stable outlook. Aker BP is a fully-fledged E&P…
TECO 2030 signs pact with Thecla Bodewes Shipyards for zero emission vessels
LYSAKER: TECO 2030 ASA announced a partnership with Thecla Bodewes Shipyards in Holland to develop zero emission hydrogen-based fuel cell propulsion on all types of river going vessels, such as push tugs, dredgers, passenger and cargo ships and low-profile coasters. TECO 2030 ASA has signed a Strategic Cooperation Agreement with the Dutch Thecla Bodewes Shipyard…
TECO 2030 ASA
TECO 2030 ASA (OSE-Ticker: TECO is an innovative engineering and equipment development company aiming to significantly increase the use of renewable energy, specifically in the form of hydrogen fuel. cells, and reduce the environmental footprint of the shipping industry. TECO 2030 is striving in a fast-paced environment to help clients operate within the maritime rules…
PSMC Update
Given the unfolding post-Covid scenario, along with recent volumetric growth, we believe that Pak Suzuki (PSMC) still has some upside on offer. We apprise investors regarding the same in this piece and Recommend ‘Hold’ with a revised TP of Rs325. The revision is based on stronger-than-anticipated volumetric outlook for CY21 (high demand for the Alto,…
Auto volumes to grow by 43% YoY in January
Aggregate auto volumes for the 3 major passenger car OEMs are expected at ~16.9k units in Jan-2021, which would amount to YoY growth of ~43%. Pak Suzuki (PSMC) is expected to be the outperformer during the month, with YoY growth of 62% expected. This would only be the third month in 2 years for the…
K-Electric committed to keeping industries powered up
KARACHI: Following the Federal Cabinet’s approval of moratorium on gas supply to industrial units for self-generation of electricity, K-Electric (KE) continues to remain fully committed to facilitating Karachi’s industrial customers in line with the Ministry of Energy’s (Power Division) direction to expedite fresh electricity connections and improve power supplies. KE is closely engaged with the…
Vitol Bahrain to supply Pakistan with two LNG cargoes in April
ISLAMABAD: Vitol Bahrain has offered the lowest rates for supply of two sport cargoes tendered by Pakistan LNG Terminal for delivery in April 2021. Pakistan LNG Limited (PLL) has received even lower bids for two LNG cargoes for April in the range of 10.89 percent to 11.05 percent of Brent against the tender that closed…
Air Liquide makes new investment in electronics to supply BOE in China
PARIS: Air Liquide China will build new production capacities in Mianyang City (100 km Northwest of Chengdu), Sichuan Province and Chongqing City. These will supply BOE, the world’s leading company in flat-panel displays and an IoT company, in the context of new long-term supply agreements. Since 2017, Air Liquide’s total investment for BOE amounts to…
Maersk Drilling selected for long-term drilling campaign by Tullow Oil
LYNGBY: Maersk Drilling has received a conditional letter of award (CLOA) from Tullow Ghana Ltd. for the provision of the ultra-deepwater drillship Maersk Venturer and additional services for a development drilling campaign at the TEN and Jubilee fields offshore Ghana. The duration of the final contract is around four years with expected commencement in Q2…