OLDWICK: As more of Fannie Mae and Freddie Mac’s mortgage risks continue to make their way to the reinsurance market, AM Best has published tables of net capital charges associated with a select group of transactions from these government-sponsored enterprises’ (GSE) credit risk transfer (CRT) programs. These tables also highlight some of the key components…
AM Best upgrades credit ratings of Country-Wide Insurance Company
OLDWICK: AM Best has upgraded the Financial Strength Rating to C++ (Marginal) from C+ (Marginal) and the Long-Term Issuer Credit Rating to “b+” from “b-” of Country-Wide Insurance Company (Country-Wide) (New York, NY). The outlook of the Credit Ratings (ratings) is stable. The ratings reflect Country-Wide’s balance sheet strength, which AM Best categorizes as weak,…
Cannabis in Illinois ushers in a new era of consumption
CHICAGO: NuMed, a rapidly expanding Chicago-based vertically integrated Cannabis company, has launched their new name and brand NuEra. NuEra covers their three current Illinois retail locations, a newly acquired cultivation center in Rochelle IL, and their new brand of Flower and Prerolls. The name NuEra highlights the fact that legalization in Illinois didn’t just change…
Donaco announces reopening of the Star Vegas Casino operations
SYDNEY: Donaco International Limited confirmed that the Government of Cambodia has lifted the temporary closure of casino operations in the country. Casinos in the country may now resume operations, contingent on receiving approval from the Ministry of Health (MOH) and implementing certain preventive measures against COVID-19.The closure followed the Cambodian Government’s announcement mandating the temporary…
AWS announces general availability of Amazon Fraud Detector
SEATTLE: Amazon Web Services Inc. (AWS) announced the general availability of Amazon Fraud Detector, a fully managed service that makes it easy to quickly identify potentially fraudulent online activities like online payment and identity fraud. Using machine learning under the hood and based on over 20 years of fraud detection expertise from Amazon, Amazon Fraud…
Downer awarded $324 million in contract wins and extensions
SYDNEY: Downer EDI Limited announced that its Asset Services business had recently been awarded a number of contracts in the power generation, oil and gas, and industrial sectors with a combined value of approximately $324 million. The Chief Executive Officer of Downer, Grant Fenn, said the contract wins demonstrate Downer’s position as an industry leader…
Westpac announces to bring back around 1,000 jobs to Australia from overseas
MELBOURNE, AUSTRALIA: Westpac Group has announced it will bring back around 1,000 jobs to Australia from overseas as it seeks to bolster the strength and resilience of its operations and improve support for customers. The decision follows a surge in demand for customer assistance at the start of the COVID-19pandemic, which created challenging conditions for…
Cromwell and IGIS purchasing seven DHL logistics assets in Italy for A$85.7 million
BRISBANE: Cromwell Property Group and Korean real estate investment manager IGIS Asset Management (IGIS) have signed binding agreements to purchase seven DHL logistics assets in Italy for A$85.7 million (€52.5 million), with settlement due in September 2020. Cromwell will fund its share of the acquisition from existing cash reserves. It is intended that the assets…
Mark Tory appointed CEO of Northern Minerals Limited
SYDNEY: Northern Minerals Limited announced that the Company’s long-serving Chief Financial Officer and Company Secretary Mark Tory has been appointed Chief Executive Officer. Acting Executive Chairman Colin McCavana will revert to his former role of Non-Executive Chairman of the Northern Minerals’ Board, after a period care-taking the executive function of the Company following the resignation…
Tim wither appointed Managing Director of Maximus Resources Limited
PERTH: Maximus Resources Limited announced that Mr Tim Wither has been appointed Managing Director of the company. Mr Wither will commence in his role on or before 27 August 2020. Mr Wither is a mining engineer with over 18 years of exploration, operational and executive experience in gold and base metals projects in Australia and…
Rostelecom started construction of a Tier IV data center in Moscow with 2,000 racks capacity
MOSCOW: Rostelecom PJSC, the largest integrated digital service provider in Russia, announced that it has started the construction of a Tier IV data center in Moscow, with ultimate level of redundancy and reliability, and fault tolerance. Rostelecom’s new Tier IV data center will be built in south-eastern Moscow, with total area of 10,150 sqm and…
Sanofi and GSK agree with the UK government to supply up to 60 million doses of COVID-19 vaccine
LONDON: Sanofi and have reached an agreement, subject to final contract, with the UK government for the supply of up to 60 million doses of a COVID-19 vaccine. The vaccine candidate, developed by Sanofi in partnership with GSK, is based on the recombinant protein-based technology used by Sanofi to produce an influenza vaccine, and GSK’s…