DUBAI: Oman Insurance Company has completed 100% acquisition of its subsidiary, Dubai Starr Sigorta A.S.by obtaining additional 49% of issued and outstanding share capital. In 2012, Oman Insurance Company bought 51% stake in Dubai Starr Sigorta which was an auto agency based in Istanbul, Turkey with operations in Ankara, Izmir and Bursa. The company, under…
Al Salam Bank Bahrain launches new and fully customizable digital banking app
MANAMA: Al Salam Bank-Bahrain has announced the launch of its new state-of-the-art digital banking application (app). The new app will offer a full suite of mobile banking services, including family accounts, digital onboarding, and a comprehensive range of exciting new features. It will also be used to launch new products and services. The new app…
Star Media Group selects Triton Digital for full suite of audio products
KUALA LUMPUR: Triton Digital, the global technology and services provider to the online audio and podcast industry, announced that Star Media Group, Malaysia’s leading integrated and innovative media group, has selected Triton Digital to power the delivery, monetization, and measurement of its streaming audio and podcast content. Through this partnership, Star Media Group will utilize…
Altice USA to sell 49.99% of Lightpath Fiber Enterprise Business to Morgan Stanley for $3.2bn
NEW YORK: Altice USA has agreed to sell 49.99% of its Lightpath fiber enterprise business to Morgan Stanley Infrastructure Partners (MSIP) for an implied enterprise value of $3.2 billion. Altice USA will receive total gross cash proceeds of approximately $2.3 billion from the sale and related financing activity (net cash proceeds of approximately $1.1 billion…
East Daley Capital hires Ethan Bellamy as Managing Director of Midstream Strategy
CENTENNIAL: East Daley Capital Advisors Inc., the premier midstream energy data and insights company, announced that Ethan Bellamy has joined as Managing Director of Midstream Strategy. Bellamy brings over 15 years of experience in midstream equity research. He joins East Daley from Baird, where he was most recently Senior Equity Analyst covering Energy Infrastructure. “We’re…
Utilligent and Infor partner to help utilities overcome business challenges
LOS ANGELES: Infor, a global 2019 Gartner Magic Quadrant leader in business cloud software specialized by industry, and management consulting firm Utilligent announce an alliance to bring their enterprise asset management (EAM) solution to utility companies to optimize maintenance operations, extend asset life, and reach new levels of efficiency. “For almost two decades, Utilligent has…
Sortis Holdings acquires Sustainable Restaurant Group, owner of Bamboo Sushi
PORTLAND: Sortis Holdings Inc., a Portland-based investment firm, has acquired Sustainable Restaurant Group (SRG), owner of Bamboo Sushi, out of bankruptcy, a news release said. Sortis, in conjunction with its Sortis Rescue Fund announced in May, acquired SRG and will assume full operational control. A hearing held earlier this month in Delaware approved the plan…
ExxonMobil recommends shareholders reject below-market mini-tender offer by Ponos Industries
IRVING: Exxon Mobil Corporation has received notice of an unsolicited mini-tender offer by Ponos Industries LLC to purchase up to 1 million shares of ExxonMobil common stock, which represents approximately 0.024 percent of the shares outstanding as of the April 27, 2020 offer date. Ponos’ offer price of $48 per share is conditioned on the…
Moody’s announces environmental sustainability commitments
NEW YORK: Moody’s Corporation has established new environmental sustainability commitments and progress milestones, including plans for expanding its carbon neutrality and procuring 100% renewable electricity, as well as target goals for reducing its greenhouse gas (GHG) emissions. “Contributing to an environmentally sustainable global future is a key business objective for Moody’s,” said Mark Kaye, Chief…
Magellan Health launches new approach to deliver innovative healthcare solutions through health studio
PHOENIX: Magellan Health Inc. launched Magellan Health Studio to accelerate the design, development and delivery of next generation products complemented by integrated digital solutions for health plans, healthcare systems, providers and ultimately patients, a news release said. Magellan Health Studio, located in Frisco, Texas, will focus on solving healthcare’s most vexing issues through a human-centered…
AM Best updates net capital charges associated with Fannie-Freddie mortgage risk transfers
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,…