OSLO: Veidekke has been commissioned by the Norwegian Cycling Federation’s centre of expertise and Nordr to build a velodrome and a commercial building with lower secondary school, kindergarten, offices and retail spaces in Asker municipality. Both are turnkey contracts worth respectively NOK 158 million (velodrome) and 189 million (commercial building), excluding VAT. The project is…
Keppel Corp reaffirms Vision 2030, plans to unlock value from S$3-5 billion of assets in 3 years
SINGAPORE: Keppel Corporation Limited has identified assets with a total carrying value of approximately S$17.5 billion based on the Group’s balance sheet as at 30 June 2020 that can potentially be monetised over time and channeled towards growth initiatives. Dr Lee Boon Yang, Chairman of Keppel Corporation said, “The Board and Management are committed to…
U.S. property and casualty insurers manage challenging market dynamics amidst Covid19
HOUSTON: Credit rating activity for the U.S. property and casualty insurance industry in the first half of 2020 was mixed, with upgrades modestly outnumbering downgrades, according to a new AM Best report. A new Best’s Special Report, titled, “Mid-Year Rating Changes Mixed as U.S. Property/Casualty Insurers Manage Challenging Market Dynamics,” states that the percentage of…
U.S. life and health insurance sector rating upgrades outnumber downgrades in first-half of 2020
HOUSTON: The U.S. life and health insurance industry saw more credit rating upgrades than downgrades in first-half 2020, driven primarily by improved levels of risk-adjusted capitalization. However, according to a new AM Best special report, negative rating actions could increase in the second half of the year as the COVID-19 pandemic negatively impacts companies’ sales,…
Rex appoints ABG Sundal Collier to review financing options for development in Oman
SINGAPORE: Rex International Holding Limited has appointed Nordic independent investment bank ABG Sundal Collier ASA as financial adviser and intermediary to review non-dilutive financing options for Rex’s 86.37 percent subsidiary Masirah Oil Ltd, a news release said. ABG Sundal Collier will advise, among others, on the structure, timing and organisation of a possible bond financing….
Tritech develops an AI-based data analytics system
SINGAPORE: Tritech Group Limited, a leading engineering and water-related and environmental group, has developed a Big Data and Artificial Intelligence (AI) platform for both engineering and water-related and environmental business, i.e. ADAS, an AI-based data analytics system . Globalization, demographic shifts, data explosion, technologies disruption, climate change, redefined jobs and complexity are the trends shaping …
Julius Baer places $350 million AT1 securities in Asia, Europe
ZURICH: Julius Baer Group has successfully placed perpetual non-cumulative Additional Tier 1 (AT1) securities in a $350 million transaction with private banks and institutional investors in Asia and Europe, a news release said. The transaction will help to optimise Julius Baer Group’s capital structure and flexibility. The securities carry a coupon of 4.875%, payable semi-annually,…
Novatti launches Digital Payments Accelerator, an extension of its Visa Issuing program
MELBOURNE: Digital banking services and payments company, Novatti Group Limited, has launched the Digital Payments Accelerator. The Digital Payments Accelerator extends Novatti’s Visa Issuing white label programs to meet the needs of: ▪Startups and innovators to bring their innovative fintech and financial products to market quicker, and to test their products in a controlled way…
Jumbo Interactive to power Lotterywest’s online platform
PERTH: Jumbo Interactive Limited’s subsidiary TMS Global Services has signed a binding Term Sheet with Lotterywest, the WA state government-owned and operated lottery of Western Australia, to negotiate and enter into a detailed Agreement to provide its online software platform and services for up to the next 10 years. Jumbo will provide a “Powered by…
NYMBUS appoints Jeffery Kendall as new Chief Executive Officer
MIAMI: NYMBUS has appointed Jeffery Kendall to serve as the company’s Chief Executive Officer, effective October 1, 2020. Kendall succeeds the company’s founder, Scott Killoh, who will continue to serve as Executive Chairman of the Board and trusted advisor to the management team. Kendall is an experienced leader in the digital technology space, bringing a…
Avingtrans’s Booth Industries secures £36 million HS2 rail link contract
LONDON: Avingtrans PLC’s wholly owned subsidiary, Booth Industries, has secured a multi-year contract worth £36 million to supply cross passage doors for the HS2 rail link. The doors will provide fire protection between cross passages along Phases 1 and 2a of the HS2 route (London to West Midlands; West Midlands to Crewe), creating a safe…
Ferguson plc appoints Bill Brundage as Group CFO
LONDON: Ferguson plc has announced the appointment of Bill Brundage as Chief Financial Officer (CFO) and an Executive Director, with effect from November 1, 2020. Bill is currently CFO of Ferguson Enterprises a position he has held since March 2017. Bill has over 17 years of experience in a variety of senior finance roles at…