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,…
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…