DUBAI: Insurance sector rating agency, AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Dubai Insurance Company (PSC) (DIC). The outlook of these Credit Ratings is stable. The ratings reflect DIC’s balance sheet strength, which AM Best categorises as very strong, as well as…
Petards acquires NASBox and associated Nexus software from Telematics Technologies
LONDON: Petards Group, developer of advanced security and surveillance systems, has acquired the intellectual property right, and related inventory of Nexus ANPR Smart Box (NASBox) and associated Nexus software from Telematics Technologies LLP for a maximum consideration of £1,049,000. The consideration comprises an initial amount of £79,000 satisfied in cash from Petards’ existing cash reserves,…
David Blackwood appointed new chairman of Connect Group
LONDON: Connect Group PLC announced David Blackwood will join the Board as Chairman and non-executive director with effect from 13 May 2020. The appointment of Mr Blackwood will similarly see Gary Kennedy step down as Chairman and non-executive director of the Company with effect from close of business on 13 May 2020, following publication of…
Luis Gallego to be new Chief Executive of IAG
LONDON: International Airlines Group (IAG) announced that Luis Gallego will succeed Willie Walsh as Group chief executive on 24 September, 2020. Antonio Vazquez, IAG’s chairman, said: “We announced in March that Willie would delay his retirement for a short period. We can confirm today that Luis Gallego will take over the leadership on 24 September,…
Shazad G. Dada appointed President & CEO of United Bank Limited
LONDON: Board of Directors of United Bank Limited (UBL) has decided to appoint Mr. Shazad G. Dada as President & CEO of UBL with effect from 01 July 2020 for a term of 03 years’ subject to approval of State Bank of Pakistan and compliance with all applicable laws, rules and regulations in this regard….
GSK sells its holding in Hindustan Unilever Limited
LONDON: On 1 April 2020 GlaxoSmithKline plc (GSK) announced the completion of its divestment of Horlicks and other Consumer Healthcare nutrition products in India to Unilever, including the merger of its Indian listed entity, GlaxoSmithKline Consumer Healthcare Limited (GSK India), and Hindustan Unilever Limited (HUL). Through the merger of GSK India with HUL, GSK acquired…
PIA chooses Amadeus as its long-term distribution partner to drive future growth
KARACHI: Pakistan International Airlines (PIA) has reached a landmark agreement in distribution with Amadeus, the leading travel technology company, giving PIA full access to Amadeus’ global travel seller network. Through this new agreement, Amadeus-connected agencies will now be able to book PIA’s full suite of domestic and international inventory through the Amadeus Travel Platform. “We’ve…
DNO completes Baeshiqa testing, prepares to spud next well
OSLO: DNO ASA, the Norwegian oil and gas operator, announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq and the imminent spud of an exploration well on a separate prospect, Zartik, located 15 kilometers southeast on the same license. The testing has proven oil and gas in…
Plymouth Rock Technologies certified to operate drone platform in UK airspace
PLYMOUTH, MASSACHUSETTS: Plymouth Rock Technologies Inc., a leader in the development of cutting edge threat detection technologies, has received permission for Commercial Operations (PfCO) from the Civil Aviation Authority (CAA) to operate Small Unmanned Aircraft (SUA) / Small Unmanned Surveillance Aircraft (SUSA). Having successfully passed the CAA PfCO certification process, PRT can now utilize its…
Fandom Sports appoints Vinokurov as CEO and President
VANCOUVER: Fandom Sports Media Corp. has appointed David Vinokurov as the Company’s President and Chief Executive Officer, effective immediately. Fandom Sports Media is an entertainment company that aggregates, curates and produces unique fan-focused content. Vinokurov is an accomplished executive with more than 12 years of extensive business and corporate development experience from a variety of…
SPH REIT extends tenants’ assistance scheme
SINGAPORE: The Singapore government announced an extension of the circuit breaker by 4 weeks to 1 June 2020. To assist its tenants, SPH REIT will be granting full rental waiver for two months – April and May 2020, for eligible non-trading retail and medical tenants. Together with the rental rebates granted in February and March,…
Hong Leong Finance hits 500th customer in approved COVID-19 loan relief applications
SINGAPORE: Hong Leong Finance (HLF) has seen a surge in COVID-19 approved loan relief applications, reporting that it has approved applications from 500 customers, comprising 300 from local businesses and 200 from retail customers. HLF expects to see a further increase following the latest announcement by the Monetary Authority of Singapore to ease cash flow…