LONDON: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of ARABIA Insurance Company s.a.l. (AIC) (Lebanon). The outlook of these ratings is negative. The ratings reflect AIC’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral…
AM Best affirms ratings of State Automobile Mutual Insurance and its subsidiaries
OLDWICK: AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of State Automobile Mutual Insurance Company (State Auto) and its operating subsidiaries. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of State Auto’s intermediate holding company, State Auto Financial Corporation…
Azure Minerals to acquire high quality gold and nickel projects from Creasy Group
PERTH: Azure Minerals Limited has entered into two Tenement Sale and Exploration Joint Venture Agreements with entities controlled by prominent mining prospector Mr Mark Creasy (Creasy Group); one to acquire 60% interest in the Andover nickel-copper project and another to acquire 70% interests in the Turner River, Meentheena and Coongan Gold Projects, located in the…
Alcidion signs $1.3 million contract extension with ACT Health for IT support services
MELBOURNE: Alcidion Group Limited has renewed its ongoing support services contract with ACT Health for two further years, a news release said. The contract extension is valued at $1.3 million and effective from 1 January 2021. The contract extension will see Alcidion continue to provide ongoing technical support services to ACT Health for their integrated…
BAE Systems gets $32 million contract from U.S. Army
STERLING HEIGHTS: BAE Systems has been awarded a $32 million prototype agreement by the U.S. Army’s Rapid Capabilities and Critical Technologies Office (RCCTO) to integrate a Hybrid Electric Drive (HED) system onto a Bradley Fighting Vehicle. The development program is part of the Army’s effort to increase vehicle efficiency and boost power generation to support…
U.S. infrastructure group standardizes on the IKE platform
SYDNEY: ikeGPS (IKE) announced that one of the largest communications infrastructure companies in the United States has standardized on the IKE platform for all pole-related 5G and fiber deployment processes. Relating to the announcement, IKE CEO Glenn Milnes, commented, “We are pleased to be working with this tier-1 infrastructure group. Our objective is to get…
Tech Data appoints John O’Shea President of the Americas
CLEARWATER: Tech Data announced John O’Shea has been appointed President of the Americas. O’Shea’s appointment follows Joe Quaglia’s retirement from Tech Data. O’Shea brings nearly 20 years of proven leadership experience at Tech Data, most recently heading the company’s Global Lifecycle Management business unit, which has grown to serve customers around the world as part…
National Tyre & Wheel Limited to acquire TYRES 4U in Australia and New Zealand for $48.8 million
SYDNEY: National Tyre & Wheel Limited has entered into a conditional agreement to acquire the business assets of TYRES 4U (T4U) in Australia and New Zealand, a news release said. The acquisition is expected to be completed on or about 31 July 2020. The consideration payable for these assets is estimated to be $48.8 million,…
Huawei remains focused on 5G advancements in the Middle East
DUBAI: As nations across the Middle East are rapidly leveraging technological advancements to re-ignite growth following the COVID-19 pandemic, Huawei’s regional leadership sees clear opportunities to support local government, societies, and businesses alike. Charles Yang, President of Huawei Middle East, recently explored such opportunities in an open media roundtable hosted virtually across ten countries in…
American Shipbuilding Suppliers Association defends “Buy American” legislation
WASHINGTON: The American Shipbuilding Suppliers Association (ASSA) released a Statement of Policy defending and supporting the work of House Armed Services Committee (HASC) lawmakers who are working to pass legislation that will gradually strengthen existing “Buy American” requirements on the Defense Department’s largest Programs of Record (PoR). The legislation would include language in the 2021…
Saudi Arabia announces a fully integrated Defense Show starting March 2022
RIYADH: The Kingdom of Saudi Arabia’s General Authority for Military Industries (GAMI) announced the launch of ‘World Defense Show’. The show will take center stage in the global defense show circuit, offering exhibitors and visitors the opportunity to participate in Saudi Arabia’s first truly integrated defense show. Founded by GAMI, World Defense Show is focused…
Online channels account for record 28 percent of global smartphone sales in 2020
BOSTON: According to the latest research from Strategy Analytics, online retail channels will account for a record 28 percent share of all smartphones sold worldwide in 2020, soaring from 24 percent in 2019. Coronavirus is having a major impact on the distribution of smartphones, with local quarantines and social distancing forcing consumers to change their…