LONDON: Rio Tinto has launched a board-led review of its heritage management processes within Iron Ore following the events at Juukan Gorge, with a focus on recommending improvements to the effectiveness of its internal processes and governance. The review will be conducted by Michael L’Estrange AO, an independent non-executive director of Rio Tinto, and will…
Avation Plc announces transition of aircraft leases and sales
SINGAPORE: Avation PLC, the commercial passenger aircraft leasing company, has entered into commercial arrangements in respect of five aircraft that were on lease to Virgin Australia, which entered administration on 21 April. Avation has entered into agreements to lease two of the former Virgin Australia ATR 72-500s to another commercial airline in Australia, until the…
Body and Mind collaborates to bring Her Highness brand to Nevada
VANCOUVER: Body and Mind Inc., a multi-state cannabis operator, has finalized a production licensing agreement with Her Highness, a growing cannabis brand aimed to introduce and educate women, both the curious and experienced consumers, on the benefits of incorporating cannabis into her lifestyle with a dynamic suite of premium products. “Advancing this opportunity with Her…
Plymouth Rock Technologies to deploy first commercially available 5G drone
PLYMOUTH: Plymouth Rock Technologies Inc., a leader in the development of cuttingedge threat detection technologies, announced that its X1 platform will begin initial production with integrated 5G command and control modules as standard. In many tests, cellular networks have proven to be capable of serving drones in the low-altitude airspace, a perfect fit since drones…
BevCanna signs definitive agreement to acquire Exceler Holdings
VANCOUVER: Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc., has entered into a definitive share exchange agreement with Exceler Holdings Ltd, an arm’s length private British Columbia corporation. The agreement with Exceler will provide BevCanna with access to Exceler’s significant number of distribution points across Europe and Asia as BevCanna launches its CBD beverage…
Temas Resources enters into definitive agreement to acquire iron ore property
VANCOUVER: Temas Resources Corp. has executed a definitive agreement with CloudBreak Discovery Corp. and Cronin Services Ltd. to acquire a 100% interest in the La Blache property in Cote-Nord, Quebec by way of certain share and cash consideration. The La Blache Property is part of the La Blache Anorthosite Complex and hosts the Farrell-Taylor magnetite-ilmenite…
Sitka Gold begins drilling at its Alpha Gold Property in Nevada
VANCOUVER: Sitka Gold Corp. announced that drilling has commenced at its Alpha Gold Property located in Nevada’s prolific Carlin gold province. Alpha Gold is located where the projection of the Cortez gold trend, which hosts several multi-million ounce gold deposits, intersects with the Garden Valley Anticline. Permits for a 12-hole drill program have been secured…
NexTech AR and BDA sign partner supply agreement
NEW YORK: NexTech AR Solutions signed a partner supplier agreement with Bensussen Deutsch & Associates (BDA), LLC. BDA Sports will be using the InfernoAR virtual event platform for their signature annual Think Tank 2020 program for teams in NHL, NBA, MLB, and NFL. BDA LLC supports high-profile global brands such as Coca-Cola, Sony, AT&T, NFL,…
Prudential announces $27.6bn reinsurance agreement alongside $500mn equity investment by Athene into its US business
SINGAPORE: The Board of Prudential plc has reached agreement with Athene Holding Ltd a leading retirement services company, for its subsidiary Athene Life Re Ltd to invest $500 million in Prudential’s US business in return for an 11.1 per cent economic interest for which the voting interest is 9.9 percent. Athene’s investment will be deployed…
AM Best affirms ratings of Orient Insurance and Orient Takaful
OLDWICK: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Orient Insurance PJSC (United Arab Emirates) and Orient Takaful Insurance Company (Egypt), a subsidiary of Orient. The outlook of these Credit Ratings is stable. The ratings reflect Orient’s balance sheet strength, which AM Best…
AM Best downgrades credit ratings of Turkey’s Milli Re
LONDON: Rating agency AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bbb-” of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey). The outlook of these Credit Ratings has been revised to stable from negative. The ratings reflect…
Olam secures $250 million sustainability-linked loan, its third in 2 years
SINGAPORE: Olam International Limited and its wholly owned subsidiary, Olam Treasury Pte. Ltd., have secured a revolving sustainability-linked credit facility aggregating US$250 million that is linked to meeting key sustainability performance indicators (KPI). The facility consists of three tranches – a 1-year revolving sustainability-linked credit facility (SRCF) of US$50 million, a 2-year SRCF of US$100…