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…
Ralph Lauren announces participation in Evercore ISI Virtual Consumer & Retail Summit
NEW YORK: Ralph Lauren Corporation announced the Company’s participation in the Evercore ISI Virtual Consumer & Retail Summit. The event includes a virtual fireside chat hosted by Omar Saad, equity research analyst at Evercore ISI, with Jane Nielsen, Chief Operating Officer and Chief Financial Officer at Ralph Lauren. Media and investors may access a replay…
Xcel Energy proposes largest package of energy investments in Minnesota’s history
MINNEAPOLIS: Xcel Energy announced its proposal for one of the largest packages of energy investments in Minnesota’s history, as part of its response to the Minnesota Public Utilities Commission and Department of Commerce request for energy companies to help with job growth and getting the economy on track. As part of Xcel Energy’s commitment to…
T-Mobile names Peter Osvaldik as new chief financial officer as Braxton Carter retires
BELLEVUE: T-Mobile US Inc. has promoted Peter Osvaldik, T-Mobile’s current senior vice president, Finance and Chief Accounting Officer, to Chief Financial Officer (CFO) effective July 1, 2020. Osvaldik will assume the CFO role as current CFO Braxton Carter plans to retire on July 1, 2020 at the conclusion of his previously announced contract extension. “Peter…
PIA cuts air cargo tariff to facilitate mango export
KARACHI: In a move to ease pressures on the mango exports amid the global shut down due to COVID 19, Pakistan International Airlines (PIA) has announced one third price reduction in air cargo tariff for the mango uplift from Pakistan. The decision was taken after a series of talks between the PIA team led by…
Emperor engages AGR to commence planning and design of the Judith 2 exploration well
PERTH: Emperor Energy Limited has engaged respected global well management company AGR to commence planning and design of the Judith 2 Exploration Well planned for the Judith Gas Field in the Company’s 100% owned VIC/P47 Permit in the offshore Gippsland Basin, Victoria. AGR is a leading well management, reservoir management, HSEQ, and field management service…
National Stock Exchange of Australia to go live with TAS in August
SYDNEY: NSX Limited disclosed that its wholly owned subsidiary, the National Stock Exchange of Australia Ltd (NSXA), has made significant progress to achieving an August 2020 “go-live” with the Trade Acceptance Service (TAS). This follows on from the ASIC regulatory approval, given to the NSXA for the TAS Business Rules in May this year. The…
Samsung showcases the first cloud-based chip design platform in partnership with Rescale
SAN JOSE: Samsung Electronics Co. Ltd., a world leader in advanced semiconductor technology, announced the launch of ‘Samsung Advanced Foundry Ecosystem (SAFE) Cloud Design Platform (CDP)’ for fabless customers, in collaboration with Rescale, a leader in high performance computing (HPC) applications in the cloud. The key highlight feature of Samsung foundry’s first SAFE™ Cloud Design…
Splitit partners with Mastercard to accelerate adoption of Splitit’s installment solution
SYDNEY: Splitit Payments Ltd., a global payment solutions provider, has signed a multi-year agreement with global payments technology company, Mastercard Incorporated to accelerate the adoption of Splitit’s installment solution around the world. Splitit mentioned the agreement is for an initial five (5) year term. Either party can terminate the agreement at the end of the…
Illumina acquires BlueBee to accelerate processing, analysis and sharing of next generation sequencing data
SAN DIEGO: Illumina Inc. is enhancing its capabilities to analyze and interpret the data produced by its sequencing systems with the acquisition of BlueBee, a cloud-based software company that provides genomics analysis solutions for research and clinical customers. Based in the Netherlands, BlueBee has developed a regulatory compliant, secure cloud platform that simplifies access to…