HONG KONG: AM Best has maintained a stable market segment outlook on Japan’s non-life insurance segment, as domestic insurers record profitable underwriting performance despite significant catastrophe losses. However, according to a new AM Best report, the recent consumption tax hike and ongoing global trade tensions could create pressure on the insurance companies operating in the…
Mexico insurance industry outlook stable: AM Best
MEXICO CITY: The AM Best rating company is maintaining a stable market segment outlook on Mexico’s insurance market. The stable outlook is based on the strong balance sheets of the insurance companies operating in the country, backed by robust reinsurance programs, according to a new AM Best report. A new Best’s Market Segment Report, titled,…
Kiwibank Ltd. ‘A/A-1’ ratings affirmed; outlook positive
MELBOURNE: S&P Global Ratings has affirmed its ‘A’ long-term and ‘A-1’ short-term issuer credit ratings on Kiwibank Ltd. The outlook on the long-term rating is positive, reflects the view that the bank’s risk appetite is now converging with that of its peers. “It also reflects our expectation that following recent management changes, a clear and…
Derwent London signs a new 5-tear £450 million revolving credit facility
LONDON: Derwent London has agreed and signed a new five-year £450 million revolving credit facility (RCF) from HSBC UK, Barclays and NatWest. The financing includes a ‘green’ tranche of £300 million, making it the first revolving credit facility provided to a UK REIT that meets the LMA Green Loan Principles. Derwent is the largest London-focused…
Altus Strategies completes royalty and property transaction with Desert Gold
LONDON: Altus Strategies, the Africa focused project and royalty generator, announced the successful completion of the royalty and property sale transaction with Desert Gold Ventures Inc. on the Company’s contiguous Sebessounkoto Sud and Djelimangara gold projects located in western Mali. The transaction has closed in accordance with the Term Sheet between Altus and Desert Gold,…
Ten Lifestyle Group wins contract to expand in the Americas
LONDON: Ten Lifestyle Group has won a competitive tender with an existing global client to significantly expand its services in the Americas. Ten Lifestyle will take over from the client’s incumbent supplier to provide its digital and high-touch concierge services early in the new calendar year. Ten Lifestyle Group plc is a leading, global travel…
SIMEC signs equipment and services supply contract with Kyuden Mirai
LONDON: SIMEC Atlantis Energy Limited (SAE), the global developer, owner and operator of sustainable energy projects, has signed a contract to supply tidal generation equipment and offshore construction services to Japan’s Kyuden Mirai Energy (KME) for a demonstration project in Japan. The project, located in the straits of Naru Island within the southern Japanese Goto…
Petra Diamonds launches Artisanal small scale mining initiative in Koffiefontein
LONDON: Petra Diamonds Limited, a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market, has announces the launch of an Artisanal Small Scale Mining (ASM) initiative in the Free State town of Koffiefontein in South Africa. This follows a process of extensive consultation and cooperation with…
Shell announces commencement of trading in next tranche of its share buyback programme
LONDON: Royal Dutch Shell has commenced trading in the next tranche of its share buyback programme previously announced on July 26, 2018 with an intention to buy back at least $25 billion of its shares, a notice issued to London Stock Exchange (LSE) noted. In the next tranche, the company has entered into an irrevocable,…
S&P revises outlook on Powerlong to stable from negative
HONG KONG: S&P Global Ratings has revised its outlook on Powerlong to stable from negative given enhanced debt control. At the same time, S&P affirmed ‘B+’ long-term issuer credit rating on the China-based developer, and the ‘B’ long-term issue rating on the company’s senior unsecured notes. The stable outlook reflects that Powerlong will maintain its…
Exyte gets “Excellent Contractor” award by GCLSemi
SHANGHAI: Exyte Group is presented the “Excellent Contractor” award by GCLSemi. The award is in recognition of Exyte’s achievement of 800,000 safety work hours during the construction of GCLSemi’s silicon wafer manufacturing cleanroom project in Xuzhou, China. Exyte is the global leader in the design, engineering and delivery of high-tech facilities, plants and factories. Exyte…
S&P revises Nokia’s outlook to negative on weak cash flow prospects
FRANKFURT: S&P Global Ratings revised telecom network equipment vendor Nokia outlook to negative on weaker cash flow prospects, and affirmed the rating at ‘BB+’. “Nokia needs to step up investments in its 5G products during a critical stage when market demand is ramping up,” S&P noted. The negative outlook reflects the possibility of a one-notch…