KARACHI: Government of Pakistan has planned to upgrade and replace the existing central bank operated national payment gateway and payment system i.e. Real Time Gross Settlement System (RTGS) with a state-of-the-art Automated Transfer System (ATS+), an official said. “In recognition that the payments system is an integral part of the financial system in Pakistan, and…
Pakistan’s overall electricity generation increase 3.0 percent in July 2019
KARACHI: Pakistan’s overall electricity generation increased 3.0 percent to 14,231 Gwh in July 2019 as against 13,751 Gwh in the corresponding period last year, official data released on Thursday suggests. “Slender rise in power generation during the month is attributed to improvement in hydel and coal based generation, which exhibited a hefty increase of 19…
Negative implications and downgraded credit ratings of National Insurance Company
SINGAPORE: AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to C (Weak) from C++ (Marginal) and the Long-Term Issuer Credit Rating to “ccc” from “b” of National Insurance Company Limited (National) (India). The outlook assigned to these Credit Ratings (ratings) is negative. The ratings reflect National Insurance’s…
AM Best downgrades credit ratings of Oriental Insurance Company Limited
SINGAPORE: AM Best has downgraded the Financial Strength Rating (FSR) to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb-” from “bbb+” of Oriental Insurance Company Limited (Oriental) (India). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICR remains…
Trendlines Group’s ApiFix receives FDA regulatory approval
MISGAV, ISRAEL: The Trendlines Group Ltd. announced on Wednesday that its portfolio company ApiFix Ltd., a leading scoliosis correction company and one of Trendlines’ ten most valuable companies, received regulatory approval from the United States Food and Drug Administration (FDA) to commercialize its MID-C System for motion-preserving deformity treatment of progressive adolescent idiopathic scoliosis (AIS)….
OUE increases stake in Gemdale Properties and Investment Corporation
SINGAPORE: The Board of Directors of OUE Limited through its wholly-owned subsidiary, Beacon Limited, Tuesday acquired 959.861 million ordinary shares in the capital of Gemdale Properties and Investment Corporation Limited representing 6.0% of the issued share capital of Gemdale for an aggregate cash consideration of approximately HK$ 815.9 million. Pursuant to the acquisition, OUE Limited…
Mporium signs commercial agreement with major media agency network
LONDON: Mporium Group, the technology firm delivering event-driven marketing, announced a commercial agreement with the second largest media agency network in the world. Under the agreement, Mporium will run in-game moment marketing for a major global rights holder and OTT subscription service provider for the forthcoming 2019-2020 sports season. After a successful launch campaign last…
Argo Blockchain announces new mining hardware delivers faster-than-expected returns
LONDON: Argo, a UK-based provider of enterprise scale cryptocurrency mining services announced that its strategy to make a major investment in new mining hardware has delivered better than expected returns to date. The first phase of the investment programme commenced with the purchase of 1,000 Bitmain Z11 Antminer machines, which were ordered in April 2019…
NJ Ayuk in explains how energy underpins the African dream
JOHANNESBURG: African economies are undergoing a transformative period. The energy sector, in particular, holds great potential to revitalize African economies and empower the growth and development. This, is a subject NJ Ayuk dives into in great detail in his sophomore book, Billions at Play: The Future of African Energy and Doing Deals. Billions at Play…
Sativa completes initial phase of Goodbody CBD Wellness store chain
LONDON: Sativa Group Plc, the UK’s leading quoted CBD Wellness and medicinal cannabis Group, has completed the initial phase of its Goodbody CBD Wellness store chain, choosing Clifton, Bristol as the third and final location for proof-of-concept, alongside Bath and Cirencester. The Group is now actively seeking franchisees to participate in its comprehensive, full-support national…
Toyota and Suzuki enter into capital alliance agreement, buy each other’s shares
LONDON: Toyota Motor Corporation (Toyota) and Suzuki Motor Corporation (Suzuki) have entered into an agreement regarding a capital alliance on Wednesday, in order to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving. In order to develop and promote a long-term partnership…
6th Islamabad Literature Festival (ILF) set to be held in September 2019
ISLAMABAD: Every year, the capital city of Pakistan gets its much-needed intellectual and cultural treat in the form of the annual Islamabad Literature Festival (ILF). Carrying on this legacy for the 6th time, the theme of this year’s ILF is ‘The Focus is Tomorrow: Reflecting on the Past’. The festival will take place on 27,…