DUBAI, UAE: SHUAA Capital, the UAE-based financial services group which recently completed a transformational merger with Abu Dhabi Financial Group L.L.C. announced that it has agreed to sell its SHUAA Securities brokerage and market-making businesses in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), pending regulatory approvals. IHC is an…
Pakistan to complete 21 years of regular participation at Intertextile Shanghai
KARACHI: At the 25th Anniversary of Intertextile Shanghai Apparel Fabrics, Pakistan will complete its 21 years of regular participation, as 32 Pakistani companies under the auspices of Trade Development Authority of Pakistan (TDAP) are participating in the event. It may be mentioned here despite over 30 percent rupee devaluation, country’s overall textile sector exports declined…
HKEX signs MOU with Ping An Insurance Group
HONG KONG: Hong Kong Exchanges and Clearing Limited (HKEX) has entered into a memorandum of understanding (MOU) with Ping An Insurance Company of China Limited to explore possible areas of cooperation and collaboration in Fintech and data analytics to enhance the region’s financial market ecosystem. HKEX Chief Executive, Charles Li, joined Ping An Chairman, Ma…
Ratings of insurance companies under review in aftermath of Hurricane Dorian
LONDON: Rating agencies have placed the credit ratings under review with developing implications for the major property, casualty and life/health insurance companies operating in the Bahamas. These rating actions are a result of the devastation caused by Hurricane Dorian and the limited information that is currently available with regard to loss of life and property,…
Dahua Technology USA announces product lineup for GSX 2019
IRVINE–(BUSINESS WIRE)–Dahua Technology, a world-leading, video-centric, video surveillance equipment manufacturer, has announced their product lineup for the Global Security Exchange (GSX), 2019. Dahua has been focused on empowering its customers through technology to help them grow their business and ensure that they have the market’s latest in leading edge technology. At GSX, Dahua will continue…
AM Best revises outlooks to positive for Heartland Fidelity Insurance
OLDWICK: AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Heartland Fidelity Insurance Company, Washington D.C. The credit ratings reflect Heartland’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating…
AM Best affirms credit ratings of ERGO Insurance
SINGAPORE: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of ERGO Insurance Pte. Ltd., Singapore. The Credit Ratings (ratings) of ERGO Insurance reflect its balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business…
Sembcorp announces divestment of subsidiary in Australia
SINGAPORE: Sembcorp Industries announced that the Group has divested its entire stake in Sembcorp Energy Australia Pty Ltd (SEA), formerly known as Vellocet Clean Energy Pty Ltd (VCE), in Australia. The Group has sold its 81.3% stake to Achievement (S) Pte Ltd, the existing shareholder of the company for a nominal sum of A$10 (approximately…
LCT Holdings to acquire PG Automotive for S$160 million
SINGAPORE: The Board of Directors of LCT Holdings Limited has entered into a non-binding term sheet in relation to the proposed acquisition of the entire equity interest in PG Automotive Holdings Pte. Ltd. together with its subsidiaries and associated companies from Mr. Park Ki Chool and his family members at an indicative price of S$160…
Boustead opts collaboration with Getronics for integrated smart building solutions
SINGAPORE: Boustead Projects Limited has signed a memorandum of understanding (MOU) with Getronics Solutions, the Singapore unit of Getronics on a collaboration which will offer integrated smart building solutions for industrial buildings, industrial parks and integrated digital cities. Boustead is Singapore’s leading real estate solutions provider for smart eco-sustainable business park and industrial developments. Getronics…
X5 Retail Group opens logistics facility in Siberia
NOVOSIBIRSK: X5 Retail Group, a leading Russian food retailer, has expanded its logistics infrastructure in the Siberian Federal District with a Pyaterochka distribution centre (DC) in Novosibirsk. The 38,500 sq m Tolmachevo DC will be used by Pyaterochka stores in the Novosibirsk, Omsk, Tomsk and Kemerovo regions, Krasnoyarsk and Altai territories, and the republics of…
Alphalogic Techsys and Transpact Enterprises gets listed on BSE startups platform
MUMBAI: Alphalogic Techsys Limited and Transpact Enterprises Limited became the first companies to get listed on the BSE Startups Platform on September 5, 2019. On December 22, 2018, BSE had become the first stock exchange to get the approval from SEBI and launch its Startups platform. Alphalogic Techsys Limited is a Maharashtra-based company whose registered…