LONDON: Oakley Capital Investments Limited announced that Oakley Capital Private Equity III has completed an investment in Alessi S.p.A (Alessi), the Italian high-end design business focused on home ware products. Alessi is an iconic homeware brand with 100 years of heritage; working with some of the world’s leading architects and designers it has captured a…
DGO to acquire assets in the State of Ohio from EdgeMarc Energy Holdings
LONDON: Diversified Gas & Oil (DGO), the U.S. based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, announced that the asset purchase agreement with EdgeMarc Energy Holdings, LLC, and certain of its subsidiaries, has been approved by the Seller and the United States Bankruptcy Court. Accordingly,…
Vodafone group to sponsor Porsche Formula E team
LONDON: Vodafone Group will be the official communication partner of Porsche Motorsport when the automobile manufacturer enters the 2019/2020 ABB FIA Formula E Championship. Formula E is the first fully-electric international single-seater racing series in which cars zoom at more than 200 km/h – with zero emissions – along the streets of 12 major cities…
Tullow announces termination of farm-down agreement with Total and CNOOC in Uganda
LONDON: Tullow Oil announced it has been informed that its farm-down to Total and CNOOC will terminate at the end of 29 August 2019, following the expiry of the Sale and Purchase Agreements (SPAs). Tullow has been unable to secure a further extension of the SPAs with its Joint Venture Partners, despite previous extensions to…
Pakistan to replace national payment gateway with state-of-the-art Automated Transfer System
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…