MADRID: The general shareholders’ meeting has given the green light to the merger by absorption of Bricor (the absorbed company) by El Corte Inglés (the absorbing company), in line with the plans filed before the commercial registry. The merger is part of a process of integration and optimisation, which began with the merger of Hipercor,…
Bolivia insurance industry outlook stable as companies sustain growth trend
MEXICO CITY: AM Best has assigned a stable market segment outlook to Bolivia’s insurance industry, based on healthy growth, robust solvency ratios and a sufficient appetite from reinsurers. In a new Best’s Market Segment Report, titled, “Market Segment Outlook: Bolivia Insurance Industry,” AM Best states that the country’s insurance industry grew 11% in 2018, and 3.4% in…
South Korea insurers prepare to face new accounting and solvency rules
HONG KONG: AM Best views South Korea’s non-life insurers as being in a better position than their life counterparts to weather the impact of the International Financial Reporting Standards 17 (IFRS 17) accounting standard and K-Insurance Capital Standard (K-ICS) solvency regime when they take effect. In a new Best’s Special Report, titled, “South Korea Insurers Prepare to…
ST Engineering North America sets up US$1.5 billion U.S. commercial paper program
SINGAPORE: Singapore Technologies Engineering Ltd (ST Engineering) announced that its subsidiary, ST Engineering North America, has set up a US$1.5 billion U.S. Commercial Paper Program, guaranteed by ST Engineering. Under this U.S. Commercial Paper Program, ST Engineering may from time to time issue short-term unsecured promissory notes for a range of tenors up to 397…
WOQOD and Shell Lubricants ink deal on supply of premium lubricants
DOHA: Qatar Fuel Company (WOQOD) and Shell Lubricants signed an agreement over the supply of finished premium lubricants. Under the agreement, Shell will provide WOQOD engine lubricants over a five-year period. The agreement was signed at the WOQOD office by Saad Rashid Al-Muhannadi, Managing Director and CEO of WOQOD, Andrew Faulkner, Managing Director and Chairman…
Woodside announces first oil from Greater Enfield
PERTH, AUSTRALIA: Woodside Energy has notified that on 25 August 2019 the Greater Enfield Project produced first oil through the Ngujima-Yin floating production storage and offloading vessel (FPSO). Greater Enfield Project was approved in 2016, to develop the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations through a subsea tie-back to the Ngujima-Yin FPSO,…
Al Salam Bank’s H1 profit rises by 30 percent to USD 32.62 million
BAHRAIN: Al Salam Bank-Bahrain, the pioneering Shari’a-compliant bank in the Kingdom of Bahrain, posted a net profit attributable to shareholders of BHD 12.31 million (USD 32.62 million) for the first half of 2019; reflecting a 30 % increase over the BHD 9.47 (USD 25.13 million) reported for the same period last year. Al Salam’s quarterly…
Nomura signs MOU for business alliance with San-in Godo Bank and Gogin Securities
TOKYO: Nomura Securities Co., Ltd., a wholly owned subsidiary of Nomura Holdings, has signed a memorandum of understanding (MOU) with San-in Godo Bank, Ltd. and its wholly owned subsidiary Gogin Securities to explore a comprehensive business alliance aimed at providing financial intermediary services. The MOU sets out fundamental principles and other necessary considerations for entering…
Kodal Minerals lodges ESIA for Bougouni Lithium project, Mali
LONDON: Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project in southern Mali has announced the completion and lodging of the Environmental and Social Impact Assessment (ESIA) for the proposed open pit mining and processing operation at Bougouni. Bernard Aylward, CEO of Kodal Minerals, remarked: “The submission of the ESIA…
OGDC announces discovery of oil and gas
LONDON: Pakistan’s leading exploration and production (E&P) company, Oil and Gas Development Company (OGDCL) has notified that as per information received from MOL, the operator of TAL Block, hydrocarbons have been encountered in Development well Makori Deep-02, which has been drilled and is currently under testing phase. As a result of drill stem test (DST)…
Heimtextil Russia’s 21st edition in Moscow starts on September 17
KARACHI: International Trade Fair for home textiles, floor coverings and interior furnishings, Heimtextil Russia 2019 will celebrate its 21st edition in Moscow on September 17 – 19, 2019. As many as six Pakistani companies will participate at Heimtextil Russia being held from 17 – 19 September, 2019 under Trade Development Authority of Pakistan (TDAP) Pavilion….
Anglo American appoints Goldman Sachs
LONDON: Anglo American Plc has appointed Goldman Sachs in connection with its previously announced $1 billion share buyback programme Further to the announcement on 25 July 2019 in respect of the commencement of a share buyback programme of up to $1 billion, Anglo American plc announced that it has now entered into an agreement with…