LONDON: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Bahrain Kuwait Insurance Company. The outlook of these Credit Ratings (ratings) remains stable. The ratings reflect Bahrain Kuwait Insurance’s balance sheet strength, which AM Best categorises as very strong, as well as its strong…
Financial strength ratings of Russian Reinsurance Company affirmed
LONDON: AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Russian Reinsurance Company JSC. The outlook of these Credit Ratings remains stable. The ratings reflect Russian Re’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited…
Delta Air Lines appoints general sales agent in Pakistan
KARACHI: Delta Air Lines has appointed Air Transport Activities (Pvt) Ltd., part of the Avari Group, as its General Sales Agent (GSA) to strengthen the airline’s sales and marketing presence in Pakistan. As part of the new agreement, Air Transport Activities will open dedicated Delta-branded sales offices in three cities – Islamabad, Lahore and Karachi –…
EFG Hermes reports 49% growth in net profits
CAIRO, EGYPT: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported solid results for second quarter of 2019. Group recorded a net profit after tax and minority interest of EGP 304 million in 2Q19, up 49% Y-o-Y, on revenues of EGP 1.1 billion, reflecting a 13% Y-o-Y increase. For the first…
Oisix ra daichi establishes Future Food Fund
TOKYO: Oisix ra daichi Inc. has announced the establishment of Future Food Fund Inc., an investment-management subsidiary to promote corporate venture capital aimed at investing in start-up companies specializing in the food field. Oisix ra daichi launched Food Tech Fund, an investment division specializing in food-tech-related investments and alliances in October 2016, to advance solutions…
Londonmetric purchases a regional distribution warehouse for £18 million
LONDON: LondonMetric Property has purchased a south coast regional distribution warehouse for £17.8 million, reflecting a NIY of 9.0%. The 298,600 sq ft warehouse is located in Bognor Regis along the new bypass, four miles from the A27. It is let for a further two years at a rent of £1.7 million pa to John…
Oman’s Public Authority for Mining to grant two mining licences
LONDON: Oman’s Public Authority for Mining (PAM) will grant two mining licences for the high-grade copper mine developments including Mahab-4 and Maqail South. Savannah Resources has been advised by PAM that it intends to grant mining licences over the Mahab-4 and Maqail South high-grade copper deposits. PAM has specified that the Mining Licences will be…
Science in Sport launches plant protein range
LONDON: Science in Sport (SIS) has announced the launch of SiS’ PLANT20, a high-protein range of plant-based protein bars and powders. Science in Sport is the premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community. The range includes the PLANT20 Bar, which has 20g of pea, soya and almond protein,…
EVR Holdings enters into licensing agreements with two key partners
LONDON: EVR Holdings announced that its subsidiary MelodyVR Ltd has entered into music licensing agreements with independent label group, Beggars Group Digital Limited and independent label Domino Recording Company, as well as renewing their multi-territory deal with ARESA GmbH. EVR Holdings is a leading creator of virtual reality entertainment content. Beggars Group, home of 4AD,…
Sistema becomes shareholder of pharmaceutical businesses Sintez and Biocom
MOSCOW: Sistema, a publicly traded diversified Russian holding company, has completed the acquisition, together with a financial partner, of a 46.5% equity stake in Sintez Kurganskoe Medical Products Company (Sintez) and a 75.1% equity stake in Biocom, through holding company Sinocom Investments Limited (Sinocom), from investment firm Marathon Group for a consideration of RUB 11.8…
MSCI equity indexes August 2019 index review
LONDON: MSCI Inc., a leading provider of research-based indexes and analytics, announced the results of the August 2019 Quarterly Index Review for the MSCI Equity Indexes – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets and MSCI Frontier…
Air Arbia posts 75% growth in earnings
SHARJAH, UAE: Air Arabia registered a record net profit of AED 210 million for the three months ending June 30, 2019, an increase of 75 percent compared to the AED 120 million reported for the same period last year. Air Arabia announced strong financial and operational results for the second quarter of this year ending…