LONDON: Kibo Energy PLC, Africa focused energy company, has signed a binding term sheet with Baobab Resources Ltd to supply 200 MW energy to its Tete Steel and Vanadium Project (TSV Project) in Mozambique. Louis Coetzee, CEO of Kibo, said: “We are delighted to have secured this strategically important agreement with Baobab. The TSV Project…
Deyaar Development posts net profit of AED2.6 million in Q1 2020
DUBAI: Deyaar Development PJSC, one of Dubai’s leading property developers and real estate service providers, announced its financial results for the first quarter of 2020, wherein the company reported revenues of AED 98.8 million and net profit of AED 2.6 million for the three months ending 31st March 2020 after recording a precautionary provision for…
Hero Motocorp announces the winners of inaugural ‘Hero Colabs – The Design Challenge’
NEW DELHI: Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has announced the winners of its latest innovative initiative Hero CoLabs – The Design Challenge. Reshma KD from Bengaluru emerged victorious in Challenge #1 and Venkatesh R from Nagercoil emerged victorious in Challenge #2. Both winners will receive the grand prize Hero XPulse…
JCPenney enters financial restructuring agreement with lenders
PLANO, TEXAS: J.C. Penney Company, one of the nation’s largest apparel and home retailers, has entered into a restructuring support agreement (RSA) with lenders holding approximately 70% of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that…
Crypto-asset enterprise HyperBlock files an Assignment in Bankruptcy
TORONTO: HyperBlock Inc. confirmed that the company has filed an “Assignment in Bankruptcy” under the Bankruptcy and Insolvency Act (Canada). The Company is no longer able to meet its financial obligations and has appointed Crowe Soberman Inc. as its Licensed Insolvency Trustee to seek settlement with its creditors. The Company confirms the Trustee may be…
American Aires announces record sales in April 2020
TORONTO: American Aires Inc. has announced record sales during the month of April 2020. American Aires is an Ontario based technology company that is focused on the research, development and implementation of innovative technology solutions to allow consumers to safely engage with electronic products of the 21st century. For the month of April 2020, Aires…
Air passenger traffic down 98.3% driven by travel restrictions worldwide
LUXEMBOURG: Corporación América Airports, the largest private sector airport operator in the world by number of airports, has reported a 98.3% decline year-over-year passenger traffic in April 2020. Total passenger traffic in April 2020 dropped 98.3% YoY, primarily reflecting continued travel restrictions imposed by governments, aiming to contain the spread of the COVID-19 pandemic. International…
Video game developer Sumo Group acquires Lab42 Limited for $0.6 million
LONDON: Sumo Group, the provider of creative and development services to the video games and entertainment industries, has acquired Lab42 Limited, a cross-platform work for hire studio, providing co-development and full game development services, for a total cash consideration of $0.6 million. The acquisition supports Sumo Group’s growth strategy through increased capacity, adding 29 people,…
D4t4 Solutions launches Celebrus machine learning solution
LONDON: D4t4 Solutions Plc, the AIM-listed data solutions provider, launched Celebrus Version 9.2 with newly embedded machine learning (ML) and natural language processing (NLP) capabilities. Celebrus, D4t4’s enterprise software solution, captures and instantly activates data across all digital channels to enable customer analytics and hyper-personalisation through one-to-one marketing in real-time. Celebrus is the first solution…
RAM Ratings maintain ratings for FHT sponsored medium-term notes
SINGAPORE: RAM Rating Services Berhad has maintained ratings for the Frasers Hospitality Trust’s sponsored RM 477.48 million medium term Notes Series 2019-A issued by Notable Vision Sdn. Bhd. under NVSB’s RM750 million Medium Term Note Programme. The Notes Series 2019-A were issued in connection with the securitisation of The Westin Kuala Lumpur, one of the…
Peter Duffy appointed CEO of Moneysupermarket.com Group
LONDON: Moneysupermarket.com Group has announced the appointment of Peter Duffy as Chief Executive Officer. Peter will succeed Mark Lewis who, as announced in February, is stepping down as CEO. Peter Duffy is currently CEO of Just Eat Limited and before that was Chief Commercial Officer at easyJet and Marketing Director of Audi UK. Peter started…
Singapore Exchange and Economic Society launch essay competition on capital markets of the future
SINGAPORE: Singapore Exchange (SGX) and the Economic Society of Singapore (ESS) have partnered to launch the SGX-ESS Essay Competition that encourages participants to analyse and debate on how the networks and mechanisms of price formation are likely to evolve in the future. Markets are collections of individual sellers and buyers determining the prices of goods…