SINGAPORE: Singapore Exchange Regulation (SGX RegCo) is making its surveillance and regulation of the securities market more targeted and effective with the application of artificial intelligence (AI) enhancements to its real-time monitoring system. The introduction of AI can help to better isolate unusual activity, by learning from historical trading patterns and filtering out noise caused…
Leisure facilities provider SATS’ revenue grow 21.3% to NOK1.036bn in 2019
OSLO: SATS ASA, provides leisure facilities offering physical exercise and training for men and women in Norway, delivered a solid fourth quarter with member base growing by 20.9 percent to 687,000 and revenue rising by 21.3 per cent to NOK 1.036 billion during 2019. The Company shows solid margin expansion, both in the fourth quarter…
New India Assurance Company outlook downgraded to negative
SINGAPORE: Insurance sector rating agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of New India Assurance Company Limited. These ratings reflect New India’s balance sheet strength, which AM Best categorizes as very strong, as well…
Carlos de Sousa appointed CEO of Ultimovacs ASA
OSLO: Ultimovacs ASA, a pharmaceutical company developing novel immunotherapies against cancer, announces that Carlos de Sousa, MD, has been appointed as the new Chief Executive Officer. Dr. de Sousa joins Ultimovacs as a seasoned industry executive with 30 years of experience ranging from leadership positions at international pharmaceutical companies such as Pfizer, Novartis and Nycomed/Takeda,…
Polar Capital to acquire Pierre Py and Greg Herr led equity team
LONDON: Polar Capital Holdings has reached agreement to acquire from Los Angeles based asset manager First Pacific Advisors its International Value and World Value equity team led by Pierre Py and Greg Herr. Polar Capital and the Managers share common philosophies, being specialist, investment-led active fund managers. Polar Capital offers the team a platform from…
Gareth Samples appointed CEO Designate of The Property Franchise Group
LONDON: The Property Franchise Group, one of the UK’s largest property franchises, announced the appointment of Gareth Samples as Chief Executive Officer Designate, further to the announcement on 31 July 2019 that Ian Wilson intends to retire in 2020. It is proposed that Gareth will join the board of TPFG as Chief Executive Officer in…
Al Salam Bank reports 14% growth in net profit to BD 21.1 million in 2019
MANAMA, BAHRAIN: Al Salam Bank-Bahrain reported a net profit attributable to shareholders of BD 4 million in the fourth quarter of 2019 compared to BD 5 million in the fourth quarter of 2018, a variance of 20% and a corresponding earnings per share at 1.8 fils compared with 2.3 fils per share for the same…
Domino’s Pizza Group to dispose of the Norwegian business
LONDON: Domino’s Pizza Group (DPG) announced, conditional on shareholder approval, it has agreed to sell its entire shareholding in DP Norway (Domino’s Norway) to Pizza Holding AS and EYJA Fjarfestingafelag III EHF, the existing minority shareholders in Domino’s Norway. DPG will sell its 71% interest in Domino’s Norway to the Minority Shareholders for consideration comprised…
NRC Group targets NOK 10 billion of revenue at 7% EBITA for 2024
OSLO: NRC Group, the largest rail infrastructure entrepreneur in the Nordic region, targets NOK 10 billion of revenue at 7% EBITA for 2024 through capitalizing on leading Nordic position and strong markets through profitable organic growth, utilizing Nordic capabilities to expand into complementary services. NRC presented the Group’s strategic development, ambitions and outlook after completion…
Dubai Investments Park attracts investments in excess of AED 42 billion over two decades
DUBAI: Dubai Investments Park (DIP), the integrated commercial/industrial and residential community in the Middle East, has unveiled that the master-planned complex has attracted investments in excess of AED 42 billion over two decades, signifying the emergence of Dubai Investment Park as a successful business model, facilitating a conducive environment. The company has confirmed a sustained…
Deyaar Development posts net profit of AED 71.5 million in 2019
DUBAI: Dubai based property developer and real estate service provider, Deyaar Development announced its financial results, wherein the company reported revenues of AED 603.7 million for the year ended 31 December 2019 compared to AED 643.7 million in the same period of 2018. Net profit for 2019 was reported as AED 71.5 million. During its…
Pakistan’s overall automobile sales decline 47% as inflation remains high
KARACHI: Pakistan Automotive Manufacturers Association (PAMA) published monthly automobile sales data for January 2020 wherein passenger car (PC) sales plummeted 48%YoY to 10,095 units whereas on a MoM basis, PC volumes remained flat (+1%). Seasonal factors such as buying at the start of new year in order to improve re-sale value provided much needed support…