OLDWICK: AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of New York Life Insurance Company and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (collectively referred to as New York Life). Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term…
OGDC makes oil and gas discovery in Sindh
KARACHI, PAKISTAN: Oil & Gas Development Company Limited (OGDCL), operator of Bitrism Block has announced oil and gas discovery from its exploratory well Pandhi # 01, which is located in District Sagnhar, Sindh. The well has tested 9.12 Million Cubic Feet per Day (MMCFD) of gas and 520 Barrels per day of oil through choke…
Pak Suzuki posts loss in 2Q 2019
KARACHI: Pak Suzuki Motor Company (PSMC) announced its 2QCY19 ended June 30, 2019 financial results wherein the company booked net loss of Rs545 million translating into loss per share (LPS) of Rs6.62 versus profit after tax of Rs394 million and earning per share (EPS) of Rs4.78 registered during the same quarter last year. Earnings arrived better…
Habib bank posts 78% decline in profits
KARACHI: Habib Bank Limited (HBL) unveiled its 2QCY19 ended June 30, 2019 consolidated net earnings at Rs750 million translating into earning per share (EPS) of Rs0.44 versus Rs3.44 billion EPS Rs2.29 recorded during the corresponding quarter of last year, depicting a significant fall of 78% YoY in profitability. The earnings arrived well below market expectations…
TechnipFMC awarded a major contract for Arctic LNG 2 project in West Siberia
HOUSTON: TechnipFMC has been awarded a major Engineering, Procurement and Construction (EPC) contract by Novatek and its partners for the Arctic LNG 2 project located in the Gydan peninsula in West Siberia, Russia. This development will consist of three liquefied natural gas (LNG) trains, each with a capacity of 6.6 Mtpa, which will be installed…
IMImobile announces proposed acquisition of 3CInteractive Corp
LONDON: IMImobile, a global cloud communications software and solutions provider, has conditionally agreed to acquire the entire issued and to be issued share capital of 3C Interactive Corp. (3C), a private US cloud-based multichannel, customer engagement platform company with a leading position in Rich Communication Services (RCS), on a debt-free, cash-free, basis for a total…
Cora Gold granted 100% ownership of Tagan Permit in southern Mali
LONDON: Cora Gold has been awarded 100% ownership of the 82km2 Tagan Permit located along the Yanfolila Gold Belt in southern Mali. The newly awarded permit area overlies what is considered to be the most prospective area of a previous permit held by Cora Gold which expired in June 2017. The Tagan Permit lies approximately…
AEG forms JV for saw-logging operations at Lumberton
LONDON: Active Energy (AEG), the London quoted renewable energy business focussed on biomass, has entered into a joint venture agreement, with Renewable Logistics Systems LLC (RLS), a supplier of saw-logs, pulpwood and wood chips to international and domestic markets. The JV will enable AEG to enter the saw logging export market via the commencement of…
Vodafone, O2 Telefonica to share 5G active equipment across UK
LONDON: Vodafone Limited and O2 Telefónica UK Limited announced that they have agreed to share 5G active equipment, such as radio antennas, on joint network sites across the UK. This means more people will get 5G sooner, helping to build a competitive digital economy and encouraging innovative new services that use 5G’s speed and greater…
NOVATEK launches South-Khadyryakhinskoye field
MOSCOW: PAO NOVATEK announced that the Company’s wholly owned subsidiary NOVATEK-Tarkosaleneftegas commenced commercial production at the South-Khadyryakhinskoye gas field, with estimated gas capacity at about one billion cubic meters per annum. “The South-Khadyryakhinskoye field is located in close proximity to the Company’s existing infrastructure, which allowed us to quickly commence initial gas production and optimize…
Anglo American senior leadership changes
LONDON: Anglo American plc announced the appointment of Nolitha Fakude as Chairman of Anglo American’s Management Board in South Africa, with effect from 1 September 2019. Fakude will step down as a non-executive director on the Board of Anglo American plc on 31 August 2019 in order to take up this new executive role and…
Investcorp raises up to $142 million in its maiden private equity India fund
BAHRAIN: Global alternative asset manager Investcorp, announced the final close of its maiden Private Equity Fund offering for India. The fund gained a total capital commitment of around Rs 1000 Crore ($142 million), within a few months of Investcorp establishing its lndia presence. The limited partners of the fund comprise a well-diversified universe of Indian…