NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes…
Kongberg to provide PROTECTOR Remote Weapon Station to Danish Army
OSLO, NORWAY: Kongsberg Defence & Aerospace AS has signed a contract with the Danish Ministry of Defence Acquisition and Logistics Organisation (DALO) for delivery of the KONGSBERG PROTECTOR Remote Weapon Station (RWS) to the Danish Army worth 270 MNOK. The system will be integrated on Denmark’s new fleet of Piranha V 8×8 vehicles. The contract…
Overseas Investors Chamber holds 2nd Women Empowerment Awards
KARACHI, PAKISTAN: ‘The Overseas Investors Chamber of Commerce and Industry (OICCI) and its member companies are role models for empowering women at the workplace and the corporate sector across Pakistan should follow the ‘OICCI Women’ initiative to foster economic growth of the country’, Governor Sindh, Imran Ismail, remarked while commending the efforts of foreign investors…
Hargreaves Raw Material Services acquires DK Recycling
LONDON: Hargreaves Services plc announced an acquisition by its German associate company, Hargreaves Raw Material Services GmbH (HRMS), which furthers its strategy of creating an integrated specialist manufacturing and minerals trading business in Germany’s industrial heartland. Hargreaves has acquired 94.9% of DK Recycling und Roheisen GmbH (DK) from DK Holdings GmbH. The acquisition cost was…
Danakali receives $50mn strategic investment from AFC
LONDON: Danakali Limited, a potash company focused on the development of the Colluli Sulphate of Potash Project, has received the proceeds of the first tranche of its US$50 million strategic equity investment from Africa Finance Corporation (AFC). AFC’s strategic equity investment is part of the overall funding package for development and construction of the Colluli…
Watches of Switzerland acquires four new showrooms for £31.7mn
LONDON: The Watches of Switzerland Group has entered into an agreement with Fraser Hart Limited to purchase four luxury watch and jewellery showrooms trading under the brand name Fraser Hart for £31.7 million. The showrooms in Stratford, Brent Cross, Kingston and York will expand the Group’s UK store portfolio in strategic locations that align with…
FRC imposes sanctions against Grant Thornton UK
LONDON: The Financial Reporting Council (FRC) has announced sanctions against Grant Thornton UK LLP and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company. The sanctions are: A fine of £650,000 for Grant Thornton (discounted for admissions and early disposal to £422,500),…
GE showcases commitment to powering Pakistan at Tech Conference
ISLAMABAD: GE Power hosted the Pakistan 9HA Tech Conference in Islamabad,welcoming government officials, industry experts, power plant owners and operators, consultants, and others. The event highlighted the contributions of GE’s 9HA gas turbine technology and teams in meeting Pakistan’s energy needs and strengthening community infrastructure. Access to affordable, reliable, flexible and sustainable electricity is critical…
Norwegian Property to acquire Lille Grensen 7
OSLO, NORWAY: Norwegian Property ASA has entered into an agreement to purchase the property Lille Grensen 7. Norwegian Property will purchase all shares in Grensen Investment AS, which is the owner of 100% of the shares in Lille Grensen 7. The agreed gross value for the property is MNOK 710. Takeover is estimated to take…
Lithium Australia partners DLG to enter energy storage market
PERTH, AUSTRALIA: Lithium Australia NL has completed the formalities for joint battery marketing operations with the DLG Group, China-based battery and energy storage specialists. The new enterprise –an incorporated joint venture (Lithium Australia 50% and DLG 50%) trading as Soluna Australia Pty Ltd has been established to sell lithium-ion batteries (LIBs) and Soluna energy storage…
Vection Technologies announces significant acceleration of operational & technological partnership performance
SYDNEY, AUSTRALIA: Following the official European launch of its proprietary VR platform, FrameS, Vection Technologies has seen a significant acceleration of inbound enquiries for its suite of 3D, VR & AR technology applications and platforms. Vection Technologies, a multinational software company that creates 3D, Virtual Reality (VR) and Augmented Reality (AR) solutions, announced a significant…
Ioneer signs LoI to buy sulphur from Shell Canada
SYDNEY, AUSTRALIA: Emerging lithium-boron supplier, ioneer Ltd signed a non-binding Letter of Intent (LOI) with Shell Canada Energy for the sale of sulphur to ioneer. Under the LOI ioneer will purchase up to 250,000 tonnes of high-quality sulphur annually from Shell, representing approximately 60% of the estimated annual sulphur requirement for the Rhyolite Ridge Lithium-Boron…