KUWAIT CITY: KIPCO – Kuwait Projects Company (Holding) – announced that it has entered into a binding implementation agreement to arrange for an off-market trade with Fairfax Financial Holdings to sell KIPCO’s 46.32% stake in Gulf Insurance Group (GIG). The price per share is KD 2 for a total of KD 263.7 million (US$ 860…
Gulf International Bank receives ratings upgrades from Fitch to ‘A-‘/Stable
MANAMA, BAHRAIN: Gulf International Bank (GIB) announced that Fitch Ratings has upgraded its Long-Term (LT) Issuer Default Ratings (IDR) to ‘A-‘/Stable from ‘BBB+’/Positive for Gulf International Bank BSC, Gulf International Bank – Saudi Arabia and Gulf International Bank (UK) Ltd. These rating actions follow a rating upgrade from Fitch on Saudi Arabia Sovereign Rating on…
Australia plans to boost electric car uptake with new emissions standards
Australia is introducing new standards to target vehicle emissions, aiming to increase the adoption of electric cars and catch up with other developed economies. Last year, only 3.8% of cars sold in Australia were electric, lagging behind Britain and Europe where electric cars accounted for 15% and 17% of sales, respectively. The national electric vehicle…
Tesla lowers prices for Model Y and Model 3 in the US for the sixth time this year
Tesla Inc (TSLA.O) has once again reduced prices for some of its Model Y and Model 3 electric vehicles in the United States, as seen on its website late on Tuesday. This is the sixth time the company has lowered U.S. prices this year, as it faces concerns about its profit margins. Ahead of its…
Samsung regains top spot in global smartphone market in Q1 2023
Samsung has once again regained its position as the top smartphone vendor globally in the first quarter of this year, slightly edging out its main competitor, Apple. This is according to a report released by market tracker Canalys on Wednesday. During the first quarter of this year, Samsung held a market share of 22%, while…
Google’s Pixel Fold to launch in June with trade-in promotions and possible free pixel watch offer
Google’s highly-anticipated Pixel Fold smartphone is expected to make its debut at the company’s annual developer conference, Google I/O, on May 10th, according to a recent report by CNBC. This foldable device, which will rival Samsung’s Galaxy Z Fold 4, is expected to feature a 7.6-inch primary screen and a 5.8-inch cover display. Pre-orders for…
Luxury people carrier Lexus LM to bring first-class mobile experience to the UK
Lexus, the luxury carmaker, is set to introduce its latest model in the UK – the Lexus LM. Described as a luxury people mover, the car is a people carrier or minivan that is favored by the rich and famous in the Far East, particularly in Japan and Hong Kong. The Lexus LM aims to…
Samsung Showcases Latest Galaxy Products at 2023 World IT Show in Seoul
Samsung is set to showcase its latest range of products at the 2023 World IT Show, which is currently taking place at COEX in Samseong-dong, Seoul, South Korea. With a huge list of products in its portfolio, Samsung aims to highlight the innovation and value provided by its Galaxy devices at the event. The exhibition…
Ardiden Limited appoints Gregory Romain to the role of CEO & MD
SYDNEY, AUSTRALIA: Ardiden Limited announced the appointment of experienced mining executive, Mr Gregory Romain, to the role of Chief Executive Officer and Managing Director of the Company, effective 24 April 2023, or earlier by agreement. Gregory Romain will be based in Toronto, Ontario, which provides him efficient and timely access to oversee Ardiden’s 100%-owned Pickle…
Alstom to supply energy-efficient trams for Strasbourg network
Alstom has been selected by the Eurometropole of Strasbourg and CTS to supply new trams for the Strasbourg network. The first order comprises of 12 Citadis trams with an additional 10 to follow in the second phase. The framework agreement, which lasts for 8 years, includes the possibility of ordering more trams to meet the…
HydrogenPro and ANDRITZ partner to scale up green hydrogen technology for European market
OSLO, NORWAY: HydrogenPro, a Norwegian company that specializes in green hydrogen technology, has partnered with international technology group ANDRITZ to expand the manufacturing and assembly of electrolysers for the European market. This partnership will bring together HydrogenPro’s high-pressure alkaline electrolyser technology with ANDRITZ’s expertise in manufacturing and assembly. ANDRITZ aims to become a leading global…
UK inflation remains in double-digits in March, surprising economists
UK inflation unexpectedly remained in double digits in March as households continued to grapple with soaring food and energy bills. The Consumer Price Index (CPI) rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists. This is a slight dip from…