LONDON: Diversified Energy Company PLC has reported its final audited results for the year ending December 31, 2023, showcasing a record average net daily production of 821 MMcfepd (137 MBoepd), with a December exit rate of 775 MMcfepd (129.2 MBoepd). The company’s year-end reserves stood at an impressive 3.8 Tcfe (642 MMBoe), with a present…
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Navigating the Shifting Sands of Interest Rates in Real Estate Investment
The landscape of real estate investment is ever-changing, and recent signals from the Federal Reserve suggest that this fluidity will continue. As investors, it’s crucial to understand that the dynamics of interest rates, as discussed in the Federal Open Market Committee (FOMC) meetings, do not guarantee a predictable rise in property values. Instead, a strategic…
Woodside Energy to sell 15.1% Scarborough interest to JERA for $1.4 billion
LONDON, UK: Woodside Energy has broadened its strategic relationship with JERA through a transaction that involves three core elements: equity in the Scarborough Joint Venture; LNG offtake; and collaboration on opportunities in new energy and lower carbon services, a company announcement noted. Woodside has executed a binding sale and purchase agreement with JERA for the…
Glencore plc to acquire 77% interest in Teck’s Elk Valley Resources for US$6.93 bn
LONDON, UK: Glencore plc has entered into a binding agreement with Teck Resources Limited for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources (EVR), for US$6.93 bn in cash, on a cash free debt free basis, subject to a normalised level of working capital. Concurrently,…
Santander profits soar on record-high interest rates
Santander, Spain’s biggest lender, reported a 20 per cent increase in net profit in the third quarter, as it benefited from the highest interest rates in the eurozone’s history. The bank earned €2.9bn in the three months to September, beating analysts’ expectations of €2.8bn. The strong performance was driven by a 16 per cent rise…
abrdn agrees to sell its European Private Equity business to Patria Investments
LONDON, UK: abrdn has agreed to sell its £7.5bn AUM European-headquartered Private Equity business to Nasdaq-listed Patria Investments. The sale is expected to complete in the first half of 2024. Upfront consideration comprises of £60 million of cash; secured deferred consideration of £20 million plus interest of cash to be paid 24 months following completion….
Toko and Virtuzone sign collaboration to launch Dubai’s first tokenised equity crowd funding platform
DUBAI, UAE: TOKO FZE a leading innovator in the FinTech sector, born out of global law firm DLA Piper, announces a transformative strategic partnership with Virtuzone, a pioneer in business solutions and corporate services for the region. The establishment of a tokenized equity crowd-funding platform will further cement Dubai’s standing at the forefront of financial…
TotalEnergies acquires a 26% interest in the Cash-Maple Gas Discoveries
PARIS, FRANCE: TotalEnergies and INPEX have signed an agreement with PTTEP in order to acquire the 100% interest held by PTTEP in the AC-RL7 permit in Australia. Under the terms of the agreement, which is subject to approval by the relevant authorities, TotalEnergies will acquire a 26% interest in the permit in line with its…
ABN AMRO posts strong Q2 profit of EUR 870 million amid higher interest rates
AMSTERDAM: ABN AMRO, a Dutch bank, has reported a net profit of EUR 870 million for the second quarter of 2023, up from EUR 393 million in the same period last year. The bank’s return on equity (ROE) was over 16%, reflecting high net interest income (NII) and impairment releases. All client units contributed with…
Brookfield proposes acquisition of American Equity Investment Life
Brookfield has announced its proposal to acquire all outstanding shares of common stock of American Equity Investment Life Holding Company (AEL) not already owned by Brookfield Reinsurance. The offer includes a cash consideration of $38.85 per AEL share and a number of Brookfield Asset Management Ltd. (BAM) class A limited voting shares, valued at $16.15…
Pakistani equity market holds ground on IMF program hopes, positive corporate results
Pakistan’s equity market remained steady in April 2023, thanks to the additional clarity provided on the potential resumption of the International Monetary Fund (IMF) program. According to recent reports, Pakistan shared a revised financing plan with the IMF, which includes assurances of USD 2.0 billion from Saudi Arabia and USD 1.0 billion from the UAE….
Tullow Oil signs asset swap deal with Perenco to optimise equity ownership in Gabon
LONDON, UK: Tullow Oil plc has announced that its subsidiary, Tullow Oil Gabon S.A., has signed an asset swap agreement with Perenco Oil and Gas Gabon S.A. The deal is intended to optimise Tullow’s equity ownership across key fields in Gabon and simplify and equalise its ownership in these areas. The cashless asset swap will…