Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
- The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
- Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.
Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
- Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.
- VNG plans to sell nearly 22 million shares in the IPO, according to a US Securities and Exchange Commission filing, with the proposed price range not yet set.
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Business
Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
- Xbox-owner Microsoft launched a bid for Activision Blizzard early last year, seeking to establish the world's third biggest gaming firm by revenue.
- Britain's Competition and Markets Authority said it has "opened a new phase 1 investigation into the restructured deal by Microsoft to buy Activision".
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
- The novel liquid is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.
- DEWA chief Al Tayer said the patent supports its commitment to promoting energy security and sustainability.
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.
Business
BAE to acquire Ball Aerospace
The value of the acquisition was reported to be $5.55bn.
- The British firm BAE said it hoped to complete the acquisition of the aerospace firm in the first half of 2024.
- The proposed deal will be funded by a combination of new external debt and existing cash resources, it added.
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Business
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
- "The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
- Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
- Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
- Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.
Business
Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million.
- Total operating revenues of US$99 million were recorded for 2023.
- Consolidated assets came in at approximately US$386 million in 2023.