Baidu cancels YY Live deal
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MODON launches 10 projects
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Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Business
Allianz, Credit Agricole renew partnership
Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
- The agreement is set to expand Allianz Egypt's customer base while delivering top-notch insurance services to the bank's customers, the companies said in a statement.
- The collaboration aims to provide integrated financial and insurance services, covering life, property, and casualty insurance, under one roof.
Business
Jamjoom Tadawul debut on Jun 20
Jamjoon Pharma IPO was launched on May 25 at SAR 60 per share.
- The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
- The company offered 21 million shares, representing 30 percent of its share capital. The IPO was the largest in Saudi Arabia since Saudi Aramco Base Oil's IPO in Dec 2022.
Business
Bupa renews contract with SABIC
It will provide health insurance to SABIC staff and their families.
- The contract revenue is forecast to exceed 10 percent of Bupa Arabia’s annual gross written premiums (GWPs) for 2022, Argaam said.
- The relevant financial impact will likely appear on the insurer’s 2023 and 2024 financial results. The contract included no related parties.
Business
Mubadala invests $200m in Bicycle Capital
Bicycle Capital is a growth equity firm focusing on startups.
- Bicycle Capital has received $440 million commitments so far.
- Mubadala's $284 billion portfolio is spread across the globe.
Business
Micron to invest $600m in China plant
Beijing had banned its chips from critical infrastructure projects.
- China's cybersecurity watchdog last month said Micron had failed a national security review, telling operators of "critical information infrastructure" to stop buying its products.
- About 10 percent of Micron's $30.8 billion annual revenue last year came from China, according to company data.
Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Business
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.
- Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
- The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
Vodafone merges with Hutchison
The merger will lead to network investment of £11 billion over 10 years.
- Vodafone and CK Hutchison said in a joint statement that a new combined group is seen having a value of £16.5 billion ($21 billion).
- "The merger is great for customers, great for the country and great for competition," said Vodafone chief executive Margherita Della Valle.
Company News
Dragon Oil, Turkmennebit ink MoU
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Penguin, SkyBlue ink MoU
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Baidu cancels YY Live deal
Business
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
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Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.