Dr. Ajith Kumar V.V
Petrofac Emirates has been awarded two contracts, together worth around $1.65 billion, from Abu Dhabi National Oil Company (ADNOC). The engineering, procurement, construction, transportation, offshore installation and commissioning contracts are for ADNOC’s Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah Island and surrounding offshore fields, located around 140km off the north-west coast of Abu Dhabi. The first package, valued at $1.065 billion, is for gas processing facilities at Arzanah Island. For the second package, valued at $591 million, Petrofac is leading a joint venture with SapuraKencana. Under the terms of the 30-month lump-sum contract, the scope of work includes three new well-head platforms, removal and replacement of an existing topside, new pipelines, subsea umbilicals, composite and fibre optic cables.
Source; https://www.arabianbusiness.com/energy/440501-petrofac-wins-165bn-deals-for-abu-dhabis-dalma-gas-project
Dr. Ajith Kumar V.V
Royal Bank of Scotland (RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits. The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group. The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before. New RBS chief executive Alison Rose called the results the "start of a new era" for the bank. It is thought that Ms. Rose is hoping a rebrand will help shift the lender's image away from its association with the financial crisis. The bank was rescued by the government in 2008 in the aftermath of the financial crisis at a cost of £45bn and it is still 62% state-owned.
Source: https://www.bbc.com/news/business-51500062
Dr. Ajith Kumar V.V
Warren Buffett's Berkshire Hathaway disclosed a new stake in Kroger after the closing bell Friday. Shares of the nation's largest supermarket surged 6% on the news. Berkshire Hathaway (BRKB) bought nearly 19 million shares in Kroger (KR) during the fourth quarter, a purchase that makes Berkshire one of the 10 largest holders of the company's stock. The move is an interesting one given that Berkshire also owns a small position in Amazon (AMZN), the online retailing giant that has disrupted the grocery business through its purchase of Whole Foods and food delivery offerings for Amazon Prime customers. Buffett has long been a fan of the retail and food industries.
Source:https://edition.cnn.com/2020/02/14/investing/berkshire-hathaway-warren-buffett-kroger/index.html
Dr. Ajith Kumar V.V
Samsung’s new foldable flagship phone completely sold out in the UAE in the first day. The Samsung Galaxy Z Flip, with a starting price of AED 5,499, went on sale on Friday but flew off the shelves before the day was out. The smartphone flips open, like a case, opening into a 6.7-inch screen, and fits in a pocket when folded. Ultrathin glass used for the screen can be folded and unfolded more than 200,000 times and resists scratches, according to Samsung. According to the company, stocks will be renewed and made available by Tuesday across all major retailers, in Samsung brand stores and online at Samsung.com.
Source:https://www.arabianbusiness.com/gadgets/440198-new-samsung-galaxy-z-flip-sells-out-in-day-in-uae
Dr. Ajith Kumar V.V
A Saudi Arabia-led investor group is in talks to buy Newcastle United, the Premier League soccer team owned by British billionaire Mike Ashley, for about 340 million pounds ($445 million).Ashley has been struggling to offload the team in recent years and it was unclear whether he would accept the offer, the person said. Saudi Arabia’s Public Investment Fund, Crown Prince Mohammed bin Salman’s key investment vehicle, along with a group of investors led by British financier Amanda Staveley were making the offer, Dow Jones reported earlier
Source: https://www.bloomberg.com/news/articles/2020-01-25/saudi-wealth-fund-in-talks-to-buy-newcastle-united-dow-jones?srnd=premium-middle-east
Dr. Ajith Kumar V.V
Tesco is removing plastic wrapping from its multipack tins in an effort to cut down on waste. The supermarket giant says it will remove 350 tonnes of plastic a year from the environment. Britain's biggest supermarket is working with the likes of Heinz and Green Giant to replace plastic-wrapped multipacks with multi-buy deals. Tesco said the move was the first of its kind by a major UK retailer. And environmental group Greenpeace welcomed the decision to get rid of what it called "pointless plastic". The changes start on 2 March when Tesco will stop ordering more plastic-wrapped multipacks.
Source: https://www.bbc.com/news/business-51223214
Dr. Ajith Kumar V.V
Kuwait Finance House has confirmed its intention to buy Bahrain’s Ahli United Bank following its ordinary and extraordinary general assembly meeting. The combined entity will potentially become the Gulf’s sixth-biggest lender with $101 billion in assets. Kuwait Finance House chairman, Hamad Abdulmohsen Al-Marzouq, said the Central Bank of Kuwait and the Central Bank of Bahrain have agreed to start the process of the acquisition.
Source:https://www.arabianbusiness.com/banking-finance/438158-kuwaits-kfh-says-aub-merger-to-create-101bn-banking-giant
Dr. Ajith Kumar V.V
London's Metropolitan Police has announced controversial plans to use live facial recognition technology to improve officers' ability to identify suspects and police the British capital. The Met said in a statement Friday the technology will be deployed to places where data indicates people responsible for serious and violent crimes, such as gun and knife attacks and child sexual exploitation, are most likely to be located. Clearly marked cameras will be focused on small, targeted areas to scan people's faces as they walk by, it added.
Source: https://edition.cnn.com/2020/01/24/tech/london-live-facial-recognition/index.html
Dr. Ajith Kumar V.V
Emaar Hospitality Group has continued its ambitious growth strategy with the official opening of the iconic Address Sky View, in Downtown Dubai. The company opened Vida Emirates Hills, Vida Creek Harbour and Address Fountain Views in 2019. And Emaar chairman Mohamed Alabbar told guests at the opening ceremony of the Address Sky View, the company’s 19th hotel opening in the UAE, that the expansion plans would continue unabated throughout the rest of 2020. Among nine new openings to expect this year include; the new Address Beach Resorts in Dubai’s Jumeirah Beach, Fujairah, Bahrain and Egypt; Palace Beach Resorts in Sharjah and Fujairah and a Vida Beach Resort in Umm Al Quwain.
Source:https://www.arabianbusiness.com/travel-hospitality/438558-emaar-chairman-mohamed-alabbar-reveals-2020-hotel-expansion-plans
Dr. Ajith Kumar V.V
The Abu Dhabi Investment Office (ADIO) has announced AED60 million ($16.3 million) of investment in a batch of start-ups and fund managers applying to its Ventures Fund. The recipients - Securrency, TruKKer, Sarwa, YACOB and Okadoc - are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO said it has also signed its first investment in a venture capital firm, UAE-based Global Ventures. ADIO’s Ventures Fund opened in May as an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator programme and is supporting the growth of Abu Dhabi’s start-up and venture capital ecosystem by increasing access to capital.
Source:https://www.arabianbusiness.com/banking-finance/438513-abu-dhabis-adio-invests-163m-in-start-ups-fund-managers