Saudi Arabia’s Savola Group has appointed JP Morgan to advise on its potential purchase of a stake in Kuwait Food Co (Americana), the Jeddah-based firm said on Tuesday. Savola previously said in August it had held preliminary talks with one of Americana’s largest shareholders about buying a stake in the rival food producer. At the time, Savola did not name the shareholder, but Kuwait’s al-Kharafi family owns 67 per cent of Americana, according to Reuters data.
Updated 5 Years ago

Widely recognised as a hard worker and a visionary, Mohamed Alabbar has made significant contributions to the UAE’s economy. His leadership, foresight and boldness have seen Emaar grow from a local entity into one of the world’s premier property developers. In less than two decades, the company has firmly established itself as a builder of both the most iconic buildings and the most liveable communities in both the UAE and abroad.
Updated 5 Years ago

The Chinese-government owned Beijing Agricultural Investment Fund has committed to spend $2.7 billion on Australian dairy, beef, lamb and aquaculture industries, local media reported Tuesday. The Australian newspaper reported that Chinese investment in Australian agriculture was set to boom, and the latest news had been warmly welcomed by local farmers.
Updated 5 Years ago

A China-invested Apsara International Air is going to launch flights in Cambodia later this month after it has received an air operator certificate from the Cambodia's CivilAviation, the company's chief executive officer Zhang Xiaopeng said Monday. "Apsara International Air is to commence operation of scheduled flights between Phnom Penh City and Siem Reap City by the end of this month, and an international route between Cambodia and China by the end of December 2014, utilizing an Airbus-320 aircraft," he said while receiving an air operator certificate from the Cambodia 's Civil Aviation, adding that the airlines would extend wings to Japan, South Korea and Russia within five years.
Updated 5 Years ago

China's stem cell industry is expected to grow rapidly in the years ahead, as more preferential policies will be issued to support its development, insiders said. "The stem cell industry will be greatly supported by the government's policies as the country has already seen a boom in scientific research in the industry," said Chen Haijia, founder and chairman of the Guangzhou Saliai Stem Cell Science and Technology Co.
Updated 5 Years ago

China's funds outstanding for foreign exchange fell unexpectedly in August, underscoring short-term pressure of capital outflow, according to data released Monday by the People's Bank of China (PBOC). Considered part of China's broad money supply, funds for foreign exchange stood at 29.5 trillion yuan ($4.79 trillion) by the end of August, down 31.2 billion yuan from a month ago, the PBOC data showed.
Updated 5 Years ago

Colombia plans to award the construction of four more highways by November as part of a US$25bn plan to expand and improve road quality and logistics, President Juan Manuel Santos said. The 1.47tn-peso (US$770mn) Mulaló-Loboguerrero, 960bn-peso Conexión Norte, 2.1tn-peso Río Magdalena 1and 1.3tn-peso Río Magdalena 2 routes were previously expected to be awarded between August and September.
Updated 5 Years ago

Brazil's antitrust regulator Cade approved "without restrictions" the acquisition of Chilean systems integratorSynapsis by local IT services firm Tivit. The decision was published on Monday in the country's federal gazette.
Updated 5 Years ago

Brazil's 13th oil and gas licensing round will include new and mature blocks in the so-called Eastern Margin, local sector regulator ANP told BNamericas on Monday. Speaking on the sidelines of the Rio Oil & Gas trade fair, ANP secretary general Magda Chambriard confirmed the round would be held in the first half of next year.
Updated 5 Years ago

The conventional wisdom in Silicon Valley is that acquisitions are about gaining great talent. Just last week, Tim Cook told Charlie Rose that one of the main reasons Apple bought Beats was for "incredible talent." The Valley even has its own term for an acquisition based solely on hiring: "acquihire." But that's not why Microsoft is spending $2.5 billion for Mojang. The purveyor of all things Xbox is buying the Swedish developer for the mega-hit video game Minecraft. That's it. While Mojang says the "vast majority" of employees are expected to stick around until after the deal closes, the three founders are leaving right away. That includes Markus "Notch" Persson, the face of the company.
Updated 5 Years ago