Saudi Arabia’s Savola Group has signed a non-binding agreement to sell its packaging business to Takween Advanced Industries, as it moves to focus on its core sectors of food and retailing, it said on Wednesday. Savola, which reported a 32.4 per cent jump in second-quarter net profit earlier this month to SAR513.3 million ($136.9 million), said the proposed deal would have Takween acquire the entire share capital of Savola Packaging Co (SPC).
Updated 5 Years ago

Property company Greenland Group is moving into the metro construction sector, with the launch of Greenland Metro Investment Development Co on Monday. The new company signed a strategic agreement with Shanghai Shentong Metro Co Ltd and a group of other Shanghai enterprises to jointly invest and develop metro projects around China.
Updated 5 Years ago

Movie theater company IMAX Corp signed a deal on Monday with three Shanghai companies to increase the number of IMAX screens throughout China. The three Shanghai companies are the State-owned Shanghai Film Corp, Shanghai United Circuit Co Ltd, a wholly owned subsidiary of Shanghai Film Corp, and Shanghai SFG-EPR Cinema Development & Management Co Ltd - a joint venture in which Shanghai Film Corp holds a major share.
Updated 5 Years ago

Alibaba Group Holding Ltd teamed up with seven banks on Tuesday, jointly offering loans of up to 10 million yuan ($1.6 million) to China's small and medium-sized enterprises as the e-commerce conglomerate looks to further build a credit rating system based on online transaction histories. The cooperation involves Bank of China Ltd, China Construction Bank Corp, Ping An Bank Co Ltd, China Merchants Bank Co Ltd, Bank of Shanghai Co Ltd, Postal Savings Bank of China Co Ltd and Industrial Bank Co Ltd.
Updated 5 Years ago

Jordan circulated to the UN Security Council today a draft resolution calling for an immediate ceasefire between Israel and Palestinians in the Gaza Strip and the withdrawal of Israeli troops from the Hamas-dominated coastal enclave. It welcomes an Egyptian-led bid to end fighting between Israel and Hamas militants and "condemns all violence and hostilities directed against civilians and all acts of terrorism," according to a draft obtained by reporters.
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Queen Elizabeth's racehorse Estimate, the 2013 Ascot Gold Cup winner, has tested positive for the banned substance morphine, Buckingham Palace said today. Estimate was one of five horses under various trainers who were found by the British Horseracing Authority to be affected.
Updated 5 Years ago

After a decades-long deficit, Chile's sulfuric acid market is expected to turn a net surplus by 2020 on a future decrease in consumption due to lower production of copper in cathodes, said state copper commissionCochilco. Used in hydrometallurgy processes, sulfuric acid is one of the main supplies of the mining industry.
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Syngenta, one of the the world's biggest agricultural chemicals groups, posted a fall in profit for the first half of the year, as bad weather in North America hit the crop-protection market. The Swiss company, which has more than 28,000 employees in 90 countries, said net profit hit $1.39 billion in the first six months of the year, a fall of 1 percent from the same period last year.
Updated 5 Years ago

Tech giant Apple posted earnings of $1.28 a share on revenue of $37.4 billion for the fiscal third quarter. Analysts had expected the company to report earnings of $1.23 a share on roughly $37.98 billion in revenue, according to a consensus estimate from Thomson Reuters. The company's stock dropped slightly on the news.
Updated 5 Years ago

PKN Orlen SA, Poland’s biggest oil company, posted a record quarterly loss after writing down the value of its refiners in Lithuania and the Czech Republic. The company’s second-quarter net loss widened to 5.2 billion zloty ($1.7 billion) from 207 million zloty a year earlier, the Plock, Poland-based company said in a regulatory statement today. That compares with the average estimate of a 367.5 million-zloty profit in a Bloomberg survey of 10 analysts.
Updated 5 Years ago