07252016Mon
Last update: Mon, 25 Jul 2016 03pm

Industries & Sectors

Business & Finance - Industries & Sectors

Hapag-Lloyd, United Arab Shipping to merge FRANKFURT: German container shipping giant Hapag-Lloyd said on Monday it had signed a merger deal with the United Arab Shipping Company to create the world's fifth-largest container firm."Hapag-Lloyd AG and United Arab Shipping Company (UASC) have signed a Business Combination Agreement to merge both companies, subject to the necessary regulatory and contractual approvals," the firm said in a statement.No financial details were disclosed."This strategic merger makes a lot of sense for both carriers -- as we are able to combine UASC's emerging global presence and young and highly efficient fleet with Hapag-Lloyd's broad, diversified market coverage and strong customer base," said the German firm's chief executive Habben Jansen.Once UASC's ships are integrated into the fleet, Hapag-Lloyd will have 237 ships afloat with a total capacity of 1.6 million TEU (twenty-foot equivalent units, which is the standard measure of a container), expected to transport around 10 million TEU to destinations around ...

Business & Finance - Industries & Sectors

Hapag-Lloyd, United Arab Shipping sign merger agreement FRANKFURT: German container shipping giant Hapag-Lloyd said on Monday it had signed a merger deal with the United Arab Shipping Company to form the world's fifth-largest container firm."Hapag-Lloyd AG and United Arab Shipping company have signed a Business Combination Agreement today about the merger of the two firms, pending the necessary regulatory approval," the firm said in a statement.No financial details were disclosed.Copyright AFP (Agence France-Presse), 2016 ...

Business & Finance - Industries & Sectors

SoftBank agrees £24-bn takeover of chip giant ARM LONDON: Japanese mobile giant SoftBank has agreed a takeover of British chip designer ARM Holdings worth around £24.3 billion ($32 billion, 29 billion euros), the pair announced Monday."We have long admired ARM as a world renowned and highly respected technology company that is by some distance the market-leader in its field," SoftBank chairman and chief executive Masayoshi Son said in a joint statement, in a major investment boost for Britain following Brexit.Son added that the ...

Business & Finance - Industries & Sectors

SoftBank's $32bn ARM deal shows UK attractive after Brexit vote LONDON: Japan's SoftBank Group Corp's planned purchase of chip designer ARM Holdings for 24.3 billion pounds ($32 billion) shows that Britain remains attractive for investment after the Brexit vote, finance minister Philip Hammond said. "Just three weeks after the referendum decision, it shows that Britain has lost none of its allure to international investors," Chancellor of the Exchequer Hammond said in a statement."Britain is open for business - and open to foreign investment. Softbank's decision ...

Business & Finance - Industries & Sectors

Roche receives blood cancer drug blow after Gazyva trial fails to meet endpoint ZURICH: Swiss drugmaker Roche said trials showed its new blood cancer drug Gazyva failed to deliver significant improvements over an older medicine in people with an aggressive type of blood cancer, a blow in its fight against competition from biosimilars. Gazyva did not significantly reduce the risk of disease worsening or death for people with previously untreated diffuse large B-cell lymphoma, over current drug Rituxan in a phase III GOYA study, Roche said on Monday.Diffuse ...

Business & Finance - Industries & Sectors

Chinese $1.2bn takeover of Norway's Opera fails, but alternative deal set OSLO: A $1.24 billion agreed takeover of Norwegian online browser and advertising company Opera Software by a Chinese consortium of internet firms has failed, Opera said on Monday, after warning last week the deal had yet to win regulatory approval. As an alternative, the consortium, which includes search and security business Qihoo 360 Technology Co and Beijing Kunlun Tech Co, a distributor of online and mobile games, will take over certain parts of Opera's consumer ...

Business & Finance - Industries & Sectors

Philippine cement maker enjoys strong market debut after Duterte's infrastructure pledge MANILA: The Philippines' second-biggest cement maker by market value enjoyed a strong stock market debut on Monday, as investors bought into a pledge from the three-week-old government to build roads, rails and ports to stimulate economic growth. Cemex Holdings Philippines Inc's shares rose as much as 5.7 percent from the 10.75 pesos set in an initial public offering (IPO) that raised 25.13 billion pesos ($536.79 million) - the country's biggest IPO in three years.The listing ...