RSA Insurance Group Chief Executive Officer Simon Lee resigned as the insurance company boosted its Irish reserves to £130 million or $212 million, Bloomberg reported.
Country
EU joins China, Germany and Norway about the danger of using Bitcoin
The European Union through its European Banking Authority expressed warning similar to China, Germany and Norway regarding the risks associated in using Bitcoins as payment.
Israel's Arad nears deal to acquire majority stake in Mexican water firm
Israeli water meter developer Arad Group is in advanced talks to buy a 50% stake in a Mexican water-measuring company, a Bloomberg report said. The deal is reportedly worth $10 million and is expected to be closed early next year.
Israel's Cell Buddy vows to end roaming charges in mobile phones
Cell Buddy, an Israeli startup, vows to eliminate the risks of mobile phone users getting charged unexpectedly with roaming fees when traveling abroad, an Associated Press report said.
Shift in UK grocery retail causes major retailers to downsize
A report by Reuters said the financial crisis had shifted consumer spending habits in the UK from making bulk purchases in superstores to frequent small purchases in nearby small shops, prompting major grocers to change focus of their capital investment to the new consumer trend to attract potential investors.
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Elder Pharmaceuticals Ltd. has put up for sale its Indian formulations business to reduce its debt. Rival Torrent Pharmaceuticals will acquire the asset for $324.1 billion through internal accruals and debt.
Investbank, Smolenksy and Project Finance Bank had been stripped off of their operating licenses due to dubious activity and payment issues with creditors and depositors, the Russian central bank said in separate statements on Friday.
California-based Blackhawk Network Inc will be entering the prepaid market in Africa through a partnership with South Africa-based Opengate Technologies to distribute iTune Gift Cards to the country.
Moscow, Russia-based fund AddVenture has invested $2 million in online jewelry seller Nebo.ru and an undisclosed amount in food delivery startup Chefmarket.ru for their marketing and expansion projects.
Wal-Mart Stores Inc. on Friday appointed senior vice-president Krish Iyer as new chief executive officer of Wal-Mart India. Iyer was named the retailer's new local unit CEO two months after Wal-Mart called off its Indian joint venture with Bharti Enterprises Pvt.
Sweden-based Arcam said it had signed a deal for the acquisition of the AP&C division from Raymor Industries for a price tag of CA$ 35 million.
US-based EchoStar Corp. said it had ended talks with Vivendi SA's subsidiary Global Village Telecom on a proposed partnership in Brazil. The joint venture aims to provide pay TV services in the Latin American country.
As General Motors Co disposes its 7% shareholder interest in France's PSA Peugeot Citroen, the latter said it is currently in talks with Dongfeng about a potential tie-up.
Philippines-based oil firm Trans-Asia Oil and Development Corp has agreed to acquire an unspecified amount of shares worth PHP136 million in Frontier Oil Corp next year, the latter said in a stock exchange disclosure.
