The acquisition will create a second largest investment bank in Egypt. Sawiris acquired CI Capital Holding with its investment arm, Orascom Telecom Media and Technology.
Finance/Venture
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Israeli fintech hub initiative is receiving $2 million investments from Chinese venture capital firm Pando Group. The partnership is expected to build the bridge between Israel companies and the Asian markets.
The former European football giant in the 1990's are facing a financial strain. After a huge financial loss, AC Milan badly needs new investment.
Fidelity Investments lead a $175 million investment in Series F funding for Snapchat. However, it does not change Snapchat valuation at $16 billion.
Citigroup is reportedly in negotiation to appoint Armando Diaz as the global leader of capital equities trading. These appointments signify the bank's effort to construct a robust stock offering business.
China will lower threshold for foreign investment and advance the revision on relevant regulation. China targets to attract more foreign investment in the country.
Activist investor Carl Icahn on Monday reported a loss of $1.7 billion investment in 2015. This was a 18% down from previous year.
S&P 500 index began this week by slide below closely watched threshold. However, on Wednesday as Asian stock continued raising for third consecutive day, indexes began to recover.
Fidelity Investment wrote down many of tech startups in its January valuation report. Canadian startup darling Hootsuite Media Inc. was among the list.
Foresters and Proj Fox Acquisition have signed a deal on February 29, 2016, whereby, Foresters will indirectly buy both Aegon Fund Management (AFM) and Aegon Capital Management (ACM).
Joyce Phillips, head of Australia & New Zealand Banking Group's wealth management business, is stepping down from the bank after a restructure of wealth business. The restructuring move will reduce the bank's expenses.
The world-biggest asset management firm, BlackRock Inc warned that withdrawal from EU will damage financial sector in the UK. The nation will face higher unemployment and inflation if Brexit's decision is taken.
Following slow start of the year, tech companies began to come to life. As Palo Alto Networks, Splunk and Salesforce.com brought Nasdaq to soar 2% in the last five trading days.
Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.
China is working on a new financial super-regulator mechanism to take care of banking, securities and insurance segments under one umbrella. Recent turmoil in the financial markets are driving the Chinese government to revamp financial monitoring mechanism.
