The Kingdom of Saudi Arabia is poised to sell bonds after it has secured syndicated loans. The government is already in talks with the banks and will host Euromoney Saudi Arabia Conference on May 3 to 4 to determine the future of KSA market.
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Societe Generale SA to Cut 128 Jobs in Its Global Banking Division
The third largest bank in France will continue its cost cutting plan. Through the year 2020 the bank will cut 550 jobs in its retail operation.
US does not plan to grant Iran access to US financial system
The US government doesn't seem be in favor of giving total access to Iran on its financial system. US President Barack Obama said the government is not looking to permit the use of its financial system in dollar-denominated deals with Iran.
‘Model 3’ Unveiling By Tesla Causes Soaring Its Stock By 60%
More than 137,000 people have submitted a $1,000 deposit for pre-order of Tesla’s recently unveiled electric car ‘Model 3’. The pre-booking figure suggests Tesla’s ability for achieving its pre-set goal for selling 5,000 cars by 2020. Following the revelation, Tesla stock has been witnessed to increase by 60% during extended hour trading on Wednesday.
UK finance chiefs put hiring, investment plans on hold amid Brexit concerns
UK's financial chiefs are concerned about impact of Brexit, postponing their key decisions on hiring and investments. The British industry and business segments are in wait and watch mode until referendum on Brexit in June 2016.
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Cameron accused journalists are getting over excited to hunt news on political rift. While five of his cabinet members are opposing him, and one had resigned.
GSK Got Positive Recommendation for Its Gene Therapy for Bubble Boy Disease, Expecting Approval Soon
A gene therapy for Bubble Boy Disease has received positive evaluation from European regulatory panel, paving a way for official approval. Currently, there’s no gene therapy for the disease, and the therapy would enhance patient’s success in survival and even recovery.
Virgin America, Billionaire Richard Branson's small carrier, is on the block and this is attracting other smaller airlines to bid for it. Airlines in the US are making more profits owing to cheaper oil prices. Acquisition route is ideal for smaller airlines to expand further.
China's eighth largest investment bank, Guosen Securities, has clarified on behalf of its unit that there's no default on its offshore debt. The trustee of the offshore bond Bank of New York Mellon (BNY) had earlier warned bondholders of a possible default.
Besides suffering from acute cash crunch SunEdison has been facing scrutiny from regulators over failed Vivint deal and other issues. Huge debt burden has led the renewable energy giant to consider for seeking bankruptcy protection and is holding negotiations for related financing. The news has caused slashing share prices by around 50% during after hours trading on Friday.
SunEdison is about to file bankruptcy protection to safeguard itself from creditors while trying to recover from its losses while it continues to operate. At the same time it is being investigated by the Securities and Exchange Commission over possible overstating.
Frozen broccoli cuts have been recalled from 11 states that have been distributed with 1,800 cases which could be contaminated with Listeria monocytogenes. The infection affects young and old and can cause slight to severe infections with symptoms like high fever, abdominal pains and diarrhea to name a few aside from miscarriage and stillbirth.
The US has halted all sorts of cooperation to Nigeria on the allegation of human rights abuse and corruption by Nigerian army during the regime of Goodluck Jonathan. But under the leadership of President Muhammadu Buhari, the encouraged US has vowed for extending economic and security support forming working groups. John Kerry, the US Secretary of State has also announced $600 development assistance for Nigeria.
‘Lipper Fund Awards’ recognizes outstanding fund managers extracted through a proprietary quantitative methodology. This year, Vladimir “Val” de Vassal, CFA, fund manager for Glenmede Large Cap Growth Fund, has won the award. Peter Zuleba, president of Glenmede Investment Management expresses his pride for Mr. Vassal and his team’s achievement for excellence in fund management.
