Wednesday 8 July 2015

US health insurer Aetna to buy rival for $37bn

US-based health insurer Aetna on Friday said it would buy smaller rival Humana for about $37 billion in cash and stock, in the largest ever deal in the insurance industry. The combination will push Aetna close to Anthem’s No.2 insurer spot by membership, and would nearly tr


GCC economic activity drops 30pc

The economic activity in the Gulf Cooperation Council (GCC) fell by just under 30 per cent during the first half of the year, according to three key metrics. The value of contracts awarded during the first half of the year in the Gulf Cooperation Council (GCC) fell 26 per cent, w


NBAD surpasses 100,000 followers on LinkedIn

National Bank of Abu Dhabi (NBAD) surpassed 100,000 followers on LinkedIn helped by growing interest among job seekers, via the bank’s new direct hiring model and the launch of an integrated digital and social media strategy. The number of followers on the professional netw


ING set to win auction for HSBC's Turkish bank

Dutch lender ING Group is set to win the auction to buy HSBC's Turkish business, people familiar with the matter said. Four people familiar with the situation said HSBC had narrowed the field to one suitor, with two of the sources identifying ING as the preferred buyer, thoug


QNB, Bahrain's ABC look at acquiring Turkey's Finansbank

Qatar National Bank and Bahrain's Arab Bank Corp did not follow up early interest in acquiring HSBC's Turkish business because they are more interested in National Bank of Greece's Turkish arm Finansbank, two people familiar with the matter said. Dutch lender ING Grou


Foreign investors buy more shares in Saudi

Foreign investors bought 2.33 per cent of all shares purchased on Saudi Arabia's stock market in June, the first month since new rules allowed more overseas investment in the Arab world's largest bourse, data showed on Thursday. Overseas investors, including residents and


Bahrain parliament approves new-look budget

Bahrain's budget for 2015 and 2016 was narrowly approved by the parliament yesterday (July 2). Twenty-two MPs voted in favour of the new-look budget, which scraped through by just two votes, after a delay of more than six months, said a report in the Gulf Daily News (GDN)


Bahrain Bourse opens $530m sukuk subscription

A government Islamic lease (Sukuk Al Ijara) issue floated to raise BD200 million ($530 million) is open to direct subscription by retail investors, the Bahrain Bourse (BHB) announced. Both Bahraini and non-Bahraini investors can subscribe to the issue through registered brokers a


Al Jaber seeks new terms for $4.5bn restructured debt

Abu Dhabi-based conglomerate Al Jaber Group is talking with banks to refinance around $4.5 billion of debt it restructured last year to improve terms imposed by creditors, three sources aware of the matter told Reuters. It is the latest company in the UAE seeking to follow state-


UAE to draft new corporate tax, VAT laws in Q3

The UAE, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official said on Thursday. "The draft of the corporate tax law and the value-a

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