POST Online Media Lite Edition



 

Highlights: May 22 - May 27, 2017

Staff Writer |
The summary of the last week's business headlines and the most interesting stories.

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Huntsman and Clariant agree $20 billion merger

Swiss and U.S. chemicals groups Clariant and Huntsman have agreed to a merger of equals that would create a company worth around $20bn....

Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital

SoftBank Group Corp. announced the first major closing of the SoftBank Vision Fund, which was established by its overseas subsidiary, with over $93 billion of committed capital....

Biggest cut in 20 years: Cathay Pacific to cut 600 jobs

Cathay Pacific Airways announced around 600 job cuts in its head office, reportedly its biggest headcount reduction in almost twenty years....

Trump budget to cut $800 billion from Medicaid

President Donald Trump plans to request $1.7 trillion in cuts to social and entitlement programs for lower-income Americans, including an $800 billion cut in Medicaid, U.S. government officials said....

EasyHotel sales increased 24.7%

EasyHotel announced its interim results for the six months ended march 31, 2017 with trading slightly ahead of the board's expectations....

Germany’s Hessen to invest €640 million to revamp motorways

Hessen will spend around €640 million renovating and expanding six motorway interchanges....

U.S. LNG cargo sets sail for Netherlands, first delivery to NWE

The Gate LNG import terminal in the Netherlands is set to receive Northwest Europe's first ever cargo of U.S. LNG, with the Statoil-chartered Arctic Discoverer expected to arrive into Gate in early June, according to Platts Analytics....

Berendsen fights back against 'high risk' French takeover

Laundry services group Berendsen has come out fighting against an unwanted takeover offer from France's Elis Services, saying a the proposal very significantly undervalues the company and would raise risks....

Fidelity & Guaranty to be bought for $1.84 billion

CF Corp, a blank check company founded by Chinh Chu, said it would buy U.S. annuities and life insurer Fidelity & Guaranty Life in an all-cash deal valued at about $1.84 billion....

JA Solar Q1 net income drops from $23 million to $1.2 million

JA Solar Holdings reported that its first-quarter net income was 8.1 million Chinese yuan or $1.2 million, compared to 158 million yuan or $23 million last year....

Hungary considers security fence along Romanian border

Hungary is considering building a security fence along the border with Romania if it observed that the Western Balkan migration route was shifting towards Romania, said Péter Szijjártó, the Hungarian minister of Foreign Affairs and Trade....

INEOS spends $1 billion to buy oil and gas business from DONG Energy

British petrochemicals company INEOS said it built up its oil and gas business with a $1 billion purchase of assets from DONG Energy....

Daily Mail profit down 76% thanks to restructuring

Daily Mail & General Trust reported a 76% fall in pretax profit for the first half of fiscal 2017, in line with its expectations, as it booked a number of costs relating to the company's restructuring....

Chinese group buys world's No.2 condom maker for $600 million

A Chinese consortium is buying Ansell's condom division, the world's No.2 condom maker, for $600 million....

U.S. shale oil production growth 'impressive'

Cost savings and technological improvements have contributed to the "impressive growth" from U.S. shale oil, the International Energy Agency said....

Late Easter pulls down UK car output by 18 percent in April

British car production fell 18.2 percent in April from a year earlier as the number of manufacturing days in the month was reduced by a later Easter break, an industry body said....

Best Buy Q1 2018 GAAP diluted EPS down 13%, non-GAAP up 40%

Best Buy announced results for the first quarter ended April 29, 2017 (Q1 2018), as compared to the first quarter ended April 30, 2016 (Q1 2017)....

Taco Bell outlines plan for $15bn in global system sales by 2022

As part of its strategy to grow from $10 billion in annual sales today to $15 billion in annual sales across its global business by 2022, Taco Bell announced at its 2017 investor and analyst day its plans to add restaurants domestically....

Fosun to sell real estate firms to Shanghai Yuyuan for $3.5 billion

Fosun International said it will sell 28 real estate companies to Shanghai Yuyuan Tourist Mart for 24.16 billion yuan ($3.5 billion) as part of a reorganization to better allocate resources....

Spirax-Sarco to buy U.S. electrical products provider Chromalox for $415m

Spirax-Sarco Engineering has agreed to buy U.S.-based electrical products provider Chromalox from Irving Place Capital for a cash-free, debt-free consideration of $415m (£319m)....

$5.3 billion in loans to support SMEs in Iran

The government of Iran plans to allocate 200 trillion rials ($5.3 billion) to prop up 10,000 enterprises in the current Fiscal year (March 2017-18), the chairman of Iran’s Small Industries and Industrial Parks Organization said....

Vulcan to buy Aggregates USA for $900 million in cash

Vulcan Materials Company, a producer of construction aggregates, announced that it has reached a definitive agreement with SPO Partners to acquire its aggregates business, Aggregates USA, for $900 million in cash....

Qualcomm to pay BlackBerry $940 million

BlackBerry announced that it has reached an agreement with Qualcomm resolving all amounts payable in connection with the interim arbitration decision announced on April 12, 2017....

GCC industrial investments reach $394 billion

The number of industrial facilities in the six countries of the Gulf Cooperation Council (GCC) reached 17,000 and the amount of investments in the sector stands at $394 billion, with an average annual growth of 5% in the last five years....


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