An equity fund established by billionaire investor Wilbur Ross has ordered up to four suezmax tankers at a Chinese shipyard, expanding his bet on shipping by purchasing supertankers for the first time. Ross, a turnaround financier and chairman of WL Ross & Co., ordered four very large crude carriers due in 2016 and 2017 in
More
Moody’s Investors Service on Monday upgraded Bank of Cyprus’s long-term deposit ratings to Caa3 from the Ca it issued just six weeks ago with stable outlook “to reflect the bank’s strengthened capital buffers as well as the reduction, to some extent, of its reliance on central bank funding.” The rating agency also upgraded the provisional
More
European companies are showing a greater appetite for US, versus EU, companies for acquisitions, given the country's stronger growth prospects and cost competitiveness, Moody's Investors Service said in a special comment. In the first ten months of 2014, acquisitions by European companies hit $788 bln, the highest since 2008; with a notable shift towards US
More
Real Madrid C.F. and Microsoft have signed a landmark agreement accelerating the digital transformation of the club through technology. This alliance, through which Microsoft becomes the strategic technological partner of Real Madrid, will revolutionize the experience enjoyed by members and supporters of the club by providing digital services that are accessible anywhere, anytime and on
More
ECB review will be a further prompt for continued European bank restructuring Research published by PwC shows that in the nine months to the end of September 2014 loan portfolios with a face value of Euro 67bn have been sold by Europe’s banks. PwC estimates there are transactions currently in process for portfolios totalling a
More
Pope Francis will pay an official visit to the European Parliament in Strasbourg on Tuesday 25 November and deliver a formal address to MEPs. The Pope was invited by President Schulz, on behalf of the European Parliament, when he paid an official visit to the Vatican on 11 October 2013. The previous visit by a
More
Fears over the health of the global economy resurfaced yesterday for the second time this week, with EU PMIs announced at the weakest level in nearly sixteen months sending the Eurodollar back down to 1.2509 on Thursday morning. China’s HSBC Manufacturing PMI also unexpectedly stalled during November, just days after house prices declined by more
More
* AGM calls for “better bank”, satisfy demand * Josef Ackermann has officially taken charge of Bank of Cyprus, the one time jewel of the island’s economy and now on a path to recovery, with international investors backing his chairmanship after a relatively civil shareholders’ meeting on Thursday. The former Deutsche Bank CEO, now probably
More
Could some of that Disneyland magic be coming to Egypt? Egypt's investment minister seems to think so. "There are discussions going on between Disney International to build in Egypt its first Disney Park in the Middle East, similar to Disney France," Ashraf Salman said on Tuesday, according to the state-run news MENA agency. Salman made
More
When the German government said no women under the age of 50 would be sent for mammograms unless a breast abnormality was detected during routine examination, gynaecologist Dr Frank Hoffman came up with an amazing idea that would help two vulnerable social groups at the same time: the visually impaired and potential breast cancer sufferers.
More