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Romania’s largest shipyard faces liquidation in wake of DSME’s demise

ATHENS: Financially troubled Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) will be forced to liquidate its overseas subsidiaries including Daewoo Mangalia Heavy Industries, Romania’s largest shipyard, and DeWind, DSME’s largest creditor, Korea Development Bank (KDB) has warned. KDB said that with DSME likely to report a KRW3trn loss for the second quarter, overseas units would have to be ... Read More »

Denmark’s largest pension funds sue DKK800m OW Bunker

COPENHAGEN: Denmark’s biggest pension funds, ATP and PFA, are planning to sue collapsed shipping fuel firm OW Bunker as part of a group of institutional investors aiming to recoup more than DKK800m (€107m) lost just six months after the company’s much-heralded IPO. The two pension funds said the group of 27 institutional investors was now instituting legal proceedings concerning prospectus ... Read More »

Denmark’s largest pension funds sue DKK800m OW Bunker

COPENHAGEN: Denmark’s biggest pension funds, ATP and PFA, are planning to sue collapsed shipping fuel firm OW Bunker as part of a group of institutional investors aiming to recoup more than DKK800m (€107m) lost just six months after the company’s much-heralded IPO. The two pension funds said the group of 27 institutional investors was now instituting legal proceedings concerning prospectus ... Read More »

Scandinavia’s largest bank Nordea to replace CEO Dane Christian Clausen

COPENHAGEN: According to Berlingske Business, Scandinavia’s largest bank Nordea has hired international search firm Egon Zehnder to find a successor to take over the top job from 60-year-old Dane Christian Clausen. The news comes in the wake of recent disagreements between current Clausen and the company’s chairman, Björn Walhroos. According to Swedish newspaper Dagens Industri, Wahlroos called Clausen’s new financial ... Read More »

Jordan First largest Food Exhibition 2015 kicks off on Tuesday

AMMAN: King Abdullah II, Minister of Industry, Trade and Supply, Maha Ali, on Tuesday, opened the Jordan Food Exhibition 2015 which is first and largest in the Kingdom. Eighty companies representing major food importers and exporters, commercial centers and food manufacturing ate participating in the major event. The exhibition is organized by the General Association for Foodstuffs Merchants, in cooperation ... Read More »

Switzerland’s largest trade fair opens in Geneva

BERN: Switzerland’s largest trade fair opened in Geneva on Tuesday geared to precision professionals in the watchmaking, jewellery, micro technologies and medical fields. Around 20,000 Swiss and foreign visitors are expected at the four-day annual “Salon international leader de la haute précision” fair featuring 867 exhibitors from 12 countries, organizers said. Despite the uncertain economic outlook, the number of exhibitors ... Read More »

Switzerland’s largest trade fair opens in Geneva

BERN: Switzerland’s largest trade fair opened in Geneva on Tuesday geared to precision professionals in the watchmaking, jewellery, micro technologies and medical fields. Around 20,000 Swiss and foreign visitors are expected at the four-day annual “Salon international leader de la haute précision” fair featuring 867 exhibitors from 12 countries, organizers said. Despite the uncertain economic outlook, the number of exhibitors ... Read More »

Greece stands 32nd with largest gold reserves countries

ATHENS: The World Gold Council published its latest report on the demand of gold and the quantities held by the 40 largest countries and institutions’ gold reserves. “Top-line demand was broadly neutral – down just 11t (1%) despite substantial underlying differences across geographies and sectors,” noted the report. “Pockets of strength in jewelry were balanced by weaknesses elsewhere,” it added, ... Read More »

Jordan’s largest lender ABG posts net profit of $217.2m in Q1-2015

AMMAN: Arab Bank Group, Jordan’s largest lender, posted net profit to $217.2 million of first quarter on Wednesday, helped by a rise in loans and customer deposits. The bank, one of the Middle East’s major financial institutions with a $46.4 billion balance sheet, said in a statement loans and customer deposits grew by 6.3 and 4.4 percent respectively on the ... Read More »

Greece’s banks issue €13bn bonds amid debt crisis

ATHENS: As Greece battles a debt crisis, largest banks, including Piraeus, Alpha and Eurobank have self-issued more than €13 billion worth, of these government-guaranteed bonds. Wounded by vanishing deposits and bad loans, Greece bank bonds are about as toxic an investment as can be found. The banks are on life support via an emergency lending program overseen by the European ... Read More »

Largest fertilizer corruption in Norway’s history under trial

OSLO: The largest corruption trial in Norway’s history, involving charges of enticement at Norwegian fertilizer giant Yara International, got underway in an Oslo courtroom on Monday. It’s not a happy start to the New Year for the former Yara executives now defending themselves, after the company itself avoided further prosecution by accepting a record high fine early last year. The ... Read More »

World’s largest Optical Telescope to be installed in Chile

SANTIAGO: Chile would host the biggest Optical Telescope of the world. The European tremendously huge Telescope that would be created after the final approval of the ECO in the Atacama Desert. The E-ELT would permit enormous scientists to progress in exoplanets department, the lunar opus of nearby galaxies and the deep Universe, as a statement of the entity indicated. This ... Read More »