AstraZeneca to buy Alexion for $39 billion

Britain’s AstraZeneca has agreed to buy US drug maker Alexion Pharmaceuticals for $39 billion in cash and shares to bolster its positions in immunology and rare diseases. AstraZeneca, one of the frontrunners in the drug industry’s search for a COVID-19 vaccine, said on Saturday that Alexion shareholders would receive $60 in cash and about $1...

HSBC increases stake in Saudi British Bank to 31%

HSBC Holdings plc (HSBC), via its wholly owned subsidiary, HSBC Holdings B.V (HHBV), has participated in the accelerated book build process launched on 30 November 2020 by NatWest Markets plc and Banco Santander. HHBV has as a result purchased shares which will, post completion of the purchase, increase its shareholding in The Saudi British Bank...

Emaar’s Alabbar Named Managing Director in Line With New Rules

Mohamed Alabbar, founder of Dubai’s largest developer Emaar Properties PJSC, is stepping down as chairman to comply with regulatory requirements and will continue running the government-backed company as its new managing director. The company, which built the world’s tallest tower, cite...

Mystery Surrounds $7 Billion Outflow from Vanguard S&P 500 Fund

A record outflow from one of Vanguard Group’s biggest exchange-traded funds is stirring speculation over who was behind it and why. More than $7 billion was pulled from the $172 billion Vanguard S&P 500 ETF (VOO) on a single day this week, according to data compiled by Bloomberg, about...

Disney+ announcements are an 'earth-shaking' development in the streaming wars

In the first ten days of December, Discovery unveiled its streaming service; Warner Bros. said that its entire 2021 slate of films will be released on HBO Max and in theaters at the same time; and Disney announced 100 new projects, with most of them heading straight to streaming services. Three years from now, we'll probably still be talking abo...

Insurance giant AXA set to sell its Gulf business

Global insurance giant AXA announced on Monday that it has entered into an agreement with Gulf Insurance Group (GIG) to sell its insurance operations in the Gulf region. The deal includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company. As part of the transaction, Yusuf Bin Ahmed Kanoo, on...

Ferrari boss leaves car maker on eve of Grand Prix

The boss of luxury carmaker Ferrari is stepping down for "personal reasons" after less than two years in the role. Louis Camilleri is leaving the company with immediate effect just ahead of the Abu Dhabi Grand Prix this weekend. Mr Camilleri was hospitalized this year due to Covid-19 but he has been recovering and Bloomberg reports this is not t...

Denmark set to end all new oil and gas exploration

Denmark will end all new oil and gas exploration in the North Sea, as part of a wider plan to stop extracting fossil fuels by 2050. Its government also agreed to cancel its latest licensing round on Thursday, which gives firms permission to search for and produce oil and gas. "We are now putting a final end to the fossil era," said Denmark's cli...

Dangote Refinery among 20 world’s most influential projects

Dangote Oil Refinery has been listed among the world’s top 20 influential projects surveyed in the last 18 months by the renowned Project Management Institute (PMI).  It was selected for its potential to fuel Nigeria’s economic transformation from importer to a self-sustaining powerhouse, said a statement. PMI, which disclosed this recently...

Self-driving robotaxis are taking off in China

The world has been inching toward fully autonomous cars for years. In China, one company just got even closer to making it a reality. On Thursday, AutoX, an Alibaba (BABA...

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