Qatar-based oil and gas drilling company Gulf Drilling International (GDI) is poised to become a wholly-owned subsidiary of Gulf International Services (GIS) with the latter acquiring the entire 30% stake held by Japan Drilling Corp (JDC), according to a GIS spokesman.
Investors
Australian IPO poised to grow in 2014 despite poor performance this year
The initial public offering (IPO) pipeline of Australia is set to improve along with merger and acquisition activity in 2014 despite poor performances this year, according to investment bank UBS.
China-based logistics firm EMS withdraws IPO application
China Postal Express and Logistics Co Ltd (EMS), the biggest integrated logistics service provider in China announced on Friday the withdrawal of its application for an initial public offering (IPO).
Perth miner Mirabela Nickel secures $45M in interim financing
Perth, Australia-based mining firm Mirabela Nickel Ltd secured a $45-million (A$50.7-million) loan from its note holders in an interim financing deal as the Rothschild Capital Funds looks for investors for the troubled miner.
Caddo agency purchases former GM plant in Louisiana
The officials of Caddo Parish's Industrial Development Board closed the deal on Friday afternoon to acquire the former General Motors (GM) facility from RACER Trust for $7.5 million.
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Irvine, California-based business analytics firm CoreLogic bought Oakland, California-based catastrophe risk modeling firm EQECAT for a yet undisclosed sum from its parent company ABS Group.
Majority of the stocks in Gulf markets recorded impressive gains this year, proving that the region has been recovering from the effects of the worldwide financial crisis in 2008 and 2009, Arabian Business said in its report.
In its bid to improve the growth of the company overall, Dubai conglomerate Al Habtoor Group had commissioned a shakeup of its boards across all of its business units, including its legal and audit boards.
The DealBook said in its report that banks in China are steadily making strategic acquisitions offshore and opening its businesses outside of the mainland, thanks to recent economic reforms.
Angel funding in Russian companies were 4.5 times more than funding from angel investors in 2012, according to a joint study by National Association of Business Angels (NABA), Atom Partners and RVC.
The American Bankers Association, a representative of majority of the community banks in the US, said the provision on banning investments in collateralized debt obligations will result to the lenders losing $600 million in the process.
Shareholders of Banca Monte dei Paschi di Siena SpA reportedly sided with main shareholder Fondazione Monte Paschi with regard to postponing the cash call until May of next year.
A Reuters report said Alessandro Profumo, chairman of Monte dei Paschi di Siena, will be revealing his decision whether to stay or resign from his post at the Italian lender in a January meeting.
While US and foreign banks do away with risky investments like municipal bonds, hedge funds had taken advantage with the loss of a competitor and increased their positions in such assets, a Barron's report said.
