The Corporate Advisory Group of Swiss lender UBS, said three unnamed sources, will be scaling back its team in charge of providing corporate advisory and investment banking services to the ultra-rich in emerging markets including Asia and the Middle East.
Middle East
DAMAC raises USD348 million in London listing debut
Dubai property firm DAMAC raised USD348 million in its first trading day in the London Stock Exchange. A week ago, DAMAC reduced the deal size to USD400 million and fixed the final price at USD12.25 per global depositary receipt (GDR).
Global PC market expected to stabilize in the long term -report
The International Data Corporation released its forecast for the PC market worldwide, estimating a 10.1% plunge in 2013 sales, a 3.8% contraction in 2014, and a 300-million mark on an annual basis.
Samsung C&T nabs USD1.22 billion order to construct Saudi Arabia power plant
Samsung C&T Corp. on Monday announced that it has been awarded with a KRW1.29 trillion (USD1.22 billion) order to build a power plant in the western Saudi coast. Rabigh 2 power plant is expected to yield 2060 megawatts of electricity.
Top deals of the deay - bids, mergers and acquisitions
The following bids, mergers, acquisitions and disposals were reported on Friday including Statoil, Cassa Depositi e Prestiti, ThyssenKrupp, Mercator, Avivasa Emeklilik, Hayat Sigorta, Banca Monte dei Paschi di Siena, Telus Corp, Atrium Innovations and John Hardy
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US oil major Exxon Mobil will sign over its 25% stake in Iraq's West Qurna1 oilfield project to China's largest energy company PetroChina. Exxon previously offered to sell its entire stake in the oilfield following a disagreement with Iraq's central government.
The following bids, mergers, acquisitions and disposals were reported on Wednesday including Sinopec, Apache, AMR, US Airways, Deutsche Bank, EDF, Oxford, Andor, Bank Zachodni WBK, Shuanghui, Campofrio, OCZ, Toshiba and CVS Caremark.
Sources were cited by Bloomberg who said Damac Real Estate Development Ltd will be repricing its price per global depositary receipt at the lower end of its pricing range, effectively reducing the size of its IPO.
Turkish mobile phone company Turkcell has taken to a South African court its $4.2 billion lawsuit against rival MTN Group, alleging it was the victim of "corruption and bribery" that caused it to lose a contract in Iran.
In a speech delivered at Tel Aviv, Harvard Professor Yochai Benkler said cooperation and not self-interest can generate new ideas and transform businesses in today's knowledge economy.
Troubled electronics giant Panasonic will sell three of its chip factories in Japan to Israel's TowerJazz by March 2014, according to sources with direct knowledge of the situation.
A report revealed in detail based on its records how China was able to acquire control of oil of countries Venezuela, Brazil, Angola, and now OPEC member Ecuador.
Technology-focused private equity firm Silver Lake Management LLC will raise a USD1 billion fund to be invested in mid-sized companies. The firm's Silver Lake Sumeru LP unit will run the new fund.
Ramot Tel Aviv University Ltd secured USD17 million in funding for its Technology Innovation Momentum Fund, which will invest in breakthrough technologies in various industries.
