Construction & Restructuring
Dubai-based construction company Arabtec appoints new group CEO

Wail Farsakh takes over the new role from Peter Pollard. The board of directors at Dubai-based Arabtec Group have appointed Wail Farsakh as the new group chief executive officer. Farsakh who until now occupied the position of group chief operating officer (COO) of the UAE’s largest listed contracting company replaces Peter Pollard. Additionally, the board appointed Najeh Awad as acting group chief financial officer (CFO). Wail joined Arabtec as group COO in September 2019 and has was primarily focused on… (Continua a leggere)

Geberit plans no job cuts or restructuring due to COVID-19 situation

ZURICH,  (Reuters) – Geberit is not planning job cuts, Chief Executive Christian Buhl said on Monday after the plumbing supplies maker warned the new coronavirus was hitting activity in the construction industry. “We do not plan or see any need for restructuring, so we don’t have any plans to cut jobs,” Buhl told an investor call. “But of course we have put in place a hiring freeze in these times of very high uncertainty.” Geberit has closed three factories in… (Continua a leggere)

Howard Hughes Corp. halts some construction, delays restructuring amid coronavirus pandemic

Howard Hughes Corp. has put a halt on some construction and postponed plans related to restructuring the company, citing the economic fallout caused by the ongoing COVID-19 coronavirus pandemic.

Aecom UK profit slips after restructure

Aecom UK’s profit has fallen by a third, partly due to restructuring costs. Pre-tax profit for the UK arm of the US engineering firm fell to £12.4m for the year ending 29 September 2019, down from £19.2m the previous year. The decline was partly due to restructuring in the business, including exiting some non-core operations. A spokesman said this included pulling out of markets where “growth opportunities are less robust”. Despite the restructuring, Aecom UK’s headcount increased slightly from 4,094… (Continua a leggere)

FCA must adapt to changing technology to regulate City, says chief

Andrew Bailey says more resources needed to upgrade regulations for AI and blockchain . The main City regulator fears being left behind by a new wave of technological innovation that could increase the risk of financial firms making bad decisions and going bust, according to its latest business plan. The Financial Conduct Authority said that developments, which include artificial intelligence and blockchain technology for financial transactions, could race ahead without adequate regulations in place, potentially undermining the strength of London as a financial centre…. (Continua a leggere)

China says to have in-depth talks with U.S. on economic, trade issues

BEIJING (Reuters) – China and the United States will have in-depth discussions on economic and trade issues during Chinese Vice Premier Liu He’s U.S. visit next week, the Chinese commerce ministry said on Thursday. Both sides are currently in touch on the detailed arrangements surrounding his visit on Jan. 30-31, Gao Feng, spokesman at the commerce ministry, told reporters. Reports the United States has canceled consultations with China are untrue, Gao said, adding that the two sides have maintained close… (Continua a leggere)

Substantial rise in Chinese investors buying Greek property, major Asian real-estate platform says

Mainland Chinese invested $119.7 billion in international property last year Greece has been experiencing a surge in real-estate trade over the past two years which is largely attributed to Chinese buyers, according to Carrie Law, the CEO of Juwai.com, which is the largest portal used by Chinese international property buyers. Greece’s lucrative Golden Visa Scheme” has played a pivotal role in the rise in interest in properties by many Chinese investors, as it allows 3rd country nationals outside the EU to… (Continua a leggere)

Oil drilling to start in 2019 in Ionian Sea

The area of focus is Katakolo in the West Patras Gulf. Hydrocarbon exploration will commence in 2019 in the Ionian Sea, the President of the Hellenic Hydrocarbon Resources Management S.A. (HHRM S.A.) said in an event on Tuesday. Yiannis Bassias said drilling is scheduled to start in the Gulf of Patras and Katakolo. The consortium of Greek Petroleum and Edison is planning the first of the two to five exploration drills to follow in 2019 in the West Patras Gulf…. (Continua a leggere)

Nobel Energy, Israeli tycoon buying 39% stake in Egyptian gas pipeline company

The EMG pipeline had been bombed by terrorists time and again but this time, it will be transporting gas from Israel to Egypt The Israeli company Delek Drilling and American firm Noble Energy are teaming up with the Egyptian gas transportation company East Gas (EGCL) to acquire a 39% stake in the Egyptian company Eastern Mediterranean Gas (EMG), which owns the 90-kilometer-long gas pipeline between Israel and Egypt, Haaretz has learned. The companies expect to consummate this agreement, which was… (Continua a leggere)

Cyprus, Egypt sign new pipeline agreement

  The pipeline will start from the sea area within the Cypriot Exclusive Economic Zone, transferring the natural gas plots to Egypt Talks between Egypt and Cyprus on the construction of an underwater pipeline in the Eastern Mediterranean seems to have reached a positive conclusion, as part of a joint effort to commercialize the gas quantities found in the AOZ of the two countries. According to information, the agreement is to be signed today, Wednesday 19. Nicosia and Cairo seem… (Continua a leggere)