Corporate Watch

Adamjee Life assigned positive outlook

LAHORE: Pakistan Credit Rating Agency (PACRA) has recently assigned ‘Positive Outlook’ to the Insurer Financial Strength (IFS) rating ‘A’ (Single A) of Adamjee Life Assurance Company, said a press release.

The rating denotes strong capacity of the company to meet policyholder and contractual obligations.

Comcast, Time Warner drop $45bn deal

NEW YORK: Comcast and Time Warner Cable on Friday announced they had scrapped their mega-merger plans, amid opposition from US antitrust regulators to the tie-up of the cable and broadband Internet giants.

“Today, we move on,” Comcast chairman Brian Roberts said in announcing the end of a $45 billion deal. “Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.”—AFP

EU clears key hurdle to Lafarge, Holcim merger

BRUSSELS: The EU on Friday removed a key hurdle to the merger between French cement giant Lafarge and Swiss rival Holcim, approving the sale of assets demanded for the deal to go through.

The firms agreed to 40bn euro tie-up to form the world’s biggest cement company last year, but EU regulators said they would have to sell assets worth 6.5bn euros to ease fears the new firm would deform competition.

The European Commission said it had now approved the sale those assets to Irish building materials group CRH, finding that posed no separate competition risk.—AFP

India’s Infosys gives muted earnings

CHENNAI: Indian software giant Infosys Technologies saw its shares dip nearly seven per cent Friday after it reported a single digit rise in yearly revenues and also missed quarterly profit estimates.

The country’s second largest IT services exporter said its consolidated revenues for the just concluded financial year grew 6.4pc to 533.19 billion rupees ($8.71bn) from 501.33bn rupees ($8.2bn) a year ago.

It squeezed $2.01bn of profits during the year, up from $1.75bn in the year before. During the three months till March 31, Infosys earned $489.26 million versus $472.67 million a year ago.

Published in Dawn, April 25th, 2015

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