Brief

LCCI slams NHA for sending notice

By our correspondent

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has criticised the National Highway Authority for sending notice to business concerns and urged to stop this practice that would destroy the entire business atmosphere, a statement said on Friday.

LCCI president Abdul Basit, senior vice president Amjad Ali Jawa and vice president Muhammad Nasir Hameed Khan said that the business community is committed to its national obligations and wants to supplement government endeavours aimed at economic uplift of the country, but the government departments are creating unnecessary hurdles.

They said a member of the LCCI has complained that the National Highway Authority (NHA) has said through a letter that he is violating NHA rules and regulations and made an unauthorised access through the right of way to the National Highway N-5, Multan Road.

The member also said this access is a must for his business activity and he is not hindering the traffic flow at the National Highway N-5.

The LCCI office-bearers said all government departments should play role of facilitator with a friendly approach to the business community that is the backbone of the economy. They said such actions would perturb the smooth running of business.

They urged the National Highway Authority (NHA) to withdraw its letter that is nothing else, but to create panic-like situation.

Amlak, Temenos, NDC sign deal

News Desk

KARACHI: Amlak International, the leading real estate finance company, has announced that it has signed an agreement with Temenos, a banking and financial software for its flagship Core Lending System T24 in place of its existing legacy system, a statement said on Friday.

National Data Consultant (NDC), a Pakistan-based IT consultancy will implement the new system as the authorised partner of Temenos in the Middle East and Africa region, it added.

The new lending system, which is based on the latest in the banking and financial software industry, will enable Amlak's global operations to be more efficient, enhance procedures and reduce the processing time to meet customer needs.

The agreement was signed by Amlak CEO Abdullah Al Sudairi, Jean-Paul Mergeai, managing director of Temenos Middle East and Africa and Ammara Masood, CEO of the National Data Consultant (NDC), it said.

Digital Realty to buy DuPont Fabros 

NEW YORK: Digital Realty Trust Inc said it would buy fellow data center operator DuPont Fabros Technology Inc for an enterprise value of about $7.6 billion, doubling down on efforts to meet the growing needs of cloud-based service providers.

DuPont Fabros shareholders will receive a fixed exchange ratio of 0.545 Digital Realty shares per share held, the companies said on Friday. Based on Digital Realty´s Thursday close, the offer is worth $63.60 per share, a premium of 14.9 percent to DuPont Fabros´ close.

DuPont Fabros´ shares were up nearly 13 percent in light premarket trading, while Digital Realty´s shares were up 4 percent at $121.57.The deal has an equity value of about $4.95 billion based on DuPont Fabros´ 77.8 million shares outstanding as of April 2, according to Thomson Reuters data.

Washington-based DuPont Fabros operates 12 data centers in three major U.S. markets and Canada, while Digital Realty operates 156 data centers globally.

The deal has the potential to realize up to $18 million of annualized overhead savings, resulting from both companies´ complementary business operations, Digital Realty Chief Executive William Stein said in a statement. 

Germany eyes stronger growth

BERLIN: Germany´s central bank on Friday raised its growth forecasts through to 2019, on the back of strong private and public consumption.

Gross domestic product is now expected to expand by 1.9 percent this year, up from 1.8 percent previously forecast. Likewise, growth in 2018 would reach 1.7 percent instead of 1.6 percent, while that of 2019 will hit 1.6 percent rather than 1.5 percent.

"The solid recovery of the German economy continues," said the Bundesbank in its report. The bank´s chief Jens Weidmann underlined the role played by "private consumption, public demand and investments in housing construction".

Meanwhile, the Bundesbank also saw consumer prices rising by 1.5 percent in 2017 rather than the earlier forecasted 1.4 percent. But for the following two years, the central bank lowered its inflation forecasts, expecting it to come in at 1.4 percent in 2018 rather than 1.7 percent, and at 1.8 percent in 2019 instead of 1.9 percent.

CITIC Bank to provide $1.5bln credit line

HONG KONG: Apple Inc supplier AAC Technologies Holdings, a target of a recent short-seller attack, said on Friday China CITIC Bank Corp had agreed to provide credit and financing of at least 10 billion yuan ($1.5 billion) for a two- year term.

The agreement marks the establishment of a long-term strategic cooperation relationship between the two companies, AAC said in a statement to the Hong Kong bourse. Shares of AAC resumed trading earlier this week after a near three-week halt following short-seller Gotham City´s criticisms about the company´s accounting policies.

AAC has said that the allegations are groundless. AAC shares rose as much as 4.7 percent to HK$100.80 on Friday morning, the highest since May 12. That contrasted with a 0.1 percent drop in the benchmark index.

VEON to add two new directors

FRANKFURT: Global telecoms operator VEON Ltd said on Friday it plans to name two outside directors, resulting in a board majority independent of its two main investors and marking the latest move to transform the company.

In a statement, the Amsterdam-based company said it planned to put forward Ursula Burns, former chairman and chief executive of Xerox Corp from 2009 to 2016, and one of the world´s most high profile female corporate leaders. It also named Guy Laurence, the British telecoms industry veteran who left last year as CEO of Rogers, the C$13.7 billion dollar Canadian telecoms and media group.

He had previously held a string of executive roles at Vodafone.  Adding two seats brings the total number on the supervisory board to 11. LetterOne Investment Holdings, which owns roughly 48 percent of VEON shares and is controlled by Russian billionaire Mikhail Fridman and his partners, holds three seats. Telenor, whose holding was a little under 20 percent in April, holds two seats.

‘Functioning govt to protect economy’

LONDON: British politicians must get their act together and form a functioning government to protect the economy, business lobby group the CBI said on Friday after Prime Minister Theresa May´s Conservatives failed to win a majority in parliament.

With 645 out of 650 seats declared following Thursday´s vote, the Conservatives had won 314 seats and were therefore no longer able to reach the 326-mark they would need to command a parliamentary majority. Labour had won 261 seats"This is a serious moment for the UK economy.  The priority must be for politicians to get their house in order and form a functioning government, reassure the markets and protect our resilient economy," CBI Director-General Carolyn Fairbairn said in a statement.