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The state-owned oil company, Saudi Aramco, will buy about 20% of the shares of the oil refining company from South Korea, Hyundai Oilbank. The deal value will amount to $1.6 billion, Reuters reports. Saudi Aramco will buy up to 19.9% of the shares of Hyundai Oilbank, which is 91.13% owned by Hyundai Heavy Industries Holdings. The deal will increase the supply of oil by the South Korean company. Saudi Aramco also plans to invest in refining and petrochemicals during a decline in oil demand. Hyundai Oilbank produces about 650 thousand barrels per day in the South Korean port of Daesan.
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes ...
On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...
Property data and analytics company CoreLogic Inc on Tuesday rejected another $7 billion buyout offer, seeing it inadequate after meeting with the two bidders, investment firms Cannae Holdings Inc and Senator Investment Group LP. Cannae ...
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