Kenya Airways talking to foreign investors about buying stake in airline

first_imgKenya’s national carrier Kenya Airways (KQ) says it is talking to about 3 or 4 foreign institutional investors about buying a stake in the cash strapped airline.CEO Mbunzi Nguze in an interview with Reuters said KQ has fantastic business across Africa despite the hurdles it is facing.He added that the management of the airline was encouraged by the interest the business has received from potential suitors attributing it to Nairobi’s status as a major airport hub in Africa.According to a plan drawn up with the help of US investment bank PJT Partners, search for a strategic investor is one of the ways to raise new debt and equity funds.Ngunze did not reveal how much the airline plans to raise from the sale; the company had previously said it would need about $692 million.The Kenyan government are KQ’s largest shareholders owning 29.8% followed by KLM’s 27%.Kenya Airways has recorded four consecutive years of losses as a result of a poorly timed expansion strategy.Already the company has been reducing the size of its fleet, selling assets such as land and downsizing its staff in a bid to turn around is fortunes.last_img read more

Egypt dismisses accusations of supporting opposition protests in Ethiopia

first_imgEgyptian President Abdel Fattah el-Sisi has denied accusations that his country is supporting the opposition in Ethiopia.It follows a wave of violent protests that have left hundreds of people dead.According to the Egyptian president, ‘‘Egypt does not conspire against anyone, I want to assure the brothers in Ethiopia that Egypt has never offered any support to the opposition and will not carry out any conspiratorial action against Ethiopia,’‘Yasser Hakim has the details.last_img

Indian official promises extradition request for Antigua CIP recipient

first_imgNewsRegional Indian official promises extradition request for Antigua CIP recipient by: – July 31, 2018 Tweet Share 41 Views   no discussions Sharecenter_img Share (Antigua Observer) The High Commissioner of India, V. Mahalingam, has told the Government of Antigua and Barbuda that a formal extradition request will be forwarded to the authorities in the not-too-distant future in relation to fraud accused Indian investor Mehul Choksi.The billionaire diamond dealer who is said to be in Antigua and Barbuda is a citizen here, having acquired this in November 2017 under the Citizenship by Investment Programme (CIP).This is the word from the government here following a meeting with the High Commissioner who traveled to the twin island to discuss the possible extradition of the accused Indian fraudster and alleged fugitive.According to a press release from the Lionel “Max” Hurst, the government’s chief of staff, Choksi is wanted in India for fraud and the Prime Minister Browne has indicated the government’s desire to cooperate with the Indian authorities.Attorney General Steadroy “Cutie” Benjamin, who was part of the meeting, along with Minister of Foreign Affairs, E.P. Chet Greene, Solicitor General, Martin Camacho, senior legal counsel, Carla Harris and Ambassador Colin Murdoch, senior advisor to PM Browne, yesterday revealed that under Statutory instrument no 34/2001 and Section 7 of the Extradition Act 12/1993, there exists bilateral extradition arrangements between Antigua and Barbuda and India.According to news coming out of India, Choksi and his nephew, Nirav Modi, both diamond tycoons, were alleged to have colluded with two employees of the Punjab National Bank in a fraud scheme of over US $1.8 billion. The alleged scam began in 2011 and was detected in January of this year.But, through his local attorney, Dr. David Dorsett, the accused man has said that there is no truth to the allegations.He reportedly claimed that he had taken Antigua and Barbuda’s citizenship to expand his business because the country’s passport provides visa-free travel to 132 countries.Additionally, Choksi’s lawyer yesterday filed a motion in the High Court suggesting that there is no legal basis for the “expulsion, extradition or other lawful removal” of Choksi from Antigua at the behest of the government of India. He argued that as a result of his citizenship, “No lawful basis exists for the extradition of Mr. Choksi under Section 5 of the 1993 Extradition Act.” Sharing is caring!last_img read more

Infineon to Acquire Cypress Semiconductor for €9.0 Billion

first_imgInfineon has announced its plans to acquire leading embedded solutions company, Cypress Semiconductor, for an enterprise value of €9.0 billion (US $23.85/Share). The acquisition of Cypress is a landmark step in Infineon’s strategic development. With the addition of Cypress, Infineon will consequently strengthen its focus on structural growth drivers and serve a broader range of applications. This will accelerate the company’s path of profitable growth. Cypress has a differentiated portfolio of micro-controllers as well as software and connectivity components that are highly complementary to Infineon’s leading power semiconductors, sensors and security solutions.Combining these technology assets will enable comprehensive advanced solutions for high-growth applications such as electric drives, battery-powered devices and power supplies. The combination of Infineon’s security expertise and Cypress’s connectivity know-how will accelerate entry into new IoT applications in the industrial and consumer segments. In automotive semiconductors, the expanded portfolio of micro-controllers and NOR flash memories will offer great potential, especially in light of their growing importance for advanced driver assistance systems and new electronic architectures in vehicles.With the addition of Cypress’s strong R&D and geographical presence in the U.S, Infineon not only strengthens its capabilities for its major customers in North America, but also in other important geographical regions. The company adds to its R&D presence in Silicon Valley and gains presence, as well as market share, in the strategically important Japanese market. At the same time, Infineon aims to achieve significant economies of scale, making Infineon’s business model even more resilient. Based on pro forma revenues of €10 billion in FY 2018, the transaction will make Infineon the number eight chip manufacturer in the world. In addition to its already leading position in power semiconductors and security controllers, Infineon will now also become the number one supplier of chips to the automotive market.The Cypress team is excited to join forces with Infineon to capitalize on the multi-billion dollar opportunities from the massive rise in connectivity and computing requirements of the next technology waves. The announcement is not only a testament to the strength of their team in delivering industry-leading solutions worldwide, but also to what can be realized from uniting the two great companies. Jointly, they will enable more secure, seamless connections, and provide more complete hardware and software sets to strengthen customers’ products and technologies in their end markets. In addition, the strong fit of the two companies will bring enhanced opportunities for customers and employees.For the past three years, Cypress’ Strategy 3.0 has delivered tremendous results and restructured the entire organization to focus on markets that matter. After receiving interest from several companies, the company entered into a transaction that is a testament to the team’s strategy and hard work. For Cypress shareholders, the combination of continued dividends through closing plus the US $23.85 cash price represents significant value creation. This transaction will create product opportunities that are increasingly important in the competitive automotive, industrial, and consumer markets.Improved Financial Strength Following Full IntegrationThe acquisition will also improve Infineon’s financial strength and Infineon shareholders are expected to benefit from earnings accretion beginning in the first full fiscal year after closing. The capital intensity will decrease, resulting in an increasing free cash flow margin. Infineon has validated sales and cost synergies assumptions as part of due diligence. Expected economies of scale will create cost synergies of €180 million per annum by 2022. The complementary portfolios will enable the offering of further chip solutions with a revenue synergies potential of more than €1.5 billion per annum in the long term.Upon successful integration, Infineon will adapt its target operating model accordingly. Then, the company targets through-cycle revenue growth of 9+ percent and a segment result margin of 19 percent. The investment-to-sales ratio is targeted to decrease to 13 percent.Transaction DetailsUnder the terms of the agreement, Infineon will offer US $23.85 in cash for all outstanding shares of Cypress. This corresponds to a fully diluted enterprise value for Cypress of €9.0 billion. The offer price represents a 46 percent premium to Cypress’s unaffected 30-day volume-weighted average price during the period from 15 April to 28 May 2019, the last trading day prior to media reports regarding a potential sale of Cypress.Cypress expects to continue its quarterly cash dividend payments until the transaction closes. This includes Cypress’s previously announced quarterly cash dividend of US$0.11 per share, payable on July 18, 2019 to holders of record of Cypress’s common stock at the close of business on June 27, 2019. The funding of the acquisition is fully underwritten by a consortium of banks. Infineon is committed to retaining a solid investment grade rating and, consequently, Infineon intends to ultimately finance approximately 30 percent of the total transaction value with equity and the remainder with debt as well as cash on hand. The financial policy to preserve a strategic cash reserve remains in place.The acquisition is subject to approval by Cypress’s shareholders and the relevant regulatory bodies as well as other customary conditions. The closing is expected by the end of calendar year 2019 or early 2020. Credit Suisse and J.P. Morgan acted as lead financial advisors to Infineon. Bank of America Merrill Lynch also acted as financial advisor. All three banks acted as structuring banks in addition to providing committed financing for the transaction, Bank of America Merrill Lynch in the lead. Kirkland & Ellis LLP and Freshfields Bruckhaus Deringer LLP are acting as legal advisors to Infineon. Morgan Stanley is acting as exclusive financial advisor to Cypress, and Simpson Thacher & Bartlett LLP is serving as legal counsel.last_img read more

Eden Hazard to make Real Madrid debut in La Liga

first_imgReal Madrid coach Zinedine Zidane said Friday that big-money summer signing Eden Hazard has been passed fit and will make his long-awaited La Liga debut against Levante on Saturday.“We all want to see Eden,” said Zidane. “There’s a lot of pressure on him, a lot of expectation. But he is ready and that is the most important thing.”Hazard was expected to make his debut in Vigo in the opening round in mid-August after joining Madrid for an initial 100 million Euros from Chelsea in June.But the Belgian pulled up with a thigh strain at the club’s training base in Valdebebas and had to sit out the first three weeks of the season during which real struggled, collecting one win and two draws.Zidane, however, called for patience as Hazard finds his feet again.“We have to go gently,” he said. “He (Hazard) was injured for three weeks; he has been back for a week.“We have seven games in 21 days and we will have to go gently. It will be up to me to keep an eye on his minutes and his playing time, because we need him over a long period, for several matches, not for one.”Hazard’s return is timely for Madrid who also starts their Champions League campaign against Paris Saint-Germain next week, especially as Luka Modric was ruled out this week with a groin strain.“The season starts now,” said Zidane. “We have seven games in 21 days and I think that’s what we need, anyway, to play, make matches, compete… that’s what players want.”The Frenchman also shrugged off criticism of the team following their indifferent start to the season.“The comments, everything that is said, that’s not going to change,” he said.“We know what we want to change within (the team), we will do everything to do things well. Enough talk, we have performed on the pitch.”last_img read more

Opinion: Time To Send Bobby Bradley Back To AAA Columbus

first_img Related Topics2019 Cleveland IndiansBobby BradleyColumbus ClippersfeaturedJordan Luplowleonys martin Bobby Bradley has only been playing with the Cleveland Indians for 13 games but it already seems that he needs to head back to the minor leagues to improve on a few things.Bradley carried plenty of buzz with him down in Columbus with the Clippers but ‘The Assassin’ seems to be a bust so far throughout those 13 games. Bradley wasn’t expected to be called up allegedly due to the number of strikeouts he had in the minors but with Leonys Martin getting designated for assignment, the timing seemed to be right at the time for an opportunity.Bradley in 13 games has gone 8-38 (.211), 5 doubles, 1 home run, 4 RBIs, 3 walks, and 16 strikeouts. Bradley has struck out 40% of the time while batting thus far for Cleveland. Maybe I’m just being too critical of the Indians rookie first baseman and he just needs more opportunities at the plate but a stint back in Columbus wouldn’t mean the end of the world.Jordan Luplow seemed to find himself when he played with the Clippers in just nine games while he hit .353, 3 doubles, 2 homers, and 6 RBIs. Luplow has been able to produce with the Indians as well with an average of .250, 8 doubles, 9 homers, and 24 RBIs.Bradley just hit his first career home run on Saturday night which was hit a long way and there is a possibility that the first homer could have been weighing on his mind and things can change from there but the strikeouts can become an issue.Bottom line, if Bobby Bradley doesn’t improve with reducing his strikeouts while at the plate in the next week, I’d assume sending him down to Columbus for a week or two might be a beneficial move for the young first baseman.Feel free to share your opinion on Twitter @NEOSportsInside and @PaytonVince with your take on Bobby Bradley. Payton Vincecenter_img Payton Vince is either talking about sports or watching sports. He covers sports for Metro Networks and is also a writer for LastWordOnSports.com. He grew up in Brooklyn Heights,Ohio for most of his life then around senior year of high school moved to Cleveland. A fan of the Cleveland Indians, Cavaliers, and a Pittsburgh Steelers, he graduated from Cuyahoga Heights High School (Class of 2014) and also graduated from the Ohio Center for Broadcasting in 2015. He bowled and played baseball in high school, and is a huge fan of independent wrestling and WWE, and can almost always find him at an independent show. Lastly, Payton is a backstage interviewer for Mega Championship Wrestling in Elyria, and is one of the three on ‘That Sports Show’ which airs daily from 2-4pm on AllSportsCleveland.com.last_img read more

China’s men topple Japan at table tennis worlds

first_img GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5 MOSCOW – No chance for Japan when facing China on the other side of the table.Japan was outclassed by powerhouse China 3-0 in the men’s semifinals of the World Team Table Tennis Championships on Saturday.center_img Japan has ended with a bronze medal since there is no third-place match in the biennial team event.Beijing Olympic singles champion Ma Lin defeated Kaii Yoshida 11-6, 9-11, 11-8, 11-2 in the opening match.World No. 1 Ma Long followed with an 11-6, 11-9, 11-8 rout of top Japanese player Jun Mizutani before Zhang Jike sealed China’s victory by beating Seiya Kishikawa 11-8, 9-11, 11-3, 11-8.“The outcome made me realize there’s still some gap between China and Japan in every aspect of play,” Japanese head coach Yoshihito Miyazaki said. “We went through a lot of tough matches in this tournament. We definitely learned a lot from this meet.”China is looking for its fifth consecutive men’s world title.On Friday, the Japanese women’s team prevailed in a five-hour marathon against archrival South Korea 3-2, booking a place on the medal podium for the fifth consecutive world championships.Four of the five matches needed the full five games, and Ai Fukuhara won the last match of their quarterfinal 11-6, 11-13, 11-8, 11-4 against Park Mi Young.Fukuhara and Sayaka Hirano both lost to world No. 6 Kim Kyung Ah, but the Japanese duo both defeated Park in the reverse singles while 17-year-old Kasumi Ishikawa fought back from two games down to win the third match against Dang Ye Seo.“We clinched a medal by beating South Korea. This is the best feeling I’ve ever had at the world team championships,” Fukuhara said.Japan fell to South Korea in the bronze medal match at the 2008 Beijing Olympics.“Sayaka and Kasumi managed to take the series into the decider, so I knew I had to pull off a win no matter what,” Fukuhara said. last_img read more

Siren System Heard In Kenai Peninsula This Afternoon

first_imgThe system was undergoing upgrades to the hardware and software that controls the system, and a programming error occurred. This resulted in a daily test that sounds only in Seward to be broadcast in Homer and the communities of Kachemak Bay.  The error that caused the broadcast was identified and corrected by KPB staff, as well as a representative from the manufacturer who was on site performing the upgrade. FacebookTwitterEmailPrintFriendly分享Residents may have heard the Kenai Peninsula Borough siren system sound at noon today.center_img All warnings from the siren system will include a voice message giving specific instructions.  Warning chimes that sound without instruction are typically test or maintenance tones.last_img read more

Numbers game: Luton Town (H)

first_imgGoals from Marley Watkins, Famara Diédhiou and Andreas Weimann dealt the damage as City ended their run of defeats at four matches. Sunday’s scoreline was a reversal of the result back at Kenilworth Road.TEAM STATSShots: 14On target: 8Goals: 3Total passes: 349Pass success rate: 72%Aerials won: 17Tackles: 25Interceptions: 13Clearances: 32Possession: 45%last_img

Give UT’s Dave Hart credit for fixing his mistake

first_imgTexas coach Rick Barnes calls a play during the South Regional against the Memphis Tigers in 2008 at Reliant Stadium in Houston.As makeup calls go, this is a classic.A year ago, Dave Hart fumbled the hiring of Donnie Tyndall as Tennessee’s basketball coach. Hart claimed Tyndall was fully vetted, but it was generally known in basketball coaching circles that Tyndall had some ghosts in the closet when it came to the rulebook.Once Tyndall was fired in the face of NCAA violations, Hart made amends with the quick hiring of Rick Barnes. In doing so, Hart righted a wrong.Here’s another way of looking at it: After Cuonzo Martin bolted for Cal after the 2014 season, if someone had told you UT would wind up with Barnes as its coach in a year, would you have taken it? Of course.Live and learn. Give Hart credit for identifying his No. 1 candidate and then hiring him. A year earlier, he offered the job to Michael White of Louisiana Tech and was turned down. His knee-jerk reaction was to hand the keys to Tyndall.Maybe that’s why Hart decided to employ a search firm for the first time in his career. The cost: $50,500.UT paid search firm $50,500 for Rick Barnes hireEven at $12,625 a day, it was money well spent. Hart contacted Collegiate Sports Associates President Todd Turner, former athletics director at Vanderbilt, last Friday. Hart made it clear to Turner that if Barnes and Texas were parting ways, he immediately would become UT’s top candidate.By Saturday evening, Hart and Barnes had discussed the job by phone. On Sunday, Hart was waiting with the plane of a UT booster when Barnes and his wife left a press conference in Austin, Texas.Contrast this with what is happening at Alabama. There, Bill Battle is making the first major hire in his two-plus years as Crimson Tide athletics director. He aimed high. Word was leaked that Alabama would pay as much as $4 million a year to lure Gregg Marshall from Wichita State.Marshall turned down the Tide. On Thursday, Wichita State announced Marshall had agreed to a new contract — seven years at an annual salary of $3.3 million.It’s the third-straight year Marshall’s contract has been enhanced. He was making $1.75 million before Alabama began its very public pursuit of him. He’s making a fortune by merely answering his phone.5 things to know about Rick BarnesBattle learned what others have discovered: You can’t just throw money at the problem and expect everything to work out. Marshall has it pretty good at Wichita State. He’ll never have to worry about getting upstaged by the football program there.As for Barnes, nobody knows how things will turn out. At 60, he is on the back side of his coaching career. He was fired by Texas after 17 seasons. Considering the talent he recruited to the Longhorns, Barnes has underachieved, particularly in the past few seasons.Even so, he clearly is an upgrade over his two immediate predecessors. His talk over the past couple of days suggests he seems re-energized by the change of venue.In a way, it is a hiring 26 years in the making. At his introductory press conference on Tuesday, Barnes mentioned that he was approached at the Final Four in 1989 by then-UT athletics director Doug Dickey. The two spoke for an hour, but Dickey ultimately hired Wade Houston.That bad hire began a series of constant transition. Houston was a disaster as a head coach and was fired after five seasons. The average tenure of UT’s last seven basketball coaches is 3.7 years.Now it’s Barnes’ turn. He brings stability to the program.Give credit where it’s due. Dave Hart learned from his mistake.David Climer’s columns appear on Friday, Sunday, Monday and Wednesday. Reach him at 615-259-8020 and on Twitter @DavidClimer.Rick Barnes’ hiring brings stability to Volslast_img read more