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Highlights: February 26 - March 3, 2018

Staff Writer | March 5, 2018
The most interesting news, stories, and events that marked the last week.
Highlights
Week at a glance  
Zurich buys QBE operations for $409m to become leading insurer in Argentina

Zurich Insurance GroupZurich Insurance Group (Zurich) has entered into an agreement to acquire the operations of Australian insurer QBE Insurance Group Limited (QBE) in Latin America for a total aggregate price of $409 million subject to closing adjustments....

GTT to acquire Interoute for $2.3 billion in cash

GTT to acquire InterouteGTT Communications announced a definitive purchase agreement to acquire Interoute, operator of one of Europe’s largest independent fiber networks and cloud networking platforms, for approximately €1.9 billion ($2.3 billion) in cash....

Standard Chartered 2017 profit jumps 175 percent

Standard CharteredStandard Chartered Bank said its 2017 underlying pre-tax profit jumped to $3.01 billion — handily beating estimates thanks to rising interest rates and efforts to streamline operations....

AccorHotels announces property spin-off worth $5.3 billion

AccorHotelsFrench hotel group AccorHotels said it had agreed to sell 55 percent of its AccorInvest property business to a group of sovereign and institutional investors for 4.4 billion euros ($5.3 billion)....

Brazil central government posts record surplus in January

Brazil record surplusBrazil’s central government primary budget surplus widened more than expected in January....

GM Korea to fire half its foreign executives

GM KoreaGM Korea will fire half its foreign executives and employees, about 18, by September, its spokesman told The Korea Times. ...

Bayer Q4 net profit down 67% on U.S. tax reform

BayerBayer said that its fourth-quarter net profit slumped, due largely to a hit from the U.S. tax reforms....

Chico's FAS Q4 net income jumps to $28 million from $13.5 million

Chico's FASChico's FAS announced, for fiscal 2018, the company expects a low single-digit decline in consolidated comparable sales with comparable sales performance stronger in the second half of the year compared to the first half....

AirAsia sells aircraft portfolio for $1.18 billion

AirAsiaAirAsia, Malaysia's flagship budget airline, said it has agreed to sell its aircraft leasing operations for $1.18 billion to firms managed by BBAM Limited Partnership....

Advent International to buy Laird in $1.65 billion deal

LairdThe boards of Advent International Corporation (Bidco) and UK tech company Laird announced that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Laird by Bidco....

Total buys Marathon Oil's assets in Libya for $450 million

Marathon OilTotal said it spent $450 million to take on Marathon Oil's holdings in Libya after the latter company announced its divestment....

Bank of England chief: Cryptocurrencies are global speculative mania

Mark CarneyBank of England Governor Mark Carney launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets....


 

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