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Highlights: January 28 - February 3, 2019

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Staff Writer |
Highlights
Business week at a glance  

The most interesting business stories that marked the last week.

Inner Mongolia Baotou Steel Union forecasts drastic profit growth

Baotou Steel UnionInner Mongolia Baotou Steel Union Co., a major steel producer, forecast that its net profits will jump 45.46 percent year on year in 2018, according to a statement the company filed with the Shanghai Stock Exchange....

CEVA Logistics says CMA CGM's $1.67 billion offer is not good enough

CMA CGMCEVA Logistics said a takeover offer from CMA CGM valuing the Swiss shipper at 1.66 billion Swiss francs ($1.67 billion) was too low and urged investors to snub the bid....

ANA orders jets worth $4.3 billion from Boeing and Airbus

ANAANA Holdings voted at its board meeting to place an order for a total of 48 aircraft, which include 30 Boeing 737 MAX 8 and 18 Airbus A320neo. Deliveries are scheduled from FY2021 to FY2025....

PG&E formally files for Chapter 11

PG&EPG&E moved forward with its previously announced plan to file for Chapter 11....

Three Abu Dhabi lenders to create $114 billion bank

Abu Dhabi Commercial BankAbu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank said the banks have agreed on a three-way merger, creating the third-largest bank in the United Arab Emirates....

Apple EPS all-time high $4.18, Q1 earnings up 7.5 percent

Apple companyApple announced financial results for its fiscal 2019 first quarter ended December 29, 2018....

Saudi Arabia: Indian exporters have too much pesticides on vegetables

India chiliSources in Saudi Arabia reported that instances of higher than permissible levels of pesticide residues were found on vegetables exported from India....

Samsung Q4 profit decreased 30.7 percent

Samsung ElectronicsSamsung Electronics reported a profit for the fourth-quarter that decreased about 30.7 percent from last year, reflecting a drop in demand for memory chips used in data centers and smartphone....

Metro Phoenix Bank Q4 net income increased 101.44%

Metro Phoenix BankMetro Phoenix Bank announced net income for fourth quarter ending December 31, 2018 increased 2.69% to $840,000, or $0.22 per diluted share, from $818,000, or $0.22 per diluted share in the third quarter of 2018....

Shell profits jumped 36 percent

Royal Dutch ShellRoyal Dutch Shell reported better-than-expected full-year earnings on Thursday, as deep cost cuts introduced after the 2014 energy market downturn filtered through....

S&T Bancorp Q4 net income jumps to $26.9 million from $9.3 million

S&T BancorpS&T Bancorp, the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York, announced its fourth quarter and full year 2018 earnings....

Bank of Fincastle reported dramatic improvement in net income

Bank of FincastleThe Bank of Fincastle has announced its 2018 year-end financial report and is pleased to report unaudited net income of $221,672 for the quarter ended December 31, 2018....

Blackstone to acquire controlling stake in Tallgrass Energy for $3.3bn

BlackstoneTallgrass Energy and Blackstone announced that affiliates of Blackstone Infrastructure Partners have entered into a definitive agreement with affiliates of Kelso & Co., The Energy & Minerals Group, and Tallgrass KC, LLC, an entity owned by certain members of TGE's management, to acquire 100% of the membership interests in TGE's general partner, as well as an approximately 44% economic interest in Tallgrass, for total cash consideration of approximately $3.3 billion....

Semen Indonesia buys Holcim Indonesia for $1.75 billion

Holcim IndonesiaLafargeHolcim has closed the divestment of Holcim Indonesia with the disposal of its entire shareholding of 80.6 percent in Holcim Indonesia to Semen Indonesia for an enterprise value of USD 1.75 billion, on a 100 percent basis....

Magellan Midstream Partners Q4 net income jumps to $314.1 million

Magellan Midstream PartnersMagellan Midstream Partners reported net income of $314.1 million for fourth quarter 2018 compared to $237.9 million for fourth quarter 2017....

United Bancorp reported record net income

United BancorpUnited Bancorp reported diluted earnings per share of $0.79 and net income of $4,282,000 for the year ended December 31, 2018, as compared to $0.71 and $3,546,000, respectively, for 2017....

Valley Republic Bancorp pretax income increased 22%

Valley Republic BancorpValley Republic Bancorp, the parent company of Valley Republic Bank, announced its financial results for the year and quarter ended December 31, 2018....

Deutsche Bank reports first full-year net profit since 2014

Deutsche BankDeutsche Bank reported group net income of 341 million euros for 2018, versus a net loss of 735 million euros in 2017....

Foreign direct investment falls 72 percent in Haiti

HaitiForeign direct investment in Haiti fell from about 374 million dollars in 2017 to 105 million in 2018, a 72 percent decline....

Inflation rate in Pakistan accelerates to 7.19% in January

PakistanThe Consumer Price Index (CPI) based inflation increased by 7.19 percent on a year-on-year basis in January 2019 as compared to the same period last year, Pakistan Bureau of Statistics said on Saturday....

Exxon Q4 net income decreased 28 percent

ExxonExxon Mobil's fourth-quarter net income fell 28 percent to $6.00 billion or $1.41 per share from $8.38 billion or $1.97 per share in the prior-year quarter....

Hyundai Heavy Industries sets March goal for Daewoo Shipbuilding deal

Hyundai HeavyHyundai Heavy Industries Group revealed it aims to reach a final deal in March on the acquisition of Daewoo Shipbuilding & Marine Engineering, barring a bid from compatriot Samsung Heavy Industries....

Peru: Fishery sector increased 225.88% in December 2018

Peru fisheryPeruvian fishery sector's production expanded 225.88% in December 2018, compared to the same month a year earlier, the National Institute of Statistics and Informatics (INEI) informed....


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