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Zain sued for USD 4.5 bln in damages over Iraqna deal
2014-04-21 10:59:00| Telecompaper Headlines
(Telecompaper) Mobile operator Zain is being sued for USD 4.5 billion over its 2007 acquisition of an Iraqi telecom operator. Zain bought Iraqna for USD 1.2 billion from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. The Kuwaiti firm then merged its Iraqi unit, Atheer, with Iraqna and renamed the entity Zain Iraq, which is now the country's biggest operator by subscribers. Zain said in statement to the stock market that a company it declined to identify filed a lawsuit last August. This claims Zain's takeover had stopped the firm buying Iraqna, causing it losses of USD 4.5 billion, Reuters reports. Zain said it believes its position in the case is strong as the claimant company has failed to produce any evidence to back its claim. The anonymous company is also suing Zain and Iraq's Communications and Media Commission jointly for a further USD 1 billion, the statement said. An Iraqi court in January ruled that all Zain Iraq's revenue from its subscriber base transferred to the company as a result of the Iraqna acquisition should be placed under a legal guardian and in an Iraqi bank until the case is resolved. Zain said it unsuccessfully appealed this decision.
Global Antimicrobial Coatings Market to Reach USD 4,520.3 Mn by 2020
2014-04-21 07:00:00| Coatings World Breaking News
FDCA (Furandicarboxylic Acid) Market Potential By Application (PET, Polyamides, Polycarbonates, Polyester Polyols) Expected To Reach USD 498.2 Million By 2020
2014-04-14 08:03:23| chemicalonline News Articles
The estimated market potential for FDCA is expected to reach USD 498.2 million by 2020, according to a new study by Grand View Research, Inc. Avantium’s FDCA production facility is expected to come online by in 2016 - 17 with annual capacity reaching 50 kilo tons by 2017. FDCA is expected to have great potential as a replacement to other petroleum based chemicals such as adipic acid, terephthalic acid and bisphenol A
Tags: market
application
million
potential
Cloudera raises USD 900 mln in financing
2014-04-01 08:59:00| Telecompaper Headlines
(Telecompaper) Enterprise data analytics company Cloudera has raised a total USD 900 million in new financing. This includes the previously-announced USD 160 million of funding from T. Rowe Price and three other public market investors, Google Ventures, and an affiliate of MSD Capital, the private investment arm of Michael Dell and his family, and a significant equity investment by Intel that gives Intel an 18 percent share of Cloudera. Intel and Cloudera earlier announced a collaboration on technology development but did not disclose the details of the equity invesment. Within the past year Cloudera brought to market its version of an enterprise data hub, a reference architecture based on Apache Hadoop surrounded with open source components. The new financing will allow it to accelerate growth, including through the collaboration agreement with Intel, further drive the enterprise adoption of and innovation in Hadoop, to which it is the largest open source contributor, and promote the enterprise data hub market. The US company plans geographic expansion into Europe, Asia and China through Intel's market presence. The financing is expected to close in the second quarter of 2014, subject to customary closing conditions.
Tags: usd
financing
raises
mln
PPG to Expand Coatings Production for Automotive OEM by Investing USD 27 Mn in Mexico
2014-04-01 07:00:00| Coatings World Breaking News
Tags: in
production
mexico
automotive
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