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Moody, ’s welcomes Hellenic Bank acquisition of CNP Cyprus

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Moody, ’s welcomes Hellenic Bank acquisition of CNP Cyprus

– Moody’s has given a positive assessment on Hellenic Bank’s move to acquire CNP Insurance in Cyprus and Greece.
– The acquisition will position Hellenic Bank Group as the leader in the Cypriot insurance market.
– The acquisition price of €182 million is expected to be recovered through retained earnings.
– The agreement is likely to include the 330 CNP employees.
– The potential acquisition will strengthen Hellenic Bank’s activities in the life insurance and general insurance sectors.
– The transaction will enhance the diversification and sustainability of Hellenic’s profitability.
– The combination of insurance activities will result in synergies and create opportunities for product distribution.

Flash floods, landslide kill at least 45 in central Kenya

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Flash floods, landslide kill at least 45 in central Kenya

Flash floods and a landslide in central Kenya killed at least 45 people and injured over 110 others.

US fund loses four-year tax battle from Java House sale

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US fund loses four-year tax battle from Java House sale

The Kenya Revenue Authority (KRA) has issued a tax claim of Sh773.8 million to Emerging Capital Partners Kenya (ECP Kenya) for the 2017 sale of Java House.

Royal Caribbean lifts profit view again on cruise boom, higher prices

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Royal Caribbean lifts profit view again on cruise boom, higher prices

Royal Caribbean Group raised its annual profit forecast for a second time and beat expectations for first-quarter profit and revenue. The company now expects annual adjusted profit between .70 and .90 per share, compared with its earlier forecast of .90 to .10.

Heineken sells more beer in first quarter, sticks to outlook

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Heineken sells more beer in first quarter, sticks to outlook

Heineken sold more beer than expected in the first quarter, reporting its first year-on-year growth in quarterly volumes in a year.

Microsoft, ’s AI lead puts Amazon cloud dominance on watch

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Microsoft, ’s AI lead puts Amazon cloud dominance on watch

Microsoft is closing the gap on cloud-computing market leader Amazon.com with its generative AI features powered by OpenAI’s technology.

Apple, ’s first quarter smartphone shipments in China tumble 19 per cent

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Apple, ’s first quarter smartphone shipments in China tumble 19 per cent

Apple’s smartphone shipments in China fell by 19% in the first quarter of the year, the worst performance since 2020.

HB eyes insurance crown with CNP deal

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HB eyes insurance crown with CNP deal

Fact: Hellenic Bank’s takeover of CNP’s local operations in Cyprus is worth €182 million and will boost its market share to 30% in the life insurance sector and 23% in the general insurance sector.

Tesla, ’s plan for affordable cars takes page from Detroit rivals

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Tesla, ’s plan for affordable cars takes page from Detroit rivals

Elon Musk’s new plan for Tesla involves using current product lines to create more affordable vehicles, similar to the strategy of traditional automakers like Ford and General Motors. This shift in strategy led to the shelving of plans for a new ,000 model and a focus on producing “more affordable” models using existing platforms. Some analysts expect Tesla to offer stripped-down versions of the Model 3 and Y at lower costs. The change in strategy has sparked a stock rise and drawn praise from investors, but also raised concerns about execution risk and the impact on Tesla’s valuation as it shifts towards being seen more as an automaker than a tech company.