Grand Bank finalises share swap ratio

KATHMANDU: The annual general meeting (AGM) of Grand Bank, a class ‘A’ financial institution, approved the acquisition proposal of the board of directors, on Thursday. The AGM also endorsed the share swap ratio with Prabhu Bank, which is going to acquire Grand Bank. The share swap ratio of Prabhu Bank and Grand Bank has been fixed at 1:1.85, according to a press statement issued by Grand Bank. The per unit value of shares of Grand Bank has been fixed at Rs 65.58 against Prabhu Bank’s Rs 121.45. The share swap ratio was fixed after the due diligence audit (DDA). Both the banks had signed an agreement for the acquisition on January 29 and received Nepal Rastra Bank’s go-ahead on June 18.

US jobless claims

WASHINGTON: The number of Americans filing new applications for unemployment benefits last week dropped to its lowest level in more than 41-and-a-half years, suggesting the labour market maintained a sturdy pace of job growth in July. Other data on Thursday also offered an upbeat assessment of the economy. A gauge of future economic activity increased solidly in June and another measure suggested growth picked up slightly last month. The bullish jobs picture, together with a firming housing market brings the Federal Reserve a step closer to hike interest rates this year.

Ferrari IPO plan

MILAN: The maker of the iconic Italian sports car Ferrari officially filed with US regulators on Thursday its plans to launch an initial public offering (IPO) on Wall Street, parent company Fiat Chrysler Automobiles (FCA) said on Thursday. FCA announced several months ago that it would spin off its famed sports cars. Now Ferrari intends ‘to be listed on the New York Stock Exchange’, FCA said in a statement.

‘Challenging markets’

THE HAGUE: Dutch food and cosmetics giant Unilever said on Thursday that while it had managed to increase sales, consumer demand is weak both in emerging and industrialised markets. It put an 11 per cent drop in net profit to 2.66 billion euros ($2.9 billion) and a 13 per cent fall in operating profit to 3.8 billion in the first half of this year due to results last year being inflated thanks to sales of several brands.