DP World’s deal with Shreyas Shipping ​​grounded in minority shareholder concerns

Tuesday, 27 October 2020, 15:21:56
New Delhi: Global ports operator DP World has run into trouble with minority shareholders of Shreyas Shipping in India as they have objected to transactions involving DP World’s purchase of the company’s cargo and logistics businesses.The shareholders have asked for a reversal of the transactions in representations made to Shreyas’s independent directors citing corporate governance violations, according to people in the know.The minority shareholders have alleged conflicts of interest because Shreyas’s promoters, the Ramakrishnan family, are getting a 17% stake in the same DP World company that is buying Shreyas’s business as part of a parallel transaction in which they are selling a privately-owned business to the Dubai-based ports operator.DP World announced the purchase of the cargo business of Shreyas Shipping as well as its acquisition of a stake in Avana Logistek, a logistics company in which Shreyas Shipping owns a stake, in August. It concurrently announced a transaction to purchase a Dubai-based company 100% owned by Shreyas’s promoters.A Shreyas Shipping spokesperson rubbished claims of the minority shareholders in an emailed response to ET, terming them as “baseless” and “unfounded allegations”.
— Economic Times India

China vows ‘appropriate & necessary measures’ in response to US plans to sell Harpoon missiles to Taiwan

Tuesday, 27 October 2020, 11:15:37
Beijing has promised to retaliate after Washington approved yet another deal to sell US-made weapons to Taiwan. China already sanctioned Boeing and Lockheed Martin due to arms trading with Taipei earlier this week. Read Full Article at RT.com
— Russia Today

Lockheed Martin Scores Over $740M In Navy Contract Modifications

Tuesday, 27 October 2020, 09:39:54
Lockheed Martin’s (LMT) Sikorsky Aircraft Corp has been awarded a $550,372,323 modification to a previously awarded fixed-price-incentive, firm-fixed-price contract (N00019-16-C-0048). This modification is … The post Lockheed Martin Scores Over $740M In Navy Contract Modifications appeared first on Smarter Analyst .
— Smarter Analyst

China sanctions major US defence companies after arms sales to Taiwan

Tuesday, 27 October 2020, 06:27:02
Lockheed Martin, Boeing Defense, Space & Security and Raytheon named along with US officials who played a role in weapons sales China will sanction several major defence companies in retaliation for multibillion dollar US arms sales to Taiwan, the foreign ministry has announced. Lockheed Martin, Boeing Defense, Space & Security and Raytheon were named as targets of the sanctions, as well as “the US individuals and entities who played an egregious role”, foreign ministry spokesman Zhao Lijian said at a regular press briefing on Monday, but did not provide further details. Continue reading…
— The Guardian

Stocks hit on COVID concerns, fading hopes for fiscal stimulus – InvestmentNews

Monday, 26 October 2020, 21:38:47
Stocks pared their losses during the afternoon as the biggest tech companies, including Boeing, Lockheed Martin and Raytheon, recovered from earlier lows.
— InvestmentNews