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Abraaj, a private-equity firm, files for provisional liquidation

Abraaj, a private-equity firm, files for provisional liquidation

Finance
UNTIL recently the Abraaj Group, a private-equity firm based in Dubai, was riding high. It was one of just a few such firms focused on emerging markets, and a darling of “impact investors”, who seek social or environmental returns, not just financial ones. Assets under management of $ 13.6bn made it the largest private-equity firm in the Middle East, and the 42nd-largest globally in 2017. Its Pakistani founder and boss, Arif Naqvi, a regular at Davos and a patron of the arts, had won awards for philanthropy. It is all the more surprising, then, that basic corporate-governance missteps led his firm to file for provisional liquidation on June 14th.The problems began in late 2017 when four investors in its $ 1bn health-care fund, including the Bill & Melinda Gates Foundation a...
British Columbia stands firm in Trans Mountain fight

British Columbia stands firm in Trans Mountain fight

Business
May 17 (UPI) -- The federal Canadian government is putting investor interests above provincial issues with its support for the Trans Mountain pipeline, British Columbia said. Federal Finance Minister Bill Morneau said Wednesday the government would offset the risks from provincial opposition to expand the Trans Mountain oil pipeline to British Columbia. Citing shareholder risk from that opposition, pipeline company Kinder Morgan in early April said it might back out of the plans to triple the pipeline's capacity. That opposition, the company added, has led to increased provincial tensions. British Columbia has already enacted legislation that could limit the flow of the heavier type of oil carried by Trans Mountain. Premier John Horgan said in response to Ottawa's position that he has a ...
Carillion bosses drove construction firm off a cliff, say MPs

Carillion bosses drove construction firm off a cliff, say MPs

Business
Media playback is unsupported on your device Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.They also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts. And they attacked the government for lacking "decisiveness and bravery" to tackle corporate regulation failures.The MPs said regulators should consider disqualifying the directors.Carillion collapsed under a £1.5bn debt pile in January. It employed 43,000 people, about 20,000 of them in the UK, thousands of whom have lost their jobs.It also held numerous public contracts, such as the maintenance of schools and priso...
Data firm at center of Facebook privacy scandal will close

Data firm at center of Facebook privacy scandal will close

Technology
Cambridge Analytica, the Trump-affiliated data firm at the center of Facebook's worst privacy scandal in history, is declaring bankruptcy and shutting down. The London firm blamed "unfairly negative media coverage" and said it has been "vilified" for actions it says are both legal and widely accepted as part of online advertising. Cambridge Analytica said it has filed papers to begin insolvency proceedings in the U.K. and will seek bankruptcy protection in a federal court in New York. "The siege of media coverage has driven away virtually all of the company's customers and suppliers," Cambridge Analytica said in a statement. "As a result, it has been determined that it is no longer viable to continue operating the business." Facebook said it will keep looking into data misuse by Cambridge...