DUBAI, United Arab Emirates (AP) — Saudi Arabia’s National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom’s largest bank.

The bank will control some $223 billion in assets and a market capitalization of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said in a filing on Riyadh’s Tadawul stock market announcing the deal.

The new bank will control a quarter of all banking in the kingdom, it said.

NCB will pay Samba a premium of 3.5% on the closing price of its stock Thursday in the deal, which will see it dissolve into the NCB brand.

The bank’s largest shareholders will be Saudi Arabia’s Private Investment Fund, the Public Pension Agency and the General Organization for Social Insurance, all government entities.

The two banks described the merger

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Construction of Nord Stream's EUGAL Pipeline Compressor Site

Photographer: Krisztian Bocsi/Bloomberg

Germany won’t need additional gas flows this season, giving Chancellor Angela Merkel and Russian President Vladimir Putin another reason to bide their time on the controversial Nord Stream 2 pipeline.

After two warm winters and the coronavirus pandemic, demand for the fuel used for heat and power generation is sagging across the continent. Supplies remain abundant, with U.S. cargoes of liquefied natural gas returning to Europe. Benchmark gas prices remain below their 10-year average at the start of the period for peak consumption.

Those metrics may inform how Putin and Merkel respond to Poland’s decision last week to slap a record $7.6 billion fine on the pipeline’s sponsor, Gazprom PJSC. Berlin was silent on the matter, and Russia said only that Poland aligned itself with the U.S. on the issue. For now, there’s no reason to rush ahead with the long-delayed 1,230-kilometer link under

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SAN FRANCISCO (AP) — Homeless moms who were evicted earlier this year from a vacant San Francisco Bay Area house they occupied say a community land trust has purchased the property and will turn it into transitional housing for other mothers experiencing homelessness.

Members of the activist group, Moms 4 Housing, announced Friday that the three-bedroom home in West Oakland was purchased by the Oakland Community Land Trust from a real estate investment company. The property requires extensive renovation for habitation, the group said.

The land trust purchased the property for $587,500 and closed in May, but the pandemic and planning for repairs delayed a public celebration . The land trust is a nonprofit organization that holds property for the benefit of low-income residents.

Steve King, executive director of the trust, says the house requires extensive repairs, including a new roof and windows. He said his group will work with

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BAY CITY, MI – Bay City’s South End is one step closer to becoming the new home of a state-of-the-art marijuana growing facility that promises to bring about 100 jobs to the area.

On Monday, Oct. 5, the Bay City Commission approved an Industrial Facilities Tax Exemption Certificate application for Shango Park Bay City Inc. to allow the company to rehabilitate a vacant 24,800-square-foot building located at 1601 Garfield. The approved IFT is for the total amount of $7 million for 12 years.

Shango’s proposed plan involves turning the empty building and its 5-acre property into a mixed-use facility for marijuana cultivation, processing and storage, with the possibility for corporate offices. The existing structure will primarily be used for cultivation and offices while additions are planned to include a bakery and extraction lab.

Construction is slated to start in Fall of 2020, with the first phase of construction estimated to

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If you are looking for a low-vol, value or momentum portfolio, use this fund screener.

Invest according to a formula that weights stock positions in a certain way. Beat the market, or maybe reduce your risk, or increase your dividend income, or maybe do all three. Sounds great, doesn’t it?

Investors have $870 billion in what Morningstar calls “strategic beta” funds, “beta” being jargon for stock-market risk. These funds, passive index funds for the most part, have positions that veer off the usual market-capitalization weights. Instead, they lean toward stocks with particular attributes or “factors,” like recent price momentum or low volatility.

If you want to join this crowd, get a cost-efficient product. This guide to smart beta zeroes in on 12 low-cost mutual funds and 69 low-cost exchange-traded funds.

The two tables below can be sorted for screening. You can sort, for example, by portfolio average market

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a person standing in front of a building

© Adam Deering vía Instagram

  • Today Adam is a respected businessman who has developed companies such as Hanover Insolvency and Pride Planning.

‘Revenge is sweet’. Adam Deering , 39, bought the bank building that denied him credit to start as an entrepreneur, the financial institution alleged at that time that the entrepreneur “was very young and inexperienced.”

“So last week I bought the bank building where I was turned down for a loan at age 21!” The British businessman wrote on his Instagram account.

Nearly two decades ago Adam, a resident of the city of Urmston (England, UK), created a business plan and made an appointment with the bank manager to discuss how to open an account and obtain a business loan.

“Before entering the bank I prayed because I had no cash and had no idea how I would fulfill my dream without it,” explains Adam. However, after a

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IPG is continuing to shed agencies.

Ingrid Otero-Smart, the president and CEO of Casanova//McCann, has bought a majority stake in the Hispanic and multicultural agency. Terms of the deal were not disclosed, and it’s unclear how much she owns.

IPG acquired the agency in 1999, and Otero-Smart joined in 2008 as president and CEO, back when it was known as Casanova Pendrill. The agency, which sits within IPG’s McCann Worldgroup network, rebranded to Casanova//McCann in 2016.

The shop will remain part of McCann Worldgroup as an affiliated agency partner, according to the IPG.

“I have worked with Ingrid for many years, she is one of the most successful and influential agency leaders in the Worldgroup network,” Harris Diamond, chairman and CEO of McCann Worldgroup, said in a statement. “We are thrilled to watch Ingrid take this opportunity to grow and expand the agency she built across all marketing boundaries.”


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(Bloomberg) — HSBC Holdings Plc rose the most since 2009, recovering from a 25-year low, as its biggest shareholder raised its stake in a bet the embattled lender will return to paying dividends.


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China’s Ping An Insurance Group Co., which last week bought 10.8 million shares to boost its stake to 8%, remains confident in HSBC’s long-term prospects, a spokesperson said. The recent slump in the share and the valuation only increases HSBC’s appeal, the spokesperson said.

“Ping An believes HSBC’s suspension of dividend payments is a short-term issue and has been actively communicating with the lender about the possibility of restoring dividends in the future,” the spokesperson said.

HSBC shares in Hong Kong on Monday rose 9.2%, the biggest gain since April 2009, clawing back most of last week’s tumble and adding $6.8 billion to its market capitalization. In London, HSBC rose as much as 11.5% —

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A California-based nutritional and health products firm is moving ahead with plans for a major plant and warehouse southwest of Dallas.

Sunrider International and its Earth Root Holdings LLC firm have been working for months on a new operation in Midlothian in Ellis County.

The Torrance-based consumer products firm bought an 87-acre development site this week off U.S. Highway 67 in the Midlothian Business Park.

“The company closed yesterday, and the incentives were approved by the city on the eighth of September,” Kyle Kinateder, who heads Midlothian Economic Development Corp, said in an email.

The land for the development was acquired from the economic development corporation.

Sunrider International plans to employ several hundred people in its new Midlothian plant, which is targeted to open in 2022.

Earlier this year, the company filed plans with the state that call for building a more than 1 million-square-foot industrial facility at Miller Road

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An affiliate of IKEA Retail has made its first American real estate acquisition with the purchase of San Francisco’s troubled 6X6 mall.

According to SFGate, the vacant 250,000-square-foot California shopping center located on the city’s bustling Market Street has not seen a customer in almost five years


In May, IKEA Retail affiliate Ingka Centres told Reuters it was engaged in several negotiations for inner-city acquisitions in the United States. IKEA Retail is the largest franchisee of the Swedish home furnishing giant, operating the majority of its more than 400 stores.

An Ingka Centres spokesman wrote in a statement that IKEA had acquired the 6X6 mall from Alexandria Real Estate Equities Inc. and TMG Partners.

“We will

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