the bottomline

DUBAI:

Holders of about $700 million of Islamic bonds issued by Abu Dhabi-listed Dana Gas have submitted a proposal to restructure the sukuk to the company’s management, a committee representing the holders said on Wednesday.

Dana has been refusing to redeem the sukuk, which are due to mature in October, on the grounds that changes to Islamic financial practice in recent years make them unlawful in the United Arab Emirates - a claim which the holders reject.

Terms of the proposal include a cash paydown to sukuk holders of $300 million, an extension of the sukuk’s maturity by three years, and maintaining the sukuk’s current rates of periodic profit distribution to investors. (RTRS)

OMAHA:

Shareholders of Canadian lender Home Capital Group have rejected Warren Buffett’s offer to buy a second large block of stock in the company.

In June, Berkshire Hathaway agreed to lend $1.5 billion to Home Capital and bought roughly 20 percent of Home Capital’s stock.

That deal included a provision for Berkshire to buy another 20 percent of Home Capital’s stock for $10.30 per share if shareholders agreed. But 88 percent of non-Berkshire shareholders rejected that investment Tuesday. (AP)

NEW YORK:

Target is stocking its stores and warehouses with even more extra staff this holiday shopping season, hoping to win customers with easy-to-find goods and fast service.

It’s hiring 100,000 people to work at its more than 1,800 stores during its busiest time, up 40 percent from last year.

Target said Wednesday that the seasonal hires, an increase from the 70,000 people it hired for the holidays last year, will stock shelves or fulfill online orders that customers pick up in stores. The retailer also plans to hire 4,500 people to help pack and ship online orders at its warehouses. (AP)

NEW YORK:

Shares of Centene up sharply before the opening bell after the Medicaid coverage provider said it will expand into New York through a $3.75 billion acquisition of Fidelis Care.

Shares of Centene are up sharply before the opening bell after the Medicaid coverage provider said it will expand into New York through a $3.75 billion acquisition of Fidelis Care.

Leerink analyst Ana Gupte said the deal, announced late Tuesday, puts Centene in the market with a solid Medicaid presence and a profitable business on the Affordable Care Act’s public insurance exchange. Centene says the privately held, nonprofit Fidelis had $4.8 billion in revenue through the first six months of the year. (AP)

LONDON:

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British budget airline easy Jet launched a new booking platform on Wednesday to allow customers to more easily connect onto long-haul flights with other airlines, moving ahead of its rivals in a potentially lucrative market.

Both easy Jet and Ryanair have for some time been looking at so-called feeder flights to attract more customers, and have often said traditional carriers should use low cost rivals to bring passengers to their hubs.

The move is an attempt to muscle into the market for connections at international hub airports currently dominated by the big global airline alliances - Oneworld, Sky Team and Star Alliance.

Easy Jet passengers will be able to buy other airlines’ flights on easyJet.com and will also initially be able to connect onto long-haul flights provided by Norwegian Air Shuttle and West Jet at London Gatwick using the airport’s Gatwick Connect scheme. (RTRS)

LONDON:

Britain’s Clinigen Group on Wednesday agreed to buy Quantum Pharma for 150.3 million pounds ($200 million), bringing together two companies that specialise in the supply of unlicensed medicines to doctors and hospitals.

Clinigen said the deal would accelerate its global ambitions in the ethical supply of unlicensed medicines - drugs that are either in clinical trials or are licensed in other markets - to doctors who want to use them for their patients.

Chief Executive Shaun Chilton said it would also increase its ability to convert unlicensed drugs into licensed products. (RTRS)

THE HAGUE:

Dutch carrier KLM has cancelled 60 flights to and from European destinations as heavy winds buffeting Amsterdam’s Schiphol Airport reduced the number of runways that could be used.

Airport spokesman Paul Weber said 75 flights in total were cancelled Wednesday due to “restricted runway capacity.” Weber says the busy airport is expected to experience delays throughout the day.

The Royal Dutch Meteorological Institute has issued a warning for western coastal regions of the Netherlands of wind gusting up to 120 kilometers per hour (75 mph). (AP)

SYDNEY:

Australia’s prudential regulator said on Wednesday that moneylaundering accusations levelled at the Commonwealth Bank of Australia had not affected depositors there.

“It’s had negligible impact in terms of loss of customers, loss of deposits, or any other impact that would make a material difference to the viability of the bank,” Australian Prudential Regulation Authority Chairman Wayne Byers told a parliamentary committee in Canberra.

Financial intelligence agency AUSTRAC sued Commonwealth Bank on Aug. 3 over more than 50,000 suspected breaches of money-laundering laws. (RTRS)

TOKYO:

Cash-strapped Japanese industrial giant Toshiba said Wednesday it had picked a consortium led by US investor Bain Capital as the leading candidate to buy its prized chip business in a deal reportedly worth some $18 billion.

The development was the latest twist in a long-running saga as Toshiba agonises between three groups of suitors for its lucrative chip business.

The Bain Capital-led group also includes state-backed Development Bank of Japan and the public-private Innovation Network Corp. of Japan as well as South Korean chipmaker SK Hynix. (AFP)