NEW YORK - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Investcorp buys Austrian online firm for $178 million
DUBAI (Reuters) - Investcorp INVB.BH, a Bahrain-based investment firm, said on Sunday its online portfolio unit Skrill bought Austrian firm paysafecard.com for up to 140 million euros ($177.67 million), betting on growth in online retail sector.
Paysafecard provides prepaid electronic payment services and the acquisition is Investcorp's fifth investment in Europe in the past six months, the Bahraini firm said in a bourse statement.
"Prudent investors are finding golden opportunities that have emerged post the Eurozone crisis, as reflected in our five acquisitions so far this year," Mohammed Al-Shroogi, Investcorp's president for Gulf business said.
Venture capitalists invested a record $2.39 billion in online retail in 2011, according to Thomson Reuters data, more than double the amount in 2010.
Skrill, formerly knows as Moneybookers, provides global online payments services.
The combined group will potentially have 27 million end-users and over 100 different payment options, the statement said.
Investcorp, which once owned luxury brands Gucci (GUCG.PK) and Tiffany & Co (TIF.N), last month signed up to a $504 million-equivalent loan aimed at refinancing debt due in 2013.
The company had around $11.6 billion in assets under management as at December 31, 2011.
(Reporting by Dinesh Nair; Editing by)
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