Retail Chiara Ferragni reveals investor interest in fashion brand Chiara Ferragni has received various expressions of interest from potential investors in her brand, the Italian Instagram star said in an interview with Milano Finanza. Ferragni, 35, is Italy’s top fashion influencer with 27 million followers on Instagram. In January she mandated BNP Paribas to find an investor to help expand her fashion brand internationally. […] May 12, 2022
Media & Advertising Musk incurs regulators’ wrath with late Twitter stake disclosure US regulators are investigating Elon Musk’s delayed disclosure of his stake in Twitter Inc last month, the Wall Street Journal yesterday, citing people familiar with the matter. Musk disclosed a 9.2 percent stake in Twitter to the US Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days since surpassing […] May 12, 2022
World Cup 2022 Overworked footballers ‘fatigued’ ahead of Qatar World Cup, says union The fixture demands on the world’s best players has already crossed a red line and is risking their health, the general secretary of the players’ union (FIFPRO) said on Tuesday. Speaking at the Global Sports Week forum in Paris, Jonas Baer-Hoffmann told reporters: “The red line was probably crossed a few years ago to be […] May 11, 2022
Indian media giant signs Dubai blockchain deal Eros Investments, run by India’s Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai’s new virtual assets regulator, the company said on Tuesday. The deal is part of a push by the United Arab Emirates to become a global hub for […] May 11, 2022
Tourism Dubai sees international visitors surge 214% Dubai hosted 3.97 million overnight international visitors in the first quarter of 2022, up 214 percent from the same period last year, the emirate’s government said on Tuesday. The Expo 2020 Dubai world fair, which ran from October to March and which Dubai looked to as a to boost its economy, saw 24 million visits […] May 11, 2022
Business of Sport PGA Tour bans golfers from taking part in Saudi-backed event The PGA Tour on Tuesday rejected requests from players for authorisation to play the first Saudi-backed LIV Golf Invitational Series event in London next month. The new series, which offers the promise of super-sized prize money, is set to begin June 9 and would conflict with the RBC Canadian Open, a PGA Tour official told […] May 11, 2022
Employment Food drivers stage walk-out over pay inspired by Deliveroo Foreign food delivery workers in the United Arab Emirates staged a mass walk-out yesterday, calling for better pay and working conditions in a rare instance of industrial action in the country. The strike follows similar action this month in which foreign workers forced another company to suspend plans to cut pay. In the latest episode, […] May 10, 2022
Energy Sharp oil rise swings Oman budget into the black Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […] May 10, 2022
Energy Lack of investment to blame for fuel price surge, says minister The gap between crude prices and prices for jet fuel, diesel and gasoline was around 60 percent in some cases due to lack of investment in refining capacity, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said yesterday. The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy […] May 10, 2022
Tourism 70 million tourists to visit Saudi Arabia this year Saudi Arabia aims to exceed 70 million tourist visits this year, up eight million on the year before. The kingdom has in recent years started to promote leisure travel as part of a strategy aimed at diversifying the economy away from oil, spearheaded by Crown Prince Mohammed bin Salman. Visits were up 130 percent in […] May 10, 2022
Tourism Air travel makes quick recovery from Covid-19 The head of the world’s biggest airline trade body said today passenger traffic was recovering faster than expected and that, on average, the industry could now see those figures return to pre-pandemic levels in 2023, a year earlier than expected. The easing of coronavirus related restrictions around the world has released demand pent up over […] May 9, 2022
Energy TotalEnergies says Yemen plant could take six months to restart TotalEnergies’ plant in Yemen is “preserved”, the head of the French oil major said on Thursday, though it could take some six months to restart operations there. “According to our assumptions, it could take six months to restart the plant,” Chief Executive Patrick Pouyanne said in a call, noting that the energy giant was not part of […] May 6, 2022
Lifestyle Netflix drops Meghan Markle’s animated series Streaming platform Netflix Inc said on Sunday it had decided to stop work on Meghan Markle’s family series “Pearl” as it reviewed animated content. Dropping several projects, including Markle’s, was part of strategic decisions on production of animated series, the company said in a statement, without providing further details on its decision. Archewell Productions, the […] May 6, 2022
Banking and Finance Buffett says inflation an issue for Berkshire, it ‘swindles almost everybody’ Warren Buffett said on Saturday that inflation “swindles almost everybody” and that it was “extraordinary” how much inflation had been seen in Berkshire Hathaway Inc’s own businesses. Inflation has surged in the United States, hitting a new 40-year annualized high of 6.6% in March, and U.S. Federal Reserve policymakers appear set to deliver a series […] May 6, 2022
Media & Advertising Prince Alwaleed confirms $1.9bn stake in Elon Musk’s ‘new’ Twitter Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday billionaire entrepreneur Elon Musk will be an “excellent leader” for Twitter, as he agreed to roll his $1.89 billion stake into the deal rather than cashing out. Prince Alwaleed had on April 14 opposed the buyout bid, saying the price offered by Elon Musk, the […] May 6, 2022
Sustainability Heavy rain and floods in Afghanistan kill 22 Heavy rain and flooding has killed 22 people, destroyed hundreds of homes and damaged crops in Afghanistan, which is already facing a humanitarian crisis, a disaster management official said today. The Taliban government, struggling to cope with the disaster that has affected more than a third of its provinces, will approach international relief organisations for […] May 5, 2022
Cisco unveils technology to predict network issues Cisco Systems Inc on Wednesday unveiled a technology that it says can predict issues on enterprise networks before they happen to help prevent problems and increase reliability. The predictive software engine will gather data from various sources within a company’s network, learn the patterns and help engineers find hardware issues, bandwidth spikes and app configuration […] May 4, 2022
Comedian Dave Chappelle tackled on stage at Hollywood Bowl U.S. comedian Dave Chappelle was tackled on stage during his show at the Hollywood Bowl in Los Angeles on Tuesday night, according to multiple U.S. media outlets, citing witnesses at the “Netflix is a Joke” festival and videos. Footage circulating on social media showed a man charging on to the stage and tackling Chappelle as […] May 4, 2022
Real Estate Oman’s wealth fund splits assets into two portfolios The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam al-Murshidi, head of the Omani Investment Authority, said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to realestate, aims at […] May 4, 2022
Tourism Airlines forecast higher fares after energy price spike Airlines will pass on rising oil prices to passengers through higher fares relatively quickly, but the spike in energy costs will worsen the industry’s overall outlook in 2022, according to the head of the International Air Transport Association. Speaking after JetBlue launched a counter-bid for US budget carrier Spirit Airlines, director general Willie Walsh also […] May 4, 2022
Banking and Finance Citi to sell Bahrain consumer business Citigroup Inc agreed to sell its consumer banking business in Bahrain to Ahli United Bank (AUB) for an undisclosed sum, the US bank said, as it exits retail operations in 13 markets across the globe. The deal includes Citi’s retail banking, credit card and unsecured lending businesses in Bahrain but excludes institutional businesses. Citi said […] May 4, 2022
Banking and Finance Egypt’s urban inflation accelerates to 10.5% Egypt’s annual urban consumer price inflation accelerated in March to 10.5 percent, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed on Sunday. The inflation figure, up from 8.8 percent in February, was greater than a median forecast of 10 percent in a Reuters […] May 4, 2022
