Cop28 Brazil’s Lula will offer to host future climate summit Brazil’s president-elect Luiz Inacio Lula da Silva will offer to host a future global climate change summit when he attends the Cop27 United Nations climate conference in Egypt next week, sources told Reuters on Wednesday. Lula plans to announce an overhaul of Brazil’s environmental policies at the summit in Sharm El Sheikh and the creation […] November 10, 2022
Dubai school operator Taaleem sets IPO price range Dubai schools operator Taaleem Holdings has announced a price range of between AED2.95 and AED3 ($0.80- 0.82) per share for its upcoming initial public offering. The company plans to list up to 25.32 percent of its share capital with the set price range implying a market capitalisation of between AED2.96 billion and AED3 billion at […] November 10, 2022
Tech Meta cuts 11,000 jobs as it sinks more money into the metaverse Meta Platforms Inc said on Wednesday it would cut more than 11,000 jobs, or 13 percent of its workforce, as the Facebook parent doubled down on its risky metaverse bet amid a crumbling advertising market and decades-high inflation. The mass layoffs, among the biggest this year and the first in Meta’s 18-year history, follow thousands […] November 10, 2022
Banking and Finance Crypto’s FTX CEO looking at all options as Binance deal collapses FTX chief executive officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. The proposed deal between Bankman-Fried and rival Binance chief executive officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as […] November 10, 2022
Cop28 Decoding Cop27: the many shades of green bonds Banks, governments and businesses say financial markets can play a crucial role in driving the shift to a lower-carbon world. At the Cop27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. Green bonds have their […] November 9, 2022
Cop28 What to watch on Wednesday at Cop27 After two days of speeches from heads of state, delegates at the Cop27 UN climate conference in Egypt were planning a day-long agenda Wednesday focused on finance. Expect a possible flurry of announcements around clean energy projects or climate adaption funding on the conference sidelines. But take them with a grain of salt: a UN […] November 9, 2022
Energy London IPO of Israel-owned Ithaca Energy priced at bottom of range North Sea oil and gas producer Ithaca Energy’s planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. Ithaca’s market debut will be watched for indications of investor appetite for energy producers in the […] November 9, 2022
Banking and Finance Turkey raises $1.5bn with five-year dollar bond Turkey raised $1.5 billion in its latest dollar-denominated international bond sale that offers investors a 10 percent yield for a five-year bond, defying a difficult backdrop for lower-rated issuers. The latest bond issue which is set to mature in 2028 attracted some $5 billion of bids and brings Ankara’s fund raising on international capital markets […] November 9, 2022
Real Estate Nakheel secures $4.6bn from Dubai banks to build more islands Dubai developer Nakheel has secured 17 billion dirhams ($4.63 billion) from local banks for projects including its latest collection of manmade islands, the company said on Tuesday. The state-owned developer best known for Palm Jebel Ali said the financing came from a syndicate of three Dubai lenders: Emirates NBD, Mashreq Bank and Dubai Islamic Bank. […] November 8, 2022
Cop28 Countries band together to keep forest promise More than 25 countries at the Cop27 climate talks on Monday launched a group they said would ensure they hold each other accountable for a pledge to end deforestation by 2030 and announced billions of dollars to finance their efforts. The first meeting of the Forest and Climate Leaders’ Partnership, chaired by Ghana and the […] November 8, 2022
Cop28 What to watch on Tuesday at Cop27 World leaders will take the stage again on Tuesday as the Cop27 climate summit enters its second full day. Among the expected speakers are outspoken advocates for measures to compensate poor, climate-vulnerable countries for damage already being wrought by global warming. They include Prime Minister Shehbaz Sharif of Pakistan, which was recently hit by devastating […] November 8, 2022
Retail As yen tumbles, Japan turns to secondhand iPhones For years Japanese shoppers eagerly shelled out for the latest gadgets, but now a tumbling yen has put new iPhones out of reach for some and sparked a growing secondhand trade in a major market for Apple Inc. The Japanese currency’s fall to a 32-year low against the dollar has squeezed consumers and accelerated a […] November 8, 2022
Tourism Israel to start self-driving public bus pilot programme Israel has launched a two-year pilot programme in which four companies will operate self-driving public buses in a bid to ease road congestion, the country’s innovation authority said. The authority, along with the transportation Mministry and Ayalon Highways, chose four groups – including Egged, Israel’s largest bus operator – that will start running independent autonomous […] November 8, 2022
Energy President: UAE will remain responsible supplier of oil and gas The UAE will be a responsible supplier of oil and gas for as long as the world needs, President Sheikh Mohammed Bin Zayed Al-Nahyan said at the start of two weeks of climate talks in Egypt. He added that the Gulf nation, which is one of OPEC’s biggest producers but has also invested in renewable […] November 8, 2022
Economy Oman posts $2.9bn budget surplus on higher oil prices Oman recorded a state budget surplus of OR1.123 billion ($2.92 billion) in the nine months to the end of September, the finance ministry said on Monday, as high oil prices bolster the public finances of the region’s exporters. The Gulf state reported a 43.4 percent year-on-year increase in public revenue by the end of September […] November 8, 2022
Banking and Finance Abu Dhabi’s Chimera Capital launches $2bn private credit fund Abu Dhabi investment firm Chimera Capital said on Monday it was launching a $2 billion private credit fund with US alternative asset manager Alpha Wave Global. Chimera Capital and Alpha Wave Global will jointly manage the Alpha Wave Private Credit, which will look to provide private, senior secured, floating rate loans for companies, Chimera said. […] November 8, 2022
Sustainability What to watch at Cop27 summit in Egypt on Monday Leaders from around the globe will begin making speeches at the UN climate summit in Egypt on Monday as they seek to whip up ambition in the fight against global warming. But their messages will likely differ a lot on key points, and their soaring rhetoric will at times clash with performances that have lagged […] November 7, 2022
Lifestyle Black Panther stars say film changed perceptions of Africa Cameras flashed as stars of the highly-anticipated sequel to Marvel’s ‘Black Panther’ walked the red carpet at the ‘Wakanda Forever’ premiere in London. Set in the fictional African land of Wakanda, ‘Black Panther’ became a global hit and was hailed as a milestone for racial diversity in Hollywood when it came out in 2018. Released […] November 7, 2022
Media & Advertising Twitter updates app to start charging $8 for blue checkmark Twitter on Saturday updated its app in Apple’s app store to begin charging $8 for sought-after blue check verification marks, in Elon Musk’s first major revision of the social media platform. The change comes a week after Musk took over the social media company in a $44 billion deal. The billionaire entrepreneur and CEO of […] November 7, 2022
Sustainability UK PM to ask leaders to deliver on global warming promises British prime minister Rishi Sunak will on Monday use a speech at the United Nations climate summit in Egypt to tell world leaders to deliver on their promises to tackle global warming. Sunak, who became prime minister late last month, had initially said he would be too busy coming up with a plan to fix […] November 7, 2022
Economy Inflation and debt crisis pose biggest threats for G20 countries Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen in several decades, prompting a third of G20 countries to identify rising prices as their […] November 7, 2022
Development Saudi Arabia mulls new mining index to boost sector performance Saudi Arabia is considering setting up a new metals and mining stock exchange index as it looks to expand its resources sector to diversify away from hydrocarbons, a senior government official said on Friday. Mining minister Bandar bin Ibrahim Al-Khorayef told Reuters in an interview in Sydney that his team met with Australian counterparts to […] November 6, 2022
