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man, sheikh

Qatar’s QIA challenges UBS Credit Suisse takeover

The Qatar Investment Authority (QIA) is said to be considering taking legal action against the Swiss financial authorities following the forced takeover of Credit Suisse by domestic rival UBS. The Qatari fund increased its stake in Credit Suisse in late 2022 as part of the ailing lender’s ultimately failed attempts to bolster its finances following […]

Cleverly and Al Nahyan UK GCC
  • Analysis

UK debates merits of GCC bloc trade versus separate deals

The UK’s International Trade Committee has voiced doubts about the country’s ability to strike a free trade deal with the GCC. As negotiations approach a fourth round, a new report from the cross-party committee that scrutinises spending policies of the Department for International Trade raised a number of issues. These include differing net-zero targets, agri-food […]

Bahrain digital

Bahrain’s Beyon puts $250m into digital infrastructure 

Tech company Beyon Group is investing more than $250 million in new infrastructure to support Bahrain’s digital transformation. The parent company of telecoms operator Batelco said it has joined the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) consortium, which is building a 21,700km-long undersea telecommunications cable from Marseille in France to Singapore. The cable will […]

Credit Suisse UBS

UBS flags $17bn hit from Credit Suisse takeover

UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG, the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival. UBS estimates a negative impact of $13 billion from fair value adjustments of the combined […]

ECB to hike rates twice as inflation remains hot

The European Central Bank (ECB) will hike its key interest rates by 25 basis points (bps) at each of the next two meetings, according to economists polled by Reuters, many of whom also said the bigger risk was rates could go higher still in the future. Several ECB policymakers have reiterated the central bank may […]

Macron

Gulf is ‘ideal playground’ for surging French investment

France aims to boost its investment relationship with the GCC region by hosting an inaugural Vision Gulf event in Paris next month. The flagship conference organised by Business France, the country’s national trade agency, aims to promote increased collaboration between Middle East-based investors and French corporates. Taking place on June 13-14 at the French Ministry […]

Polish retailer Modivo cuts costs and plans layoffs

Fashion retailer Modivo, owned by footwear and fashion brand group CCC, plans to cut costs and may lay off staff to boost profitability, its incoming CEO said on Friday, as the wider sector grapples with rising inflation and energy prices. “Improving profitability also means to work on efficiency, so we will try to rebuild this […]

France sees slight economic growth in Q2 2023

The French economy is set to grow slightly in the second quarter when compared to the previous one, the country’s central bank said on Wednesday, as activity across sectors picked up steam. The Bank of France said companies polled in its monthly business sentiment survey reported activity in April was stronger than in March in […]

Standard Chartered

Standard Chartered not actively looking for buyers

Standard Chartered is not actively seeking potential suitors for an acquisition, although CEO Bill Winters said they are “always happy to have conversations”. The London-listed bank has been the subject of speculation this year around a possible sale to First Abu Dhabi Bank (FAB), the UAE’s biggest lender. “Nobody has come after us,” Winters told […]

Wristwatch, Gold, Coin

Binance pauses bitcoin withdrawals twice in a day

Cryptocurrency exchange Binance halted bitcoin withdrawals on Monday for the second time in a day, citing large volumes. “Our team is currently working on a fix and will reopen (bitcoin) withdrawals as soon as possible,” the company said in a tweet. “There is a large volume of withdrawal transactions from Binance still pending as our […]

Holiday Inn-owner sees summer to drive growth

IHG Plc chief executive Keith Barr will step down next month after six years at the helm, the Holiday Inn-owner said, sending its shares down despite strong first-quarter results driven by a rebound in Chinese demand. The 52 year-old American plans to return to his family in the United States, IHG said, adding he would […]

Flare, Light, Factory

Russia’s oil and gas budget revenue drops 64% in April

Russia’s federal budget revenues from oil and gas, the lifeblood of its economy, fell 64 percent in April from the year-earlier period and declined by 5.9 percent from March, its finance ministry said, as a result of higher subsidies to oil refineries. Budget income from oil and gas sales reached 647.5 billion roubles ($8.3 billion) […]

HSBC

HSBC Q1 profit triples on higher interest rates

HSBC Holdings reported a 212 percent increase in quarterly profit on Tuesday, as it benefitted from rising interest rates around the world. Europe’s largest bank posted a pretax profit of $12.9 billion for the first quarter ended March, versus $4.2 billion a year earlier. The results were better than the $8.64 billion average estimate of […]

Architecture, Building, Office Building

Deutsche Bank agrees $511m deal for UK investment bank

Deutsche Bank has agreed to buy Numis Corp, a London-based boutique investment bank, for about £410 million ($511 million) as the German company deepens links with British corporate clients. The surprise acquisition is Deutsche’s largest in more than a decade and marks a rare move for its global investment bank, which has been looking for […]

Clothing, Shirt, Logo

Capricorn plans $575m in payouts and picks new CEO

British oil and gas producer Capricorn Energy plans $575 million in shareholder payouts under a new chief executive with experience of renegotiating Egyptian licenses, it said on Thursday, after two mergers failed amid investor revolts that also toppled its previous leadership. The company plans to commit $450 million to a special dividend to be paid […]

UK house prices show weak rise in April

Asking prices for property being put on sale in the UK over the past month rose less than normal for the time of year, figures from property website Rightmove showed, adding to signs of more subdued momentum in the property market. Rightmove said that average asking prices were up by 0.2 percent over the month, […]

Italy needs sovereign wealth fund to boost economy

Italy needs a sovereign wealth fund to funnel its large private savings into the corporate sector and boost the economy, Prime Minister Giorgia Meloni was quoted as telling the Milano Finanza newspaper. “A national sovereign wealth fund, open to private contributions, could be the right instrument to relaunch investments, channeling Italy’s enormous savings towards productive […]

Black Sea grain deal elusive as ship inspections resume

Inspections of ships carrying Ukrainian grain from the Black Sea resumed on Wednesday under a UN-brokered deal, but Kyiv said more time was needed to secure an extension of the initiative. Ukraine, which depends heavily on revenue from grain sales as it battles Russia’s invasion, and its allies blamed the latest halt to ship inspections […]

Russia's Yamal LNG project attracted interest from Gulf investors – and may do so again

Ukraine ceasefire will unlock billions in Gulf-Russia deals

GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached.   These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […]

Europe’s strikes may spell more flights havoc

Strikes across Europe have led to a spike in flight cancellations and delays, and driven down bookings to cities such as Paris, despite airlines’ efforts to avoid a repeat of last year’s disruption. During the Easter holiday weekend from April 5 to 11, flight cancellations and delays of more than three hours were higher than […]

Graphene Innovations Manchester signs deal with Quazar Investment to set up a UAE company to scale up graphene-based technologies

UK-UAE deal to roll out ‘miracle material’ graphene

A University of Manchester company has forged a $1 billion partnership in the UAE to spearhead the drive to commercialise graphene, the “miracle material” that’s stronger than diamond, more conductive than copper and more flexible than rubber. Graphene Innovations Manchester (GIM) has signed a memorandum of understanding with Quazar Investment Company to set up the […]