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Movie star Leonardo DiCaprio has largely focused on films about the environment for the past decade

Di Caprio-backed fintech to set up offices in Abu Dhabi

California-based fintech company Aspiration Inc. will be setting up offices at Abu Dhabi Global Market. Aspiration is supported by Access Abu Dhabi, the business expansion program by Maven Global Access and Abu Dhabi Investment Office (ADIO), which serves as a conduit to fast-track entry to the UAE capital, the company said in a statement.  The […]

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

Person, Human, Suit

BlackRock US inflows dwarf $4bn lost in ESG backlash

BlackRock, the world’s biggest asset manager, lost around $4 billion in assets under management as a result of a political backlash against environmental, social and governance (ESG) investing in the United States, its chief executive said. Republican-run Florida, Louisiana and Missouri have all said they plan to pull investment mandates from the company, citing concerns […]

Scaramucci’s SkyBridge expects bitcoin at $35,000 this year

SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the firm’s founder Anthony Scaramucci said, while admitting this view was “overly bullish”. “If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland. January’s crypto rally could be sustained as […]

BlackRock

BlackRock’s Larry Fink welcomes rise in Gulf clients

BlackRock is attracting more investors from the Middle East, the CEO of the world’s largest asset manager told analysts this month. The US-based firm established a wholly-owned Saudi subsidiary in 2018, opened an office in Riyadh in 2019 and in February 2022 received approval from the market regulator to start managing investments and operating funds […]

US-based energy corporation Apex is expanding its interests in Egypt's Western Desert through acquisitions

Texan energy firm expands Egyptian oil and gas footprint

Apex International Energy has announced the acquisition of interests in four additional concessions in Egypt’s oil-producing Western Desert region. Purchased from IEOC Production, a unit of Italian energy firm Eni, the new concessions will increase Apex’s production capabilities by 65 percent — up to 11,500 barrels per day. Apex, who are based in Houston, Texas, […]

Microsoft said to be in talks to invest $10bn in ChatGPT owner

Microsoft Corp is in talks to invest $10 billion into OpenAI, the owner of ChatGPT, which will value the San Francisco-based firm at $29 billion, Semafor reported, citing people familiar with the matter. The funding includes other venture firms and deal documents were sent to prospective investors in recent weeks, with the initial aim to […]

Emirati company sponsors

Emirati partners in demand despite easing of company laws

The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […]

Goldman Sachs to start cutting thousands of jobs

Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. The sources […]

Dell said to phase out Chinese chips by 2024

Dell Technologies Inc plans to stop using China-made chips by 2024 and has told suppliers to reduce the amount of other made-in-China components in its products amid concerns over US-Beijing tensions, Nikkei reported on Thursday. The computer maker told suppliers late last year that it aims to meaningfully lower the amount of China-made chips it […]

Jason L Signor, CEO of Big Sky

Bahrain’s GFH takes on US healthcare with Big Sky deal

Bahrain’s GFH Financial Group announced on Tuesday it has completed the acquisition of a majority stake in Big Sky Asset Management, a US real estate asset manager focused on the healthcare sector. The transaction further expands GFH’s presence in the States and follows the partnership in May with SQ Asset Management, a specialist in student […]

Tesla Musk

Tesla reports record production and deliveries in Q4 2022

Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 […]

Finger, Person, Hand

IMF says global economy faces tougher year in 2023

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity, the head of the International Monetary Fund (IMF) has said. The new year is going to be “tougher than the year we […]

Abu Dhabi wealth fund Mubadala has $276bn in assets under management

US dollar eyes best year since 2015 on Fed’s monetary stance

The US dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve’s aggressive monetary policy tightening and concerns about the global growth outlook. The US dollar index, which measures the greenback against a basket of currencies, has surged more than eight percent this year, the […]

People, Person, Crowd

Bloomberg has no plans to buy Dow Jones or Washington Post

Bloomberg LP has no interest in acquiring either Dow Jones or the Washington Post, a spokesman has said. “There have been no conversations with anyone or either organisation about an acquisition,” spokesman Ty Trippet said in the tweet, which was retweeted by billionaire owner Michael Bloomberg. News website Axios reported on Friday that Bloomberg was […]

Elon Musk to pause Tesla share sale for about two years

Tesla chief executive officer Elon Musk has said he will not sell any more Tesla stock for about two years. While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a “serious recession” in 2023 and demand for big-ticket items will be lower. His comments came after a […]

Insurers shun FTX-linked crypto firms as contagion risk mounts

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market […]

Elon Musk sells 22m shares worth $3.58bn of Tesla

Tesla Inc chief executive officer Elon Musk has sold 22 million shares worth $3.58 billion in the electric-vehicle maker this week, a US securities filing showed on Wednesday. The latest sale, Musk’s second since his $44 billion purchase of Twitter in October, brings the total Tesla stocks sold by the billionaire to nearly $40 billion over the past […]

IBM partners with Japan’s Rapidus to manufacture advanced chips

IBM Corp and Rapidus, a newly formed chip maker backed by the Japanese government, on Tuesday announced a partnership that aims to manufacture the world’s most advanced chips in Japan by the second half of the decade. The agreement comes as US-China relations remain tense, especially over chips. Washington has restricted Beijing’s access advanced semiconductor […]