RIYADH: The regulator in Singapore has suspended Bitget, a crypto exchange that got into a fray after promoting the digital currency Army Coin, which is named after the followers of South Korean boy band BTS, Bloomberg reported. Bitget, the sponsor of Italian soccer team Juventus, describes the army coin as a way to provide lifelong financial support … Read more
Saudi Arabia and Taiwan-based Foxconn Technology Group are looking to form an electric vehicles joint venture, in a move that could boost the kingdom’s effort to diversify its economy. The parties aim to sign the deal by the end of 2021, but plans are still subject to change, Bloomberg reported. The majority stakeholder of the joint venture … Read more
RIYADH: Nissan Motor Co plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification. The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, Bloomberg reported. The Japanese automaker will launch 23 new electrified … Read more
KARACHI: PostEx, a provider of courier and financing to e-commerce companies, completed one of the country’s largest early-stage funding to help with its expansion plans, Bloomberg reported on Monday. The Lahore-based startup raised $8.6 million through multiple tranches in its seed funding, according to its founder Muhammad Omer Khan. The latest tranche was led by Global Founders … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
RIYADH: The EU is moving forward with plans to build a cross-continental financial system with four new legislative proposals, Bloomberg reported. This comes six years after it was first announced and a year after the latest re-launch. The EU’s executive arm hopes a “capital markets union” will break down barriers between 27 national financial markets and rulebooks … Read more
RIYADH: US investment bank Moelis and Co plans to open an office in the Saudi capital Riyadh and will soon begin hiring staff in the kingdom, Bloomberg reported. The New York-based company sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle,” Vice Chairman Eric Cantor said in an interview. The boutique financial adviser, … Read more
DUBAI: Dubai’s economy is rebounding faster-than-expected, as property sales are rising and restaurants are busy, at a time when Europe is experiencing a surge in the Covid cases and tightening restrictions again, Bloomberg reported “The recovery has been faster than we expected,” said Scott Livermore, chief economist for Oxford Economics Middle East in Dubai. “Expo has played … Read more
RIYADH: KKR & Co, an American global investment company, plans to buy all of Telecom Italia, Bloomberg reported, citing sources familiar with the matter. The move aims at revamping the Italian telecommunications company that’s seen its market value fall more than 8 per cent to €7.4 billion ($8.4 billion) this year. The US company plans to separate … Read more
El Salvador plans to issue the world’s first sovereign $1 billion US dollar denominated 10-year Bitcoin bonds on the Liquid Network, Bloomberg reported, citing the chief strategy officer of Blockstream. The so-called “volcano bond” is to be equally split between an allocation in Bitcoin and Bitcoin mining infrastructure powered by geothermal energy in the region, Samson Mon … Read more
RIYADH: Alibaba Group Holdings, Tencent Holdings and Baidu were among the companies ordered by China’s competition watchdog to pay fines of 21.5m yuan ($3.4 million) in the latest round of sanctions in the country’s ongoing crackdown on monopolies, Bloomberg reported. The companies must pay 500k yuan ($78k) for each of the 43 antitrust violations, the State Administration … Read more
RIYADH: US Ford Motor Co will explore buying chips directly from GlobalFoundries, as a response to a global semiconductor shortage that’s crimped profits and production, Bloomberg reported. The Dearborn Michigan-based automaker said Thursday it’s forming a “strategic collaboration” with GlobalFoundries, which went public in a $2.6 billion listing last month and recently moved its headquarters from California … Read more
RIYADH: The high price of ocean shipping could boost global inflation by 1.5 per cent in 2023, with smaller, trade-dependent countries potentially suffering the most, Bloomberg reported, citing the UN Conference on Trade and Development (UNCTAD). The Geneva-based agency said shipping rates have increased more than fourfold over the past decade. The current price to ship a … Read more
