October Third Week Newsletter of World and GCC Business and Finance News – Issue #27
Iraq Should Try Universal Income to Uproot Its Endemic Corruption – Bloomberg — www.bloomberg.com Highlights: – Corruption is deeply entrenched in Iraq. President Barham Salih recently estimated that $150 billion has escaped the country since 2003 due to embezzlement — a figure likely to understate the scale of the issue. – The system operates as a pyramid: At the top is the government, which gets most of its revenue from the oil before distributing it to ministries. Political parties “earn” these ministries (yes, they use this verb) based on the votes they get and the power they wield. They claim government funds and gain influence by awarding contracts and apportioning payroll — appointing supporters and, often, “ghost” or fictitious employees. An official who ran a ministry reckons that these practices ate up half of his budget. The remainder trickles down to citizens through public-sector jobs, with some (mostly young and marginalized) left out of the system altogether. – One policy can change this and flatten the pyramid: giving money directly to people through a universal income. – Universal income reduces corruption, has a better chance of being implemented than other solutions that require the elites to reform themselves against their interests, is fairer and develops a healthier economy Read more. UAE Sets 2050 Net-Zero Goal, First Among Gulf Petrostates – Bloomberg — www.bloomberg.com Highlights: – Sheikh Mohammed bin Rashid Al Maktoum, prime minister of UAE and Ruler of Dubai said that country would invest almost $165 billion in clean energy by 2050. – The UAE relies heavily on the export of oil and gas, which makes up about 30% of its gross domestic product. – It’s a “very ambitious step,” said Jim Krane, author of ‘Energy Kingdoms: Oil and Political Survival in the Persian Gulf and a fellow at Houston’s Rice University. Read more. EXPERIENCE LIVING IN PIXEL Forward Living – The Pixel Pixel is the first mixed-use residential community at Makers District. Pixel offers its residents & visitors a unique space to enrich, collaborate & engage. Designed as human-scale, the 7 mixed-use residential towers surrounded by quiet pocket gardens have been strategically arranged around a vibrant pedestrianized plaza. Learn more. Dubai DoF reveals $6.8bn worth PPP projects to make the emirate an economic hub – GCC Business News — www.gccbusinessnews.com Highlights: – The portfolio includes more than 30 significant projects in the infrastructure, public transportation and urban development sectors. – The Dubai International PPP Conference represents a key initiative for generating new public-private partnerships which will help accelerate Dubai’s journey to the future. The event promotes innovative financing methods for partnership projects among local and international investors. Read more. First Egypt Smartphone Maker Wants to Build Africa’s Electronics – Bloomberg — www.bloomberg.com Highlights: – The pandemic’s disruption to supply chains “proved that technological and industrial centers must be distributed around the world.” – Chief Executive Officer Mohamed Salem said in an interview that SICO could play a role broadly similar to Foxconn Technology Group, which makes iPhones in Asia. – SICO already sells its handsets and tablets in Gulf Arab countries, France and Rwanda, exporting 15,000-20,000 units a year, Salem said. Read more. Coal, Gas, Oil Consumption On The Rise Approaching Pre-Pandemic Levels – Bloomberg — www.bloomberg.com Highlights: – For all the green energy promises and plans, that transition is in its infancy, and the world still leans heavily on fossils. – Amos Hochstein, U.S.’s top energy diplomat. “If we want to solve climate change we need to do so while at the same time insulating the global economy from extreme energy shocks.” – From oil to coal, peak demand has been the buzzword, always about to happen, but never actually materializing. Read more. European Gas Crisis: Putin Senses Golden Opportunity for Russia – Bloomberg — www.bloomberg.com Highlights: – “Putin senses an opportunity from the crisis,” said Andrei Kortunov, head of the Kremlin-founded Russian International Affairs Council. “Russia wants to prevent the EU from dragging its feet on certifying Nord Stream 2 and start talks on long-term stable prices for gas.” – Putin has blamed the energy crisis partly on “snobbish” EU officials and advisers who he said had pushed for the shift to spot pricing “and do not want to hear anything else. – Russia is keen to restore the link to oil prices in gas contracts and shift away from spot pricing that the EU has increasingly insisted on in recent years, said the two people familiar with the matter. Read more. The $100 Billion Hurdle to a Global Climate Breakthrough — www.bloomberg.com Highlights: – That’s the amount in annual contributions promised more than a decade ago by developed nations to help less well-off nations cut planet-warming emissions and adapt to climate change. It’s one half of a quid pro quo agreed in 2015 at United Nations-sponsored talks in Paris: Developed countries put up the cash, and in return poor countries invest in clean-energy technologies and resiliency projects such as flood defenses. – The gigantic financial gap has some of the worst greenhouse gas emitters, including India and Brazil, rejecting calls to cut pollution faster without more assistance. – Part of the problem is that it’s not entirely clear who owes what – The consensus is that most of the blame belongs to the U.S. Read more.
October Second Week Newsletter of World and GCC Business and Finance News – Issue #26
Dr. Atie J. El Mouallem – Why do Men and Women Perceive Corruption Differently? — atiejelmouallem.com Highlights – Women make up more or less 50% of the people in this world. What if you found out that 50% of the people on this planet perceive corruption differently than the other 50%? You might wonder why women should perceive corruption differently than men? – In the paper, the author says that the challenge for fighting corruption lies in the different nature of the various forms of corruption. These differences are ignored by the widely used World Bank Corruption Index or Transparency International’s Corruption Perceptions Index. – Anti-corruption measures will not be effective if they are not tailored to the type of corruption. Read more. ‘Pandora Papers’ expose offshore assets of heads of state, govt | News , World | THE DAILY STAR — www.dailystar.com.lb Highlights: – More than two-thirds of the companies were set up in the British Virgin Islands. – In most countries, the ICIJ stresses, it is not illegal to have assets offshore or to use shell companies to do business across national borders. – The documents behind the latest investigation are drawn from financial services companies in countries including the British Virgin Islands, Panama, Belize, Cyprus, the United Arab Emirates, Singapore and Switzerland. Visit Lebanon’s Pavilion at Expo 2020 Dubai | Blog Baladi — blogbaladi.com Highlights: – Expo 2020 Dubai has officially opened after a year delay and Lebanon will be taking part under the theme “Together, We Walk”. – Despite having only a few months to prepare, the Lebanese team, funded by the private sector and the Lebanese diaspora, was able to put together a pavilion that “to celebrate the country’s most valuable resource: its people”. Read more. Why U.K. After Brexit Faces Fuel Shortage, Winter Crisis and Covid – Bloomberg — www.bloomberg.com Highlights: – The Confederation of British Industry, the biggest business lobby, is urging Johnson to set up an emergency task force to deal with the supply shortages and cost of living. The country faces “a perfect inflationary storm” that could plunge the economy into a recession next year, according to Gavekal Research. – The immediate challenges facing the U.K. stem from the loss of a vital pool of labour after its transition out of the EU ended on Jan. 1. A dearth of truckers is raising fears not just about toys or turkeys for Christmas, but whether people will have enough fuel and food this winter. – Labor shortages are hitting every part of the food supply chain, from dairy to seafood and vegetable processing, according to James Withers, chief executive officer of Scottish Food & Drink. Businesses are struggling from a lack of transport for food as well as a shortage of staff to pack it, he said. Read more. Premium Economy Seating Grows as Airlines See Less Business Travel – Bloomberg — www.bloomberg.com Highlights: – Growing numbers of leisure travellers are willing to splash out for a bit of extra elbow room at fares that are frequently more than double the cheapest economy seats. – The trend was already on an upswing before the pandemic, with installations of premium economy seats. – Emirates introduced its first premium economy offering this year on some Airbus SE A380 double-deckers and plans to add it to 777X planes on order from Boeing Co. – Deutsche Lufthansa AG says premium economy generates 33% more revenue per square foot than economy and 6% more than business—and is 40% more profitable than the latter because it’s cheaper to install. Read more. Kolanovic on the Canary in the Coal Mine for Higher Energy Prices – Bloomberg — www.bloomberg.com Highlights: – There’s a risk that the costs of moving to cleaner fuel plus the stranding of more polluting alternatives could increase the cost of energy at the same time that food and other essential prices have been rising. – For this reason, investors should consider hedging for higher oil prices, which can be expressed in the asset class (long commodities, short bonds), sector (long energy), style (long value, short growth) or thematic form. Read more. EXPERIENCE LIVING IN PIXEL Forward Living – The Pixel Pixel is the first mixed-use residential community at Makers District. Pixel offers its residents & visitors a unique space to enrich, collaborate & engage. Designed as human-scale, the 7 mixed-use residential towers surrounded by quiet pocket gardens have been strategically arranged around a vibrant pedestrianized plaza. Learn more. Cevdet Caner: Tycoon Linked to German Landlord Adler’s $9 Billion Debt Mountain – Bloomberg — www.bloomberg.com Highlights: – The story of Cevdet Caner winds across Austria and Germany, through the City of London and into some of the world’s richest banks. It’s an uneasy tale for an era of easy money, befitting a season of debt-driven deals, obliging bankers and overlooked risks. – The Adler company enjoyed a history of quiet distinction. It turned out some of Germany’s first factory-made bicycles. It got into automobiles not long after Mercedes-Benz. An Adler typewriter said to be director Stanley Kubrick’s machine of choice – Then Adler abandoned manufacturing for the heady heights of real estate – Adler has become a major landlord in a country of tenants. It owns 70,000 apartments across Germany, including 20,000 in Berlin – Adler’s portfolio is valued at 12.6 billion euros and it has net assets of 4.95 billion euros, according to the company’s most recent earnings. By contrast, its market capitalization is just 1.4 billion euros, meaning it trades at a wide discount to the reported value of its properties – Caner’s connections to Adler, for instance, involve at least a dozen separate entities in six different jurisdictions, including Monaco, his home base, – A key issue is how Adler came together via a complex three-way merger. In late 2019, Adler acquired an Israeli company that owned a big stake in another German real-estate company, ADO Properties, which was financially stronger than Adler. Five days later, ADO Properties announced that it was buying its new part-owner, Adler,
October First Week Newsletter of World and GCC Business and Finance News – Issue #25
Abu Dhabi’s Wealth Funds Weigh Turkey Investments Worth Billions – Bloomberg — www.bloomberg.com Highlights: – Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter. – The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, amid increasing signs of a thawing of relations. – Among funds eyeing Turkish investments in recent weeks are Abu Dhabi Investment Authority, or ADIA and ADQ. – ADQ alone is considering spending as much as $1 billion on health-care and fintech targets. Read more. UAE and World Economic Forum to host “Great Narrative” meeting in Dubai – GCC Business News — www.gccbusinessnews.com Highlights: – Mr Al Gergawi stated that the UAE government, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, is keen to actively participate in this global dialogue in order to assist communities, individuals, and governments in co-creating a better future and a more diversified economy capable of providing sustainable development and shared prosperity in the future. – The meeting will bring together the world’s leading thinkers and futurists. Read more. UAE allows property brokerage firms to be 100% owned by foreign nationals | Property – Gulf News — gulfnews.com Highlights: – Property brokers will be able to have full ownership of their companies in the UAE from now on, as this business activity has been removed from the ‘restricted list.’ – What the change means is that a property brokerage firm can be 100 per cent owned by a foreign national through a local UAE national is required to act as a service agent,” said Atik Munshi, Managing Partner at the consultancy Enterprise House UAE. Read more. EXPERIENCE LIVING IN PIXEL Forward Living – The Pixel Pixel is the first mixed-use residential community at Makers District. Pixel offers its residents & visitors a unique space to enrich, collaborate & engage. Designed as human-scale, the 7 mixed-use residential towers surrounded by quiet pocket gardens have been strategically arranged around a vibrant pedestrianized plaza. Learn more. UAE launches talks on Comprehensive Economic Partnership Agreement with India – GCC Business News — www.gccbusinessnews.com Highlights: – The Emirates and India are considering a Comprehensive Economic Partnership Agreement (CEPA) that could increase non-oil trade between the two countries to $100 billion in five years. – Dr Ahmed AlBanna, UAE Ambassador to India commented “Besides trade, we are keen to augment investment flows and lead the world by example.” Read more. Macron urges Lebanon to push ahead with reforms, swift IMF talks | Mena – Gulf News Highlights: – Macron made his comments after meeting Lebanon’s Prime Minister Najib Mikati, who is on his first foreign trip after successfully forming a government earlier this month. – Lebanon should also start the vital negotiations with the International Monetary Fund, which should be completed quite quickly,” he said. – Reforms, particularly of the financial and banking sector, are seen as necessary preconditions for a resumption of IMF talks and the subsequent unlocking of foreign aid. Read more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. Wealth Fund of Oil-Rich Saudi Arabia Plans Green Debt ‘Soon’ – Bloomberg — www.bloomberg.com Highlights: – The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual event on Tuesday. The PIF, as the fund is known, is also working with BlackRock Inc. on developing an ESG framework, said Al-Rumayyan, who is also chairman of Saudi Aramco, the world’s biggest oil company. – A boom in global sales looks set to take ethical debt issuance toward $1 trillion this year, with the U.K.’s green bond debut breaking records this week. – The kingdom is planning to set up a regional exchange for trading carbon credits and offsets as it seeks to promote efforts to reduce harmful emissions. Read more. Banks Flocked to Saudi Arabia But Still Await IPO Fee Riches – Bloomberg — www.bloomberg.com Highlights: – Despite attracting $125 billion in orders from investors for an initial public offering of Saudi Telecom Co.’s internet-services unit, banks including Morgan Stanley and HSBC Holdings Plc are set to share just about $12 million in fees, Arabian Internet and Communications Services Co., also known as solutions by stc, said in its prospectus. – The Saudi deal’s pot also gets split between a local bank, auditors and legal advisers — and will even be used to cover the cost of printing the prospectus. – IPO riches have yet to materialize for global banks despite a bonanza of share sales this year. Read more.
September Fourth Week Newsletter of World and GCC Business and Finance News – Issue #24
Senior Bankers Depart Biggest Abu Dhabi Lender During Deals Boom – Bloomberg — www.bloomberg.com Highlights: – First Abu Dhabi Bank PJSC faces a series of departures even as it’s increasingly involved in some of the region’s biggest initial public offerings of companies such as satellite operator Yahsat and ACWA Power in Saudi Arabia. – Earlier this year the bank promoted Hana Al Rostamani to group CEO from her previous role as head of personal banking and deputy group chief. – The bank’s staff turnover comes as its new CEO puts her stamp on the bank and other firms in the region look to hire in an effort to seize on a record deal boom. Read more. Biggest Saudi IPO Since Aramco Has Investors Jostling for More – BNN Bloomberg — www.bnnbloomberg.ca Highlights: – The $1.2 billion IPO by ACWA Power International, set to price later this month, is drawing high interest from investors looking for exposure to businesses seen as key to the kingdom’s plans to diversify its economy away from oil. – ACWA, half-owned by Saudi wealth fund PIF, is expected to deliver at least 70% of the kingdom’s renewable projects by 2030 and expects to meet its own net-zero emissions goal before an existing target of 2050. – The kingdom also plans to rule the $700 billion hydrogen market. It’s building a $5 billion plant powered entirely by sun and wind. Read more. Saudi Conglomerate’s $7.5 Billion Default Is Finally Settled — finance.yahoo.com Highlights: – In the first major test for the kingdom’s new bankruptcy law, Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court, Simon Charlton, Algosaibi’s chief restructuring officer said. – AHAB’s default rippled through some of the largest global banks and exposed poor lending practices among some of them, with loans often being made to wealthy families and large Middle East conglomerates often based on their name and reputation alone. – The bankruptcy law, which came into force in 2018, has been instrumental in allowing AHAB to push through the agreement. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. Global Housing Markets Are Hurting, and It’s Getting Political – Bloomberg — www.bloomberg.com Highlights: – Politicians are throwing all sorts of ideas at the problem, from rent caps to special taxes on landlords, nationalizing private property, or turning vacant offices into housing. Nowhere is there evidence of an easy or sustainable fix. – Niraj Shah of Bloomberg Economics compiled a dashboard of countries most at threat of a real-estate bubble and says risk gauges are “flashing warnings” at an intensity not seen since the run-up to the 2008 financial crisis. – Anthony Breach at the Centre for Cities think tank has even made the case for a link between housing and Britain’s 2016 vote to quit the European Union. Housing inequality, he concluded, is “scrambling our politics.” Argentina – Rather than landlords setting prices, the central bank created an index that determines how much rent goes up in the second and third years. – My generation will be the first one in Australia that will be renting for the rest of their lives.” Fagarasan, a 28-year-old junior doctor at a major metropolitan hospital, would prefer to stay in Melbourne. Canada – The prime minister thought he was going to fight the Sept. 20 vote on the back of his handling of the pandemic, but instead, housing costs are a dominant theme for all parties. Singapore – 80% of Singapore’s citizens live in public housing, which the government has long promoted as an asset they can sell to move up in life. – Most Singaporeans aspire to own their own property, and the housing scarcity and surge in prices present another hurdle to them realizing their goal, says Nydia Ngiow, Singapore-based senior director at BowerGroupAsia. Read more. What the Semiconductor Shortage Has to Do With Corporate Bonds – Bloomberg — www.bloomberg.com Highlights: – At first glance, the business of selling chips doesn’t have much in common with the business of selling the debt of blue-chip companies. – While it may sometimes seem like the world is swimming in debt, there often aren’t enough new bonds to go around for big investors. – That brings us to one of the notable things about corporate bonds, which is the way in which new ones are allocated. – Larger customers of the firm or those who are more likely to buy bonds in the future (such as the Pimcos and BlackRock’s of the world) often get the first pick, while smaller firms may be overlooked entirely. – The worry now is that there’s a similar dynamic now at play in the semiconductor market and that customers who fear they can’t get as many chips as they need might now be now padding their orders. – If you were going to see double-ordering, you would also
September Third Week Newsletter of World and GCC Business and Finance News – Issue #23
Biggest Abu Dhabi Wealth Fund Expands Foray Into Private Markets – Bloomberg — www.bloomberg.com Highlights: – The fund’s private equity department committed more capital than ever before last year with 24 investments, up from 18 in 2019. Direct investments and co-investments represented 55% of its overall deployment for 2020, up from 45% in 2019, with the balance committed to funds. – The promise of higher returns at a time of extra low-interest rates is prompting the $10 trillion wealth fund industry to shift more capital into private markets that tend to be less liquid but offer steady cash flows for decades. – Besides developed markets equities, which make up as much as 42% of ADIA’s portfolio, the fund holds bonds, alternative assets, real estate, private equity, infrastructure and cash. Read more. Billion-Dollar Listings Help Abu Dhabi Catch Up With Riyadh – Bloomberg — www.bloomberg.com Highlights: – The listings in Abu Dhabi come amid a push from the oil-rich emirate to revive the local bourse. Satellite operator Yahsat kicked off the IPO frenzy in July, becoming the first listing on the exchange in nearly four years. – Since then, deals worth billions have been announced. On Monday, Abu Dhabi National Oil Co. said it’s planning to sell shares in its drilling unit in what would rank among the largest initial public offerings in the United Arab Emirates. A day later, sovereign wealth fund ADQ announced plans to list Abu Dhabi Ports before the end of the year. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. Saudi Arabia Bans Ministers From Sitting on Company Boards – Bloomberg — www.bloomberg.com Highlights: – Any minister is not allowed to chair the board of any company or serve as a member,” the government said. “This does not include those whose chairmanship or membership is by order from the prime minister.” Read more. Lebanon’s Billionaire Premier Aims to Halt Economic ‘Fire’ – Bloomberg — www.bloomberg.com Highlights: – I have the needed international support from the EU, and particularly from France,” Najib Mikati, a billionaire and two-time former premier who was appointed this week, said in a phone interview. “And I’m confident the U.S. will be open to support as well,” he said, beyond the assistance Washington already gives to Lebanon’s army. – I can’t put out the fire,” Mikati said Wednesday, promising to lead from the front. “But I can stop it from spreading, and that’s what I intend to do and hope to do in the first 100 days in office.” Read more. Hezbollah Tightens Its Grip on Sinking Lebanon – Bloomberg — www.bloomberg.com Highlights: – The most basic foods have become political assets in economically devastated Lebanon. And no one’s tapped that currency of oil, milk and bread-like Iran-backed Hezbollah. – A 36-year-old Lebanese father of two who opposes the group but lives in one of its strongholds said he was forced to turn to Hezbollah to survive. Relatives got him a card that won access to the group’s discount warehouses in his Shiite community stocked with goods from Lebanon, Syria and Iran. – Without a political alternative, supporters and sympathizers won’t turn against it, said Joseph Daher, author of “Hezbollah: The Political Economy of Lebanon’s Party of God.” – Sami Nader, head of the Beirut-based Levant Institute research center. “But the crisis has shown them that they can’t completely replace the state,” he added. “They’re suffering a little less than others but this is not sustainable.” Read more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. How Much Do Social Media Influencers Make Promoting Wall Street Products? – Bloomberg — www.bloomberg.com Highlights: – At first, no one could explain why business was picking up at Betterment, a Robo adviser aimed at newbie investors. There were about 10,000 signups in one day. – Then came the answer: A 25-year-old TikToker from Tennessee was posting videos describing how to retire a millionaire by using the platform. – His name is Austin Hankwitz, and he’s managed to land one of the hottest new gigs: full-time “finfluencer.” – Influencers like Hankwitz can translate concepts like passive investing or tax harvesting into digestible social media videos using playful twists, music and colourful captions, making investment products and the like feel accessible to millennials and Gen Z-ers. – Hankwitz charges anywhere from $4,500 to $8,000 per post on his TikTok page. Read more. This Glencore Oil Trader Paid Millions in African Bribes – and He Wasn’t Alone – Bloomberg — www.bloomberg.com Highlights: – AnthonyStimler’s cooperation deal, obtained from the U.S. attorney’s office in Manhattan and which haven’t been reported before, offers a rare opportunity to see how it works — the scale, scope and almost routine nature of such transactions. – Briefcase companies act as conduits for traders’ bribes to officials, taking a cut and directing state business back to the traders. Glencore was a dominant player in Nigeria, Chad, the Republic of Congo and Equatorial Guinea. – An issue that comes up with trader corruption is agents and intermediaries in the mix,” said Alexandra Gillies, an adviser at
August Second Week Newsletter of World and GCC Business and Finance News – Issue #22
Dr. Atie J El Mouallem elected as a Board Member of Lebanon Certified Anti-Corruption Managers. — atiejelmouallem.com Beirut, Lebanon, September 1, 2021, Lebanon Certified Anti-Corruption Managers (LCACM} today announced the election of Dr Atie J El Mouallem as a Board Member. Dr Atie J Mouallem is previously also a member of the American Anti Corruption Institute (AACI). Read more. Webinar: ‘Investigating Lebanon’s Central Bank Governor’ Highlights: – In this one-hour virtual event, OCCRP and Daraj.com journalists, including myself, will discuss how we uncovered Riad Salame’s hidden wealth — almost $100 million in overseas assets that he owned through a network of companies. – To join this event, we ask that you donate any amount to become an OCCRP Accomplice. Learn more. UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment – Bloomberg — www.bloomberg.com Highlights: – They include South Korea, Indonesia, Kenya, Ethiopia and Turkey. – It will also expand economic ties with Britain, India and Israel, where the Gulf state normalized ties a year ago. – Asia and Africa have emerged as important destinations for UAE funding, mostly carried out by way of investments through Abu Dhabi’s sovereign wealth funds. The UAE’s particular focus has been on India, where Mubadala Investment Co.’s investments in 2020 eclipsed its combined total of the preceding 19 years. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. Heir to $10 Billion JCB Fortune Forms Fund for Hydrogen Bets – Bloomberg — www.bloomberg.com Highlights: – HYCAP has raised more than 200 million pounds ($277 million) to invest primarily in British businesses as it aims to boost the production and supply of hydrogen made from renewable energy, according to a statement Monday. Bamford set up the fund with multifamily office Vedra Partners, co-founded by Max Gottschalk. Managed in the U.K., the Luxembourg-based fund is looking to raise 1 billion pounds and has already identified more than three-dozen possible investments. – The move comes as hydrogen becomes an increasingly popular option for combating climate change. – This fund is really designed to help develop the U.K. hydrogen ecosystem from start to finish,” he said. It’s about “really getting our hands dirty.” Read more. Millennials and Gen-Z Shoppers Are Addicted to $46 Billion Klarna – Bloomberg — www.bloomberg.com Highlights: – Klarna’s obvious appeal for Millennial and Gen Z shoppers (its average customer age is 33) helped it snag a $45.6 billion valuation in a recent funding round led by SoftBank’s Vision Fund 2. – The fast-expanding Swedish company, which operates in much of northern Europe, is pushing aggressively into the U.S. It says it’s the world’s most valuable fintech startup after Stripe Inc. – The credit card model is simply unsustainable for consumers,” Klarna’s billionaire founder Sebastian Siemiatkowski told investors last week. – Siemiatkowski says more than 98% of its transactions are interest-free. – The fintech makes most of its money by charging the retailer instead, with companies paying up to 3.4% of each transaction plus 20 pence (28 cents) for the “pay in 30 days” product. – The company reckons retailers offering BNPL see an increase of approximately 45% in average order value. – It’s this apparently carefree attitude toward credit that has disturbed banking supervisors, especially as the booming BNPL industry remains largely outside their jurisdiction. Read more. Xi’s Common Prosperity Drive Triggers a Rare Debate in China – Bloomberg — www.bloomberg.com Highlights: – How China can balance two key goals: Creating more balanced growth to bolster the party’s support among the masses and spurring the technological breakthroughs needed to outpace the U.S. as global tensions rise. – China imposed limits on the number of hours kids can play video games. – China’s broadcasting regulator moved to ban film stars with “incorrect” politics, cap salaries and rein in fan culture — particularly “sissy and other distorted aesthetics.” SunDrive Solar Startup Beats China’s Giant Manufacturers in Efficiency Test – Bloomberg — www.bloomberg.com Highlights: – If SunDrive can mass produce its technology — and that’s a big if — the Australian startup could reduce the cost of solar panels and make the industry far less dependent on silver. “The thing about copper is that it’s very abundant and usually about 100 times cheaper than silver. – Solar panel makers now consume as much as 20% the world’s industrial silver each year. When silver prices are high, the metal alone can account for 15% of a solar cell’s price. Read more. George Soros Calls BlackRock’s China Risk to U.S. Security, Investors – Bloomberg — www.bloomberg.com Highlights: – Pouring billions of dollars into China now is a tragic mistake,” Soros wrote in an op-ed in the Wall Street Journal. “It is likely to lose money for BlackRock’s clients and, more importantly, will damage the national security interests of the U.S. and other democracies.” – The world’s largest money manager last month began offering investment products to Chinese individuals, two months after winning approval to become the nation’s first wholly foreign-owned mutual fund firm. – The divergent views from two of the
September First Week Newsletter of World and GCC Business and Finance News – Issue #21
Abu Dhabi based ADQ to launch region’s largest tech-enabled farming hub — gulfbusiness.com Highlights: – The new AgTech Park project, part of Abu Dhabi Ports’ industrial cities and free zone cluster, will also help the UAE establish itself as the region’s top fresh produce farming hub, reducing the nation’s dependency on premium food imports. This strategic location will increase the region’s perishable products and food supply processing, storage, and distribution efficiency. – Earlier this year, high-tech agricultural firm Sokovo has signed an agreement with Dubai Industrial City to establish the hydroponic farm, which will grow fresh, pesticide-free produce, a statement said. Read more. Saudi Arabia Now Has The World’s Toughest Covid-19 Vaccine Rules – Bloomberg — www.bloomberg.com Highlights: – Officials in the world’s largest crude exporter are counting on a strategy that makes vaccination all but mandatory to keep their economy open. That’s made the nation of 35 million a test case in what happens when people who are reluctant to get inoculated are pushed into a corner. – Few countries have imposed restrictions as tight as those in Saudi Arabia, where refusal to vaccinate can block shoppers from grocery stores, prevent 12-year-olds from attending school, stop citizens from travelling abroad and cost workers their jobs in every sector. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. A Rising Crypto Capital: Why All Eyes Are Turning to MENA for Blockchain and Digital Asset Innovation Highlights: – Most recently, The Bitcoin Fund became the first crypto fund to be listed on a major exchange — the Nasdaq Dubai, while the Bank of Israel leverages Ethereum’s technology for a digital shekel trail. – The United Arab Emirates government, for example, launched the Emirates Blockchain Strategy 2021 to transition half of all government transactions onto the blockchain by this year. Dubai’s Multi Commodities Center (DMCC) also established a Crypto Center earlier this year to support businesses in the blockchain and cryptographic sectors. Similarly, the Saudi Arabian Monetary Authority was also among the first in the world to deploy blockchain technology for money transfers. – The Central Bank of Bahrain’s Fintech and Innovation Unit is one of such that provides Sandbox authorization for companies to test innovative fintech solutions, encouraging further growth and progress for the industry. Read more. Xi’s Forgetting What Made China Great Again, as Tencent, Pinduoduo Kowtow – Bloomberg — www.bloomberg.com Highlights: – Whether directed at data security or education, the incoming rules have taken on an anti-capitalist edge, replete with vague and threatening pronouncements and attacks that appear aimed at specific businesses that give off a whiff of impending, arbitrary punishment. – China’s economic miracle was not a triumph of state action, but its withdrawal, starting when Deng Xiaoping dismantled the communes and prohibitions on private enterprise in the 1980s. That freed the ample entrepreneurial energies of Chinese farmers, workers and businesspeople, who responded with an explosion of individual initiative that propelled growth and wealth. Read more. Where Investors In Charge of $3 Trillion Are Putting Their Money – Bloomberg — www.bloomberg.com Highlights: – Bloomberg News spoke with institutional investors wit.h $3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules. – What follows is a look at their strategies. – Temasek remains bullish on China over the long term. Bets in the country account for 27% of its portfolio. – A spokesman for Temasek later added it will continue to invest in themes including the future of consumption in China and elsewhere. – Singapore’s GIC sovereign wealth fund is also positive on China partly because of the way the country managed Covid-19, according to Chief Executive Officer Lim Chow Kiat. – Regulatory pressure in China, the U.S. and the European Union have triggered volatility in markets, creating buying opportunities for GIC. – Australia’s sovereign wealth fund has pulled back from China amid the increasingly strained relationship between the respective governments, according to Future Fund chairman Peter Costello. – For the first time in six years we’re positive on alternatives, with hedge funds being one of them.” – Pictet Wealth Management CIO Cesar Perez Ruiz is still positive about China markets but suggests investors apply a higher risk premium and pick Hong Kong-listed options when possible. – Norges Bank Investment Management CEO Nicolai Tangen told Bloomberg Television that ESG and regulatory concerns were not necessarily reasons to cut back in China. The country accounts for 5% of its allocations. – China Renaissance’s Bao Fan is looking to back Chinese startups deemed less susceptible to government scrutiny. – Now Bao’s mandate for investing is to focus on growth-stage companies, investing in about 10 companies a year. Read more. Singapore Has a New Richest Person With $20 Billion Fortune – Bloomberg — www.bloomberg.com Highlights: – Forrest Li, Sea Ltd.’s billionaire co-founder, chairman and chief executive officer, has become Singapore’s richest person as shares of his company surged. – Sea, Southeast Asia’s most valuable company, has been turning to fintech for further growth
August Last Week Newsletter of World and GCC Business and Finance News – Issue #20
Mubadala-backed satellite launching firm Virgin Orbit to go public via SPAC merger – GCC Business News — www.gccbusinessnews.com Highlights: – Virgin Orbit will merge with NextGen Acquisition Corp. II, a SPAC that holds $383 million in the capital, which is expected to close by the end of 2021. – The deal would give Virgin Orbit up to $483 million in capital, depending on how many shares in NextGen are redeemed by shareholders. – The funds will go toward scaling up the manufacturing of the startup’s LauncherOne rocket and to support the expansion of its “space solutions business” and new product development initiatives, the company said. – The companies expect the deal to close by the end of the year. – The space economy is developing rapidly and Virgin Orbit is well-positioned to benefit through its ability to competitively launch at any time, from any place on Earth to any orbit and inclination. – The company’s most recent successful launch, conducted on June 30, precisely delivered satellites for commercial and national security customers. Read more. A UAE business license at Dh1,000? Abu Dhabi free zone makes it happen as setup costs drop | Property – Gulf News Highlights: – But there are other business lines which essentially are one-man – or one-woman – operations. And they require different sorts of licenses. – On Monday, Abu Dhabi’s Masdar City announced its intentions loud and clear by launching three business license packages, with the least costly one set at Dh1,000. – For Package A, the registered business owner can club two activities under that single license and only have to pay Dh1,000 to get started. But this does not come with a visa. – Jurisdictions such as DIFC and Abu Dhabi Global Market (ADGM) are now the go-to places for fintech ventures, whether it is someone offering ‘open banking’ solutions or a consumer-focussed buy now, pay later’ portal. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. China Eyes Afghanistan’s $1 Trillion of Minerals With Risky Bet on Taliban — www.bloomberg.com Highlights: – Afghanistan is sitting on deposits estimated to be worth $1 trillion or more, including what may be the world’s largest lithium reserves — if anyone can get them out of the ground. Four decades of war — first with the Soviet Union, then between warring tribes, then with the U.S. — prevented that from happening. – Afghanistan, in turn, has what China most prizes: opportunities in infrastructure and industry building — areas in which China’s capabilities are arguably unmatched — and access to $1 trillion in untapped mineral deposits.” – The U.S. maintains sanctions on the Taliban as an entity, and it can veto any moves by China and Russia to ease United Nations Security Council restrictions on the militant group. – Leaders of the militant group have said they want good international relations, particularly with China. Read more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. Global Coffee Supply Dealt Fresh Blow by Vietnam’s Virus Curbs – Bloomberg — www.bloomberg.com Highlights: – World coffee supplies are suffering a fresh setback from stringent travel curbs imposed in the second-biggest grower Vietnam. – Global coffee prices have been on a tear amid mounting threats to supplies from South America to Asia. Drought and frost ravaged crops this year in top grower Brazil, which produces the premium arabica variety, adding to the widespread logistics issues in Vietnam and Indonesia. Read more. Hottest Hedge Funds 2021: FIFTHDELTA, Brevan Howard Demand Show Hedging Is Back – Bloomberg Highlights: – Across the industry, a record 1,144 hedge funds have stopped accepting new money, the most since data tracker Preqin started compiling the information. – Crucially, those closures are happening at some of the biggest and sought-after firms. – The reality is the best performers are dictating terms,” Ivan Iliev, head of alternative funds at Julius Baer, said in an interview. – Of course, only a small fraction of the 8,000 or so hedge funds globally are in a position to be demanding. – As a group, hedge funds are off to their best start since 1999 after posting their biggest gains in a decade in 2020. Industry-wide assets, which had stagnated for years, surged past $4 trillion, according to data compiled by Preqin. Read more. Michael Burry’s Pretty Big Short Hinges on Treasuries Sinking – Bloomberg — www.bloomberg.com Highlights: – His Scion Asset Management held $280 million of puts on the iShares 20+ Year Treasury Bond ETF at the end of June, according to a regulatory filing released this week, an increase from $172 million three months earlier. – The options contracts would make money if TLT, as the exchange-traded fund is known, falls as Treasury yields go up — something that hasn’t happened lately as fear of the delta variant drives investors into Treasuries. – Every aspect of the economic data we look at, from the labour markets to inflation, are all tending to look pretty healthy,” which should cause yields to rise over coming months, said Guneet Dhingra, head of U.S. interest-rate strategy at
Fourth Week Newsletter of World and GCC Business and Finance News – Issue #19
New online auction aims to boost date sales for UAE farmers – Arabianbusiness Highlights: – The company said eZad makes buying and selling of dates faster, more transparent and profitable for all stakeholders. It added that the platform is committed to helping farmers grow better dates while enabling wholesale date buyers to grow their business. – The auction listing will be made available on eZad to buyers around the world for 48 hours. – Alan Smith, CEO, Agthia Group said “The tailor-made platform addresses the pain points of all stakeholders involved across the value chain. We have always put our farmers and customers at the heart of all that we do, and we will continue to do so to ensure fair economic returns and benefits for all.” Read more. How Much Do Wall Street Bankers Make 2021? Entry-Level Positions Hit Six Figures – Bloomberg — www.bloomberg.com Highlights: – In the span of a few months, the sticker price for a freshly minted college graduate in top-level banking has quickly shot up, reaching and then surpassing $100,000—a guaranteed salary to be padded later with a chunky bonus. – Out in the real world, a six-figure entry-level salary is another example of extreme inequality and the way finance has come to dominate the economy. – Work has been piling up—along with profits—amid growing confidence in an economic rebound. Clients that might have held off on acquisitions and other deals earlier in the pandemic are now clamouring for bankers’ attention. – Adam Cotterill, who worked in the junior ranks of Goldman until last year, says it isn’t surprising that the solution banks have landed on is not so much to improve the job but to pay more. Read more. Twitter CEO Jack Dorsey’s Bluesky Project Hires Jay Graber – Bloomberg — www.bloomberg.com Highlights: – Twitter said that Bluesky, the open-source project the company first announced in 2019 to build a “decentralized standard for social media,” will be led by Jay Graber, a startup founder and cryptocurrency developer. – Dorsey’s vision is to tear down the walls between social media services, creating technology known as a protocol that would let developers draw on content from a variety of sources. – But this scenario would only be possible if those networks agree to use the same protocol. Read more. Aramco Said to Be Nearer $25 Billion Reliance Refining Deal – Bloomberg — www.bloomberg.com Highlights: – A deal would forge a closer alliance between the world’s biggest oil exporter and one of the fastest-growing consumers. – A representative for Reliance said the company does not have anything to add beyond Ambani’s comments at the shareholders’ meeting in June when the conglomerate appointed Aramco Chairman Yasir Al-Rumayyan to the board. – Saudi Arabia shipped 613,000 barrels a day of crude to India in July, around 10% of its total exports. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more. There’s $35 Trillion Invested in Sustainability, but $25 Trillion of That Isn’t Doing Much — www.bloomberg.com Highlights: – Sustainable investment assets grew to $35.3 trillion globally last year. But the bulk of that money—some $25 trillion—is in a strategy called “ESG integration,” also known as “ESG consideration. – Since ESG lacks definitions, it can often mean different things to different people, said Lisa Sachs, who heads Columbia University’s Center on Sustainable Investment. – The major risk is that finance is purporting to solve social and environmental problems through ESG and that there’s no need for government action,” Sachs said. Read more. Letter Requesting Donation for School Our school “Lady of the Tower School for the Sisters of the Holy Family” is located in Bekaa- Lebanon in the district of Deir El Ahmar. — atiejelmouallem.com Its ultimate goal is our children’s spiritual and educational lives. From 1932 till now, our school still taking care of poor children, but due to the economic circumstances in Lebanon in general, and in our school in particular, we require your generous attention in the form of donations. Your donation and help can bring a smile to thousands of faces by helping them to achieve a good life and to continue their learning in our school. Learn more. All-Inclusive Magic Mushroom, Ayahuasca Retreats Are New Luxury Trips – Bloomberg — www.bloomberg.com Highlights: – At the all-inclusive Soltara Healing Center, set amid 22 acres near the Gulf of Nicoya in Costa Rica, stays run from $2,600 to $8,900. – Douglas Gordon, chief executive officer of Silo Wellness, says his retreat is in line with the changing notions of luxury. “Real luxury is being able to wear flip-flops to dinner,” he says. “It’s not necessarily black tie, you know? – Already it appears there’s serious money to be made: According to Data Bridge Market Research, the psychedelic market is projected to reach $10.7 billion by 2027, up from $3.8 billion last year. – A study published in November 2020 by Research and Markets valued the overall wellness tourism industry at $735.8 billion; by 2027, the agency projected it would be worth $1.2 trillion. – Currently, Jamaica and the Netherlands, where the British Psychedelic Society has been offering psilocybin-assisted retreats since 2016, are primary destinations because of their liberal laws around psychoactive substances. Read more.
August Third Week Newsletter of World and GCC Business and Finance News – Issue #18
Dr. Atie J. El Mouallem – Observing Clientelism through the lens of Political Philosophy — atiejelmouallem.com Highlights: – Political philosophy asks questions that we must ask ourselves as citizens of a democracy to be responsible participants in our shared governance, questions such as how society should best be structured to enable people to live prosperous lives. – It is proved that clientelism has a negative impact on development outcomes, with increases in clientelism leading to lower development outcomes – In his paper Clientelism, Cronyism, and Job Creation in Lebanon, the author Ishac Diwan concludes that sectors with more politically connected firms (PCF) create fewer jobs than similar sectors with no PCF. Read more. Abu Dhabi’s Mubadala Capital partners with BlackRock over private equity fund – GCC Business News — www.gccbusinessnews.com Highlights: – The partnership between Mubadala Capital and BlackRock was formed in line with the final close of BlackRock’s $3 billion Secondaries and Liquidity Solutions (SLS) strategy, which is among the largest fundraises for an inaugural private equity secondaries strategy globally to date. – Mubadala Capital manages $9 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses, and is the first sovereign wealth fund to manage third-party capital on behalf of other institutional investors. Read more. Living at AlJurf Find Out More About Living at AlJurf AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards. Learn more How Dubai’s luxury property segment is defying all odds Highlights: – Looking at super-prime properties, there were 22 homes worth Dhs35m or more sold in the first five months of this year, a volume not witnessed since 2015. – Palm Jumeirah has been a hotbed of activity, and some of the best frond villas have been disappearing off the market with remarkable speed. – It is predicted that property prices will rise for the first time in six years, which is a shift that we had expected to happen last year before global circumstances changed. – In April, 3 per cent of the Dhs10.97bn in sales recorded in Dubai’s property market were at a price point of Dhs10m or higher. – These past six months have been filled with superlatives in Dubai’s luxury property market, from incredible new properties coming on the market to record-shattering transactions. Read more. Saudi Arabia’s Social Revolution Arrives at Riyadh Dining Tables — www.bloomberg.com Highlights: – A social revolution that promotes going out to concerts and movies and allows gender mixing is now playing out at the dining table in Riyadh, albeit without alcohol. – The city was used to Lebanese and the occasional Italian fare complemented by “Saudi champagne”—fizzy water and apple juice. It’s now an array of colourful mocktails and imported meats, pomegranate studded cakes and speciality coffees. There’s even briskets and babkas. – Burke’s second restaurant is the latest addition to a wide variety of eateries at The Zone, a large walkway off a busy Riyadh highway with a dancing fountain. The menu includes baby octopus, Mediterranean branzino and lamb chops. – And it’s not just new food, but who is serving it. Women now work as hostesses, waitresses and baristas, a huge change from the day’s restaurants were required to post a sign saying female diners were not allowed in without a male guardian. Read more. Robin Grove of CARS Gets Your Collectible Car Delivered on Time – Bloomberg — www.bloomberg.com Highlights: – Bugatti, Koenigsegg, McLaren, Pagani, and Rivian trust Robin Grove to move their multimillion-dollar wares; so do RM Sotheby’s, European banking billionaires, and the Kuwaiti royal family. – Her headquarters is temperature-controlled with extensive security cameras and closed-circuit TV running 24/7. It holds dozens of cars triple-covered. Under wraps, for those eagle-eyed enough to recognize their shape: a $31 million Ferrari, a $10 million Jaguar D-Type, a few $13 million Zagatos, a $35 million Alfa Romeo, and a $2 million Koenigsegg Regera, among others. – She also has offices in Amsterdam, Dubai, London, and, soon, Miami. – Rates range from around $10,000 to get a short-wheelbase Porsche 911 to LA from, say, Amsterdam. To move a Bizzarrini from London to Carmel can run $40,000 because it’ll need to be inside its own wooden crate. It can cost as much as $67,000 to air freight, say, a Ferrari F40 into LA from Hong Kong. Read more. Hackers Return Funds From Likely Record DeFi Crypto Attack – Bloomberg Highlights: – The hackers also posted a Q&A online, explaining motivations for the attack as “for fun :).” The online pirates said they took the funds “to keep it safe” after spotting a bug in the computer code. – Hackers returned about half of the $610 million or so they pilfered Tuesday in what was likely one of the biggest cryptocurrency thefts on record in the burgeoning Defi sector. – This demonstrates that even if you can steal crypto-assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the use of blockchain analytics,” Robinson said. “In this case, the hacker concluded that the safest option was just to return the stolen assets.” Read more. Inequality Eased During the Pandemic, But for How Long? – Bloomberg Highlights: – Pandemics are one of the “Four Horsemen” of economic equalization described by historian Walter Scheidel in his acclaimed 2017 book, “The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century” (the other three being war, revolution and state collapse). – Nobel-prize-winning economist Angus Deaton found that economic inequality among countries had decreased during the pandemic, although this didn’t hold on a population-weighted basis because the economy of India, the largest country in the bottom half of the world’s income distribution (it’s “lower-middle-income,” according to