Abu Dhabi’s G42 Expands Investment Team With Wealth Fund Hires – Bloomberg — www.bloomberg.com
Highlights:
– Koster and Nieman are among those reporting to Chief Investment Officer Tariq bin Hendi, who’s looking to hire more money managers from other Abu Dhabi-based investment firms, the people said.
– Last year, G42 formed a joint venture with Beijing-based Sinopharm CNBG, marking the first overseas manufacturing of the Chinese vaccine.
Read more.
India, UAE Seal Bilateral Economic Pact to Deepen Trade and Investment Ties – Bloomberg — www.bloomberg.com
Highlights:
– The trade deal inked Friday cutting duties on almost 90% of goods traded between India and the United Arab Emirates, will create one million jobs in the next five years.
– The pact signed Friday cuts duties on metals, minerals, petrochemicals and petroleum products sold by the UAE in India while giving India’s exporters an advantage in items including leather, footwear, pharmaceuticals and textiles, Indian trade minister Piyush Goyal said while announcing the deal.
Read more.
UAE’s Alpha Dhabi Holding Eyes Opportunities in Saudi Arabia, Egypt – Bloomberg — www.bloomberg.com
Highlights:
– Egypt, the Arab world’s most populous nation, and Saudi Arabia, the region’s biggest economy, have emerged as key markets for UAE-based firms seeking growth.
– The firm went public last June, quickly becoming one of the Middle East’s biggest listed firms.
Read more.
Investment Bankers Debate the Chance of Nuclear War, Russian Trading Risk – Bloomberg — www.bloomberg.com
Highlights:
– “It’s the first time in more than 30 years that the threat of nuclear confrontation is a real possibility,” said Goldman Sachs Group Inc. Alex Younger, ex-chief of Britain’s MI6 intelligence service and now an adviser to the Wall Street giant.
– Only France’s Societe Generale SA, Italy’s UniCredit SpA and Austria’s Raiffeisen Bank International AG have a substantial on-the-ground presence in Russia.
– Banks have been locked in urgent mapping exercises to try to work out their trading exposure to counterparties backed by Russian money, according to a lawyer who works with many large financial institutions.
– Biden’s targeting of a broad swath of Russian elites and their family members, following a similar move by Johnson will be of greater concern to banks with large wealth management operations, especially those in Europe.
Read more.
Taiwan Supports U.S.-Led Sanctions on Russia Over Ukraine Invasion – Bloomberg — www.bloomberg.com
Highlights:
– “I want to stress that the situation in Ukraine and in Taiwan Strait are fundamentally different, not only because of the natural barrier of the Taiwan Strait, but also Taiwan’s geopolitical and strategic status,” President Tsai Ing-wen said in a speech in the southern city of Tainan Friday morning.
Read more.
Where Are the Yachts, Jets of Russian Billionaires Like Roman Abramovich? – Bloomberg — www.bloomberg.com
Highlights:
– So far, even as the U.S. and U.K. have ramped up sanctions on more than 100 Russian individuals and entities, these assets of the country’s elite — which can be worth hundreds of millions of dollars each — have avoided any direct hit. So too have their high-end real estate holdings, which in London range from Chelsea penthouses to Highgate mansions.
– Assets like planes or yachts could be targeted by a round of sanctions, according to Andrew Lohsen, a fellow in the Europe, Russia and Eurasia program at the Center for Strategic and International Studies. The challenge is they could be held through shell companies, complicating the ownership chain.
– If the U.S. imposes sanctions on Russia’s ultra-wealthy individuals, penalties could extend to family members as well, said Rachel Fiorill, a lawyer for Paul Weiss and former enforcement section chief at the Treasury Department.
Read more.