BRICS Cuts US Dollar and Euro Transactions to Below 30%
BRICS nations are making a deliberate shift towards conducting transactions in their national currencies, moving away from reliance on the U.S. dollar and the euro. According to Russian Finance Minister Anton Siluanov, 65% of BRICS transactions are now carried out in local currencies. This shows a major strategic move away from Western financial systems. The […]
Nexergy Holdings PLC Partners With SPAC Advisory and Park Avenue Capital for Nasdaq Listing
Nexergy Holdings PLC (“Nexergy”) has teamed up with SPAC Advisory and Park Avenue Capital for a strategic partnership aimed at securing a listing on the Nasdaq stock market. This collaboration marks a major step for Nexergy as it transitions towards becoming a publicly traded company, strengthening its shareholder value and expanding its reach in the […]
Arbitrator Rules in Favor of US Steel in Controversial Nippon Steel Merger
An arbitration panel ruled in favor of US Steel on Wednesday, allowing Japan’s Nippon Steel to assume US Steel’s labor contract obligations. The ruling is a win for Nippon’s $14.9 billion proposed acquisition of Pittsburgh-based US Steel, though the deal still faces significant political and regulatory hurdles. The United Steelworkers (USW) union has fiercely opposed […]
UN Brokers Deal to Resolve Libya’s Central Bank Crisis
The United Nations Support Mission in Libya (UNSMIL) announced a compromise on Wednesday aimed at resolving the ongoing crisis involving the Central Bank of Libya. Representatives from Libya’s two rival governing bodies, the House of Representatives and the High Council of State, agreed on new leadership for the central bank during consultations mediated by UNSMIL. […]
Founders of Gotham City Research and Portsea Asset Management are reportedly set to launch a new hedge fund
Founders of Gotham City Research and Portsea Asset Management are reportedly set to launch a new hedge fund betting against markets after reaping rewards from the failure of Wirecard in 2020.
Sweden’s Economy Hits Recession as Housing Market Struggles Intensify
Sweden’s housing market, troubled for years by low supply and supported by low interest rates and favorable tax policies, is now weighing heavily on the country’s economy. Rising interest rates are forcing households with substantial mortgages to cut back on spending, while construction firms are scaling back investments, pushing Sweden into a recession. Sweden is […]
Xiaomi’s Slow Shift to Premium Smartphones in India Allows Samsung to Regain Top Spot
Xiaomi Corp is revamping its strategy in India after falling behind due to its focus on budget phones, a mistake that let Samsung Electronics reclaim the market lead. While Xiaomi concentrated on selling phones under 10,000 rupees ($120), Indian consumers were increasingly willing to pay more for premium features and stylish designs. Samsung capitalized on […]
Credit Suisse Secures $54 Billion Lifeline to Soothe Investor Concerns
Credit Suisse announced on Thursday that it would borrow up to $54 billion from the Swiss central bank to stabilize its liquidity amid growing fears of a widespread banking crisis. The Swiss bank’s troubles have shifted investor and regulatory attention from the United States to Europe, where Credit Suisse triggered a sharp selloff in bank […]
Abu Dhabi’s G42 Acquires $100 Million Stake in ByteDance at $220 Billion Valuation
Abu Dhabi-based AI firm G42 has acquired a stake exceeding $100 million in ByteDance, the Chinese parent company of TikTok, valuing it at $220 billion. The stake was bought through G42’s 42XFund from existing investors over the past few months, according to a Bloomberg report citing sources familiar with the deal. The report also noted […]
London Faces Losing Luxury Shoppers to Paris and Milan
London’s luxury retailers worry the city is losing its appeal as a shopping destination, with U.S., Chinese, and Gulf tourists increasingly favoring Paris and Milan due to tax incentives. As UK finance minister Jeremy Hunt prepares to deliver the government’s budget statement, the industry is pressing for a reinstatement of tax-free shopping for overseas visitors, […]