Saturday's Notes of Interest
A big milestone for Jordan’s CSD …
SDC: Jordan’s SDC Launches the Financial Settlement system for Block Trades Executed at the Amman Stock Exchange
https://sdc.com.jo/en/press-releases/17955
This could be serious …
International Intrigue: WHO declares mpox emergency
The World Health Organization (WHO) has declared an outbreak in Africa of mpox (formerly known as monkeypox) as “a public health emergency of international concern”. Details are still emerging, but this is the same alert the WHO has used previously for Covid, Ebola, and a 2022 mpox surge in Europe.
The newer clade 1b strain emerged last September out of the Democratic Republic of the Congo (DRC) mining town of Kamituga, 273km from Rwanda. It seems deadlier and more virulent (including through routine contact), and has spread rapidly to Burundi, Kenya, Rwanda, and Uganda, all reporting mpox cases for the first time.
Africa’s CDC has put out a call to mobilise two million mpox vaccines, but there’s only one widely approved dose and it’s made by a single company in Denmark: Bavarian Nordic. As you can imagine, its shares are up 50% this week.
China continues to expand economic ties with Mideast …
Zawya: Dubai Financial Market, the local stock market of Dubai, and Shenzhen Stock Exchange sign MoU to strengthen cross-border financial collaboration. The partnership aims to strengthen capital market connectivity for enhanced investment opportunities in China and the UAE.
https://www.zawya.com/en/press-release/companies-news/dfm-and-shenzhen-stock-exchange-signs-mou-to-strengthen-cross-border-financial-collaboration-v8fhzkfd
It goes without saying …
NYT DealBook: Hundreds of studies have found that the effects of giving cash unconditionally to people in low- and middle-income countries are almost uniformly positive. (Tommaso Crosta et al)
John Lothian News: Thai government has initiated a programme to distribute money to low-income households through digital wallets. About 50mn Thais who fall below certain income and savings thresholds will get about $280 each, roughly half of monthly per capita income. This will temporarily boost household consumption and GDP but at a significant fiscal cost and without doing much to tackle deep-rooted problems, including low investment which is holding back growth. /jlne.ws/4cau58h
Wealth management in the Middle East is big business …
NYT DealBook: Hargreaves Lansdown, a big British retail investment platform, agreed to sell itself for $6.9 billion to a group led by Abu Dhabi’s sovereign wealth fund. (CNBC)
We need regulatory clarity on whether social media platforms are publishing companies or communication platforms. Without this clarity, we cannot properly regulate the spread of misinformation and hate on these platforms …
John Lothian News: Social Media Platforms Show Little Interest in Stopping Spread of Misinformation
Aisha Counts - Bloomberg - Changing priorities
It's been more than a week since riots first erupted in the UK and misinformation about a fatal stabbing killing three children circulated across TikTok, X and other social media sites. The UK telecommunications regulator has urged the companies to take action to stop people from using their platforms to incite violence. Despite the real-world consequences, there has been radio silence from the social media giants.
/jlne.ws/3M43ZJb
Africa rising …
Morningstar: Adenia, a leading private equity firm focused on growth opportunities in Africa, has finalized the sale of its 100% equity stake in OMOA Group (“OMOA”) to SPE Capital, a private equity firm focused on the Middle East and Africa.
https://www.morningstar.com/news/business-wire/20240806740516/adenia-sells-leading-african-payment-industry-player-to-spe-capital
E-payments are big business, everywhere …
John Lothian News: Philippine Fintech GCash Still Eyeing IPO After MUFG Investment
Ditas B Lopez - Bloomberg
The Philippines' top mobile payments provider GCash is still keen on going public after its latest investment round pushed the fintech company's valuation to $5 billion. "We recognize that the new round of investments further strengthens Mynt's ability and position coming into an IPO," Globe Fintech Innovations Inc. CEO Martha Sazon said Wednesday. Globe Fintech, or Mynt, is the parent of GCash and the entity that will do the initial public offering. /jlne.ws/4dzPlVS
Pundits are saying that nuclear energy is essential to dealing with climate change issues …
Visual Capitalist on X: Global nuclear capacity is set to rise by over 75%. With global pledges to boost nuclear capacity by 2050, the prospects for nuclear power's future are promising. Turkey ranks 10th in terms of Nuclear Power Capacity by Country.
https://www.visualcapitalist.com/sp/ranked-nuclear-power-capacity-by-country/
A soft landing at best … a recession at worst …
gfma: JPMorgan raises likelihood of US recession
JPMorgan Chase now estimates a 35% chance of a US recession by the end of the year, up from 25% last month. Data points to a "sharper-than-expected weakening in labor demand and early signs of labor shedding," JPMorgan economists said.
Progress: The deep fiscal and monetary structures of the US economy, which have not changed in 200 years, will generate the next boom and bust just as they have done so in the past. But the Crash of 2026 will be much worse than that of 2008, because as the US government continues its annual trillion dollar deficits, by 2024, the US debt will have grown so large that US bonds will no longer be considered safe, and in the financial crisis, the US will no longer be able to borrow the funds needed to bail out the financial firms.
https://www.progress.org/articles/the-depression-of-2026?s=03
The Kobeissi Letter:
1. Inflation has been at or above 3% for 39 straight months
2. A record number of Americans are working multiple jobs
3. ~9% of credit card balances became delinquent over the last year
4. Housing market affordability is near record lows
5. Mortgage demand is at its lowest levels in 30 years
6. The US Dollar has lost 25% of its purchasing power in 4 years
This is not a "soft landing."
A popular uprising in Bangladesh has changed the ruling government …
International Intrigue: Bangladesh: Nobel laureate Muhammad Yunus has now been sworn in as the leader of Bangladesh’s interim government, four days after protesters forced long-time leader Sheikh Hasina to resign and flee in a chopper. Yunus, who’d been a vocal critic of Hasina, congratulated the protesters for giving Bangladesh “a second independence”.
Edward Rees on X: Given events in Bangladesh it’s amazing to think that it has not had a foreign correspondent based there for a decade or so. A country of 170 million and no resident foreign journalists.
How indeed …
Daniel Munevar on X: Debt crises often fuel political upheaval in developing countries. In Bangladesh, 25% of government revenue is consumed by interest payments, one of the highest ratios in the world. How can development take priority in such a context?
https://unctad.org/publication/world-of-debt/dashboard
But will increase cross border violence …
Security and Defence Forum: Mexico-US: Dismissal of lawsuit against arms manufacturers will decrease compliance risks
On 7 August, a US judge dismissed much of Mexico’s USD 10 billion lawsuit aiming to hold firearms manufacturers responsible for facilitating the trafficking of guns to Mexican cartels. The judge dismissed claims against six of the eight companies due to the case’s weak connection to Massachusetts, where Mexico filed the case. The Mexican authorities allege that over 500,000 firearms are trafficked from the US every year, with over 68% manufactured by the eight companies involved in the lawsuit. Mexico indicated that it would not drop the lawsuit despite the setback. Instead, it will continue to fight in appeals and other courts if necessary. In the short term, the dismissal will likely decrease compliance risks for arms manufacturers. However, Mexico’s commitment to fighting the case will sustain reputational risks for such businesses in the long term. Furthermore, we assess that the dismissal will likely marginally increase bilateral tensions between Mexico and the US.
Africa rising …
Bloomberg: Ghana, Africa’s biggest gold producer, opened its first refinery in a bid to reap more value from its natural resources. Country’s first refinery will source gold from small mines. Gold has been mined in present-day Ghana for centuries.
https://www.bloomberg.com/news/articles/2024-08-08/africa-s-top-gold-producer-opens-maiden-plant-to-refine-bullion?utm_content=africa&cmpid%3D=socialflow-twitter-africa&utm_campaign=socialflow-organic&utm_medium=social&utm_source=twitter
Good move …
John Lothian News: UK to introduce bill to regulate ESG rating agencies; Announcement by chancellor Rachel Reeves comes amid global drive to increase transparency of sector
George Parker and Lucy Fisher - Financial Times
A new UK law to regulate agencies that evaluate the environmental, social and governance performance of companies is to be brought forward next year, Rachel Reeves has announced. The chancellor's crackdown on the sustainable ratings industry - a largely unregulated sector that wields broad influence over trillions of pounds' worth of investments - is part of a global drive to increase transparency of the sector. /jlne.ws/46AyEHH
How companies treat staff is influenced by several factors - culture is one of them …
Bloomberg: A London court ruled that the Kuwait Investment Authority, which manages a sovereign wealth fund in excess of $800 billion, can be sued in the UK, opening the door for employees to launch legal action against the unit that has previously asserted diplomatic immunity.
https://www.bnnbloomberg.ca/investing/2024/08/08/800-billion-gulf-wealth-fund-can-face-uk-suits-after-court-loss/
The Global South is rising …
Agathe Demarais on X: China has supplanted the US as India’s top trading partner
India-China trade relationship is deeply unbalanced; India records US$85bn trade deficit with China. Indian firms get nearly half of supplies from China for electronics, machinery, chemicals and steel goods.
UAE always ahead …
lara Abdul Malak (@larissa74leb): UAE Dubai Court of First Instance recognizes crypto as a form of salary payment
https://laraontheblock.com/uae-dubai-court-of-first-instance-recognizes-crypto-as-a-form-of-salary-payment/
Now that is an interesting company …
John Lothian News: New, lower-cost carbon-capture materials in development in Japan Kenta Ando - Nikkei Asia
Japanese companies are preparing to roll out new carbon-capture technologies designed to slash the cost of removing carbon dioxide from industrial emissions. Materials group Nitto Denko will spend roughly 2 billion yen ($13.6 million) to manufacture separation membranes, which remove CO2 from emissions before it is released into the atmosphere. Mass production is due to start as soon as next year.
/jlne.ws/3LXlQBO
Regional turmoil continues to have a financial impact (both positive and negative) on many …
Yahoo Finance: Dubai-based port operator DP World's half-year profits fall nearly 60%, in part over Red Sea attacks
FT: Maersk says companies are bringing orders forward on US-China trade war threat. ‘People would rather have Christmas goods already in the warehouse,’ says chief of container shipping group.
NYT DealBook: The Biden administration reportedly plans to escalate its trade war with China. Officials plan to propose limits on the sale of Chinese software for internet-connected and autonomous driving as soon as this month, Bloomberg reports. The potential measure is meant to prevent U.S. drivers’ data from being sent to China and to block Chinese suppliers from gaining a foothold in America.
My money is in frontier and emerging markets, selectively …
IMF: Net capital flows to emerging markets, excluding China, have recovered to highs not seen since 2018. It’s a striking sign of resilience.
https://x.com/IMFNews/status/1821506397953216878t=Wx1zK1LjrQVK0n76UUXeug&s=03
Stock markets are also in the business of information provision …
John Lothian News: TMX Acquires Newsfile
TMX Group via MarketsMedia
TMX Group Limited announced it has acquired Newsfile Corp. (Newsfile), the largest Canadian-owned news dissemination and regulatory filing provider. "TMX Group is committed to delivering best-in-class products and services; we are always looking at ways to add new capabilities to better serve our clients today and well into the future," said Loui Anastasopoulos, CEO, Toronto Stock Exchange and Global Head of Capital Formation, TMX Group. "The acquisition of Newsfile, a client-first newswire and regulatory filing solutions provider, bolsters our Capital Formation business as we continue to expand our offerings beyond listings." /jlne.ws/3WXRIMZ
This curve continues to go up …
Economy Middle East: Arab stock exchanges exceed market cap of $4.17 trillion in H1 2024: AMF
https://economymiddleeast.com/news/arab-stock-exchanges-exceed-market-cap-of-4-17-trillion-in-h1-2024-amf/
Another reason why West tensions with China are very much relevant to the global economy …
Agathe Demarais on X: South Korea’s role as major chip producer means country is critically important to global economy. Samsung produces 41% of the world’s DRAM chips and 33% of NAND memory chips. Many of world's biggest firms, including Apple, Qualcomm or Deutsche Telekom, depend on Samsung.
Using state funds and sovereign wealth funds to general local economic growth is a call we are hearing in many frontier and emerging market …
John Lothian News: Malaysia Taps State Funds to Invest $27 Billion Domestically
Ram Anand - Bloomberg
Malaysia is setting up a program to tap state-linked funds to make 120 billion ringgit ($27 billion) in direct investments locally in the next five years to "catalyze growth in key economic sectors," the Ministry of Finance said. /jlne.ws/3ylVBSp
So …. we need nuclear power to address climate change issues but climate change is fighting back !
Francesco Sassi on X: Electricite de France SA will likely curtail production at nuclear reactors starting this weekend as hot weather restricts the amount of water that can be discharged into the Rhone River. Hot weather means nuclear operators can’t cool reactors. Temperatures on continent may reach 40C in coming days.
https://www.bloomberg.com/news/articles/2024-08-08/france-warns-of-nuclear-power-cuts-as-heat-triggers-water-curbs?srnd=phx-industries-energy&sref=SamVlrGx
Infrastructure investing in the Middle East is the next big thing …
WREG: BoCG Ventures is pleased to announce the successful structuring and commitment of a cornerstone investment for its Antifragile Fund Series, which will focus on strategic investments in sovereign, infrastructure, private equity, and venture capital deals within the Middle East and North Africa (MENA) region.
https://wreg.com/business/press-releases/ein-presswire/733847339/bocg-ventures-secures-20m-usd-cornerstone-investment-for-inaugural-antifragile-fund-series-focused-on-mena-region/
The many advantages of index investing …
gfma: ETF inflows hit record $195B in July
July saw record-breaking ETF inflows of $195 billion globally, with US-listed ETFs receiving $124 billion. Fixed income ETFs attracted $60.5 billion, equity funds $127 billion, and gold ETFs $3.2 billion. Inflows were driven by expectations of Federal Reserve rate cuts, analysts said, adding optimism had remained strong despite market turbulence over the past few days. Full Story: Financial Times (08 Aug.)
A regional hero is gradually emerging …
Zawya: BHM Capital Financial Services has announced that it will be seeking the shareholders' approval for acquisition of UAE-based AlWaqan Capital Investment. The transaction will be done through a capital hike of AED4.85 billion ($1.32 billion) in exchange for issuance of new shares.
https://www.zawya.com/en/world/middle-east/dubais-bhm-seeks-shareholders-nod-to-acquire-uaes-alwaqan-capital-rx5jx11k
A company of note …
MEIRA: Established in 1962 in Kuwait, Gulf Insurance Group is one of the largest and most diversified insurance groups in the Middle East and North Africa with operations in life and non-life as well as Takaful insurance. Evolving from its origin as a prominent personal and commercial insurer in Kuwait, Gulf Insurance Group has now solidified its standing as a regional insurance powerhouse in the MENA region.
With more than 100 branches across 12 markets, +3,950 employees and +3.5 million customers GIG is delivering unprecedented growth for a sustainable future.
The Group enjoys a strong competitive market position in Kuwait, Bahrain, Jordan and Egypt and excellent operational footprints in UAE, KSA, Turkey, Algeria, Qatar, Oman, Iraq, and Lebanon with reported consolidated assets of US$ 3.83 billion as of 31 Dec 2023.
The Group has attained a competitive edge in its markets through the implementation of a comprehensive approach involving latest IT services, Innovation in Products and Distribution, strong Customer Relations Management, and robust Enterprise Risk Management. Furthermore, GIG utilizes the best standards in corporate governance Corporate Governance, prudent underwriting practices, and its decentralized Business Model focusing on Human Capital Development and Digitalization.
The Group prides itself on the distinguished quality offerings to meet the everchanging customer needs and exceed their expectation. We enjoy providing the utmost professional and personalized attention to both individual and corporate clients in their current and future insurance needs.
GIG is a majority-owned subsidiary of Fairfax Financial Holdings Limited, a Canadian holding company listed on the Toronto Stock Exchange, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Learn more on: www.gulfinsgroup.com
The Indian capital market is a sleeping giant …
John Lothian News: Indian Companies Shun Global Worries to Push Ahead With Listings; IPOs raised $5.6 billion this year, bigger debuts in offing; Local funds have enough liquidity to absorb large sales
Ashutosh Joshi and Dave Sebastian - Bloomberg
India's bustling initial public offering market is barreling ahead with bigger debuts, shrugging off this week's global equity selloff. The nation saw 189 companies going for fresh share sales to raise $5.6 billion this year, making it one of the busiest markets in this space. At least 30 IPOs are in the offing as demand powered by domestic money pushes companies to explore listing. /jlne.ws/46EKaSd
Investing in “markets” rather than what is being traded on them is an interesting strategy …
FT: Abu Dhabi-based sovereign wealth fund ADQ is to take a stake in Sotheby’s as part of a $1bn capital injection alongside existing owner Patrick Drahi as the auction house seeks to cut debt and fund growth.
https://www.ft.com/content/12532986-ee2d-46f0-97e3-67759ec7f7a7?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content
The global race for minerals …
FT: Qatar invests in US-backed fund to loosen China dominance of critical minerals. Qatar’s sovereign wealth fund has agreed to invest $180mn in TechMet, a Dublin-based mining investment vehicle backed by the US International Development Finance Corporation, the country’s development bank.
https://www.ft.com/content/7f07d21b-310e-413b-a4b4-5d9be274ea28?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content
And now we see both individuals and states going back to gold …
John Lothian News: [two days ago was] the birthday of the modern financial markets era. It was 53 years ago today, on August 15, 1971, that President Richard Nixon announced the suspension of the U.S. dollar's convertibility into gold, effectively ending the gold standard. This event is commonly referred to as the "Nixon Shock." It marked the transition to a fiat currency system, where the value of currency is not directly tied to a physical commodity like gold.
Wealth management is big business in the Middle East …
FT: Conference: FUTURE OF ASSET MANAGEMENT MIDDLE EAST
18 - 19 February 2025 at The Ritz - Carlton Abu Dhabi
https://foammiddleeast.live.ft.com/?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8&source=myft-daily-email
There are antimony mines in the Middle East …
John Lothian News: China to limit antimony exports in latest critical mineral curbs
China will impose export limits on antimony and related elements in the name of national security, its commerce ministry said on Thursday, Beijing's latest move to restrict shipments of critical minerals in which it is the dominant supplier. China accounted last year for 48% of global mined output of antimony, a strategic metal used in military applications such as ammunition, infrared missiles, nuclear weapons and night vision goggles, as well as in batteries and photovoltaic equipment. /jlne.ws/4crw2Nx
China Mideast ties grow …
China Daily: 175 Chinese language teachers for primary and middle schools will begin their careers in Saudi Arabia in mid August.
https://www.chinadaily.com.cn/a/202408/06/WS66b177eca3104e74fddb89b8.html
The real estate sector is suffering globally …
John Lothian News: UBS to put Credit Suisse Real Estate Fund International into liquidation
Adria Calatayud - MarketWatch
UBS Group said its Swiss fund-management business decided to put Credit Suisse Real Estate Fund International into liquidation amid limited liquidity in real-estate markets in the bank's latest step to unwind parts of the portfolio of former rival Credit Suisse. The Swiss banking group said Thursday that it would have to sell most liquid assets within the fund's portfolio to meet outstanding 2023 redemption requests at an inopportune time in the real-estate market. This would hurt remaining investors, diminish the attractiveness of the rest of the portfolio and likely trigger further redemptions, the bank said. /jlne.ws/3yv9MEN
Faith based investing is big business in the Middle East …
Deloitte: Shariah compliant equities in GCC markets: Performance overview and insights into growth drivers.
https://www2.deloitte.com/xe/en/pages/about-deloitte/articles/smooth-transitions---deloitte-middle-east---me-pov-44/shariah-compliant-equities-in-gcc-markets.html
China and the West both playing this card when it comes to FDI …
International Intrigue: China’s pharmaceutical industry is warning that recent foreign buyouts could pose a national security risk, according to the South China Morning Post. Since December, five China-based drug-makers have been sold to global pharma giants like AstraZeneca and Novartis.
Where is this investment going ?
The Circuit: Saudi Arabia’s Public Investment Fund has pumped another $1.5 billion into electric vehicle start-up Lucid Motors ahead of the launch of its first SUV later this year, The Circuit reports.
PIF, which already has a 60% stake in California-based Lucid after investing about $8 billion over several years, will buy $750 million in convertible preferred stock and provide a $750 million loan facility through Ayar, an affiliate investment company.
Nasdaq-traded Lucid reported Q2 earnings on Monday, recording a $790 million net loss, but beating analyst expectations with $200 million revenue after delivering 2,394 cars in the quarter.
Investing in those that serve the prospectors rather than the prospectors themselves …
The Circuit: Saudi Arabia’s Zahid Group is in talks to acquire South Africa-based Barloworld, the distributor in Africa for Caterpillar’s construction and mining equipment, which has an approximate corporate value of $886 million, Bloomberg reports.
John Lothian News: Singapore Passes Anti-Money Laundering Bill
Yongchang Chin - Bloomberg
Singapore has passed legislation designed to tighten gaps around the policing of money flowing into the Asian financial hub. The new law will enhance the ability of government agencies to detect and enforce money laundering through data sharing and other prosecutorial means, according to a reading in parliament on Tuesday by Josephine Teo, Minister for Digital Development and Information, and Second Minister for Home Affairs. /jlne.ws/4dAHNCt
Geopolitical tensions continue to exact a price …
The Circuit: Jordan has asked all airlines landing at its airports to carry 45 minutes of reserve fuel, in what experts see as a precautionary measure in case of an attack by Iran against Israel, Reuters reports.
Don’t take liquidity for granted, especially if you are trying to exit during a sell-off…
John Lothian News: Retail brokers hit by outages during US stock sell-off; Customers reported trouble accessing accounts as US equity markets opened and promptly plunged
Will Schmitt and Madison Darbyshire - Financial Times
Brokerages such as Charles Schwab, Vanguard and Fidelity experienced outages on their trading platforms on Monday, leaving some retail investors unable to trade during one of the sharpest market routs in years. The S&P 500 and Nasdaq indices tumbled after the markets opened, led by sharp fall from big tech stocks such as Nvidia, which briefly dropped 15 per cent before clawing back some ground.
/jlne.ws/3LUgeIw
Temenos, the core banking system provider, has a strong presence in the Middle East …
Mondo Visione: Kuwait’s Boubyan Bank Selects Temenos To Modernize Retail, Corporate And Private Banking Platform - Boubyan Is Migrating To Temenos’ Modern Core Banking Platform To Enhance Business Agility And Operational Efficiency.
https://mondovisione.com/media-and-resources/news/kuwaits-boubyan-bank-selects-temenos-to-modernize-retail-corporate-and-private?disablemobileredirect=true
The global giant challenging financial analysts …
John Lothian News: Saudi Aramco to pay out $124bn as it says oil demand underestimated; Dividend of world's largest oil company has been growing at an annual pace of 30%
Shotaro Tani and Malcolm Moore - Financial Times. /jlne.ws/3ysNOSG
Latin America rising …
FT: EU and the Mercosur group of five South American countries aim to conclude negotiations for a long-delayed trade deal before the end of the year. Agreement is two decades in the making, despite French objections. Mercosur, which includes Brazil, Argentina, Uruguay, Paraguay and Bolivia, is a sought-after destination for EU exporters.
https://www.ft.com/content/cae11511-f279-4466-9267-d978dfde6f6a?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content
Well done, Oman ! An Omani AIM-like market in the making to support SME access to finance …
EY: Oman unveils Capital Market Incentives Program to boost economic growth
https://globaltaxnews.ey.com/news/2024-1544-oman-unveils-capital-market-incentives-program-to-boost-economic-growth
Abu Dhabi’s Tabadul stitching together fragmented liquidity pools across frontier and emerging markets …
WAM: Abu Dhabi Securities Exchange signs MoU with Armenia Securities Exchange. “The Abu Dhabi Securities Exchange is one of the largest in the Middle East and has recently launched a new platform, Tabadul, designed for exchange member brokers. This platform enables brokers to trade across connected exchanges, granting them easy access to foreign exchange instruments without the need to open accounts abroad.”
https://www.wam.ae/en/article/b4o55ak-abu-dhabi-securities-exchange-signs-mou-with
Mideast’s “market makers light” business model taking shape …
MEIRA: QMM's mission is to enhance liquidity and market efficiency in capital markets, which ensures that issuers benefit from increased market activity, fairer pricing, and heightened investor interest. As one of the most prominent market makers and liquidity providers in the region, and the largest on Abu Dhabi Securities Exchange (hashtag#ADX), QMM leverages cutting-edge technology and extensive expertise to enhance market liquidity and boost investor confidence. Additionally, QMM stands as the leading securities lending and borrowing agent on ADX. The highly experienced and dedicated team at QMM excels in creating and optimizing liquidity, ensuring highly tradeable securities. This dedication not only reduces transaction costs but also facilitates smoother and more efficient trading for all market participants. The efforts of QMM have resulted in significantly enhanced addressable liquidity which has benefitted all market participants across the capital markets ecosystem.
Developing a secondary market for corporate bonds in the Middle East is critical for the development of the region’s capital markets …
Amman Stock Exchange: ASE lists first issue of corporate bonds issued by Siniora Food Industries Company (owned by the conglomerate APIC) in dollars, with maturity date 10/03/2029. Total of 800 bonds with a nominal value of USD 100,000 per bond, and with a total value of USD 80 million listed, with a fixed annual interest rate of 7.75%, as of 16/07/2024.
What is happening to Europe and where is it heading economically ?
Michael Arouet on X: 20 or 30 years ago, each major US company had a German and/or French equivalent. Today equivalents of US tech giants are in China and Europe is on its way to become an open-air museum. What happened?
Baseball comes to the Middle East …
The Circuit: Baseball United, the first professional baseball league focused on the Middle East and South Asia, announced plans to start its opening season Oct. 23 in the UAE, with a championship tournament scheduled for next February.
Last week, I remembered William Cohen’s book on Lazard (link below), which I read many years ago, as I was contemplating the times we live in. We live in times of change - rupture of existing economic, political, financial, security and social settings and models and the reconstruction of new ones.
What struck me reading this book back then, and stayed with me for more than 25 years, is the way the Lazard family managed to transition their wealth across geographic, political and economic boundaries during a time of rupture back then. And how lucky they were to find a few good individuals around them to help with this successful transition, which made all the difference.
https://www.amazon.com/Last-Tycoons-Secret-History-Lazard/dp/0767919793
Two weeks ago, I was at my local shawarma joint standing in line for my sandwiches. The wait was too much as I was in a hurry, so I left but kept the ticket with me. I went back a couple of days later, and Al Hanayen honoured it. Best shawarma and rotisserie chicken in Amman!
UPI: Disneyland honors free admission ticket won by California man in 1985
https://www.upi.com/Odd_News/2024/08/05/Disneyland-free-ticket-1985-39-years/2611722879050/?utm_source=archives.internationalintrigue.io&utm_medium=newsletter&utm_campaign=long-time-bangladesh-prime-minister-flees&_bhlid=9dcb2d28cb92855f50e09bd40ee2f46bdaec6c27
Arabic pop has been around for many years - it is getting more coverage in international media these days.
FT: Arabic pop is having its breakout moment. Musicians such as Bahraini duo Dar Disku and Palestinian-Chilean singer Elyanna are leading the charge.
https://www.ft.com/content/c5c878c4-3de6-4242-b68c-b5779f18d50f?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content
Archaeo Histories on X: Al Hajjarah mountain village in Yemen's Haraz Mountains, dating back to 12th Century.
“Poetry is just the evidence of your life. If your life is burning well, poetry is just the ash.”
Leonard Cohen
All the best
Majd