November, 2022

• 8 November

  Hub71, Yahsat to advance tech for satellite operations from Abu Dhabi

  

  Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, and Al Yah Satellite Communications Company (Yahsat) on Monday announced a collaboration to accelerate startup technology adoption in satellite communications. Through this partnership, Yahsat will work with founders in the Hub71 community to advance technological innovations that support the development of the UAE’s mobile satellite capabilities. The first contract resulting ...

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• 8 November

  Hong Kong bankers fear for their careers

  

  Shuli Ren It was supposed to be a big celebration for Hong Kong. This week’s Global Financial Leaders’ Investment Summit, organized by the city’s central bank, was meant to showcase the revival of Hong Kong as Asia’s financial hub, after years of isolation that resulted from stringent Covid controls. But the mood is all gloom and doom. Since China’s Communist ...

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• 8 November

  It’s not just about the economy, stupid

  

  Stephen Mihm The midterms are here, and with it predictions that the nation’s economic woes will cost Democrats control of Congress. As one pundit on Fox News recently declared, political consultant James Carville’s 1992 adage, “It’s the economy, stupid,” still applies. Polling data seems to support this point of view. But applying a 30-year-old rule of thumb for a presidential ...

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• 8 November

  Kotak to recruit 20 investment bankers in bet on M&A recovery

  

  Kotak Mahindra Bank Ltd.’s investing banking arm is planning to expand its operation by hiring about 20 bankers, betting on a rebound in deals activity next year. The addition would mean a 25% increase to its current 80-strong investment banking unit, according to S Ramesh, managing director and chief executive officer of Kotak Investment Banking. The firm is looking to ...

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• 8 November

  PayPal, Apple to accept each other’s products

  

  PayPal Holdings Inc. announced it has reached a truce with Apple Inc. and the two technology giants will begin accepting each other’s products in their separate payment ecosystems. Starting next year, PayPal and Venmo debit cards will be accepted inside the Apple Wallet, meaning consumers will be able to use them anywhere Apple Pay is accepted, PayPal said in a ...

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• 8 November

  UBS expands into ‘Brazilian Texas’

  

  UBS Group AG is branching out into rural Brazil to find millionaires created by rapid growth in the agribusiness and tech industries. The Swiss bank plans to open a wealth-management office in the midwestern city of Goiania, the capital of what’s known as Brazilian Texas because of its similarities to the farm-rich US state. Another will open this month in ...

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• 8 November

  McDonald’s China lines up $2 billion in bank loans

  

  The operator of McDonald’s restaurants in China has raised about $2 billion in bank loans to free up liquidity that will help operate the business, according to people familiar with the matter, as the country maintains its zero-tolerance approach to fighting Covid-19. Chinese state-backed Citic Ltd., Citic Capital and US private equity firm Carlyle Group Inc. acquired control of the ...

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• 7 November

  Amazon freezes hiring in advertising business

  

  Amazon.com Inc. is freezing staffing levels in its profitable advertising business, according to a person familiar with the matter, showing that the world’s largest e-commerce company is taking more drastic measures to align expenses with slowing sales. The headcount freeze was announced internally, said the person, who asked not to be identified because the plans are private. Amazon will continue ...

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• 7 November

  Boeing’s 737 deliveries dip in October on new fuselage flaw

  

  Boeing Co. only delivered 27 of its cash-cow 737 jetliners last month as its quality inspectors found and fixed a flaw in some of the narrowbody jet’s frames, Stan Deal, the planemaker’s commercial chief, told investors. That’s a dip from the 37 narrowbodies that Boeing handed over in September. While the planemaker isn’t expected to reveal its full monthly deliveries ...

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• 7 November

  Pilot strike spurs Kenya Airways to cancel 75% flights

  

  Kenya Airways Plc canceled about 75% of scheduled flights Monday as a pilots strike enters its third day, disrupting travel plans for thousands of passengers and hurting intra-Africa trade. The carrier scrapped 52 flights, according to a statement. The company has had to accommodate 500 passengers in hotels in Nairobi, Chief Executive Officer Allan Kilavuka said. A prolonged strike may ...

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