October, 2021

• 26 October

  WeWork learns lesson from IPO fail

  

  Two years ago, a failed initial public offering made WeWork Inc the poster child for startup excess and corporate governance failure. Today, the shared-office provider finally joins the public markets, having completed a merger with a blank-check firm, BowX Acquisition. Its shares will trade on the New York Stock Exchange and the ticker is, of course, “WE.” This has been ...

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• 26 October

  SE Asia’s new coal plan has only half a solution

  The Asian Development Bank (ADB) and a handful of financial institutions will take an ambitious proposal to end Southeast Asia’s coal addiction to the COP26 climate talks. They want to speed up the shift away from the dirtiest fossil fuel by buying out coal-fired power plants and closing them early, while fostering green alternatives. Good news, considering the ADB only ...

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• 25 October

  Can regulators save a failing cryptocurrency?

  Cryptocurrency has so far failed to sweep away government-issued money, or to bring about the broader revolution that its most ardent enthusiasts envision. But what if the underlying technology could be harnessed to transform traditional fiat currencies — for example, by making them much easier and cheaper for more people around the world to use? This goal might be attainable ...

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• 25 October

  Emerging-market stocks roar higher on signs of best earnings

  

  Bloomberg Investors in emerging-market stocks are finally getting rewarded, as promising signs for company earnings prompt the longest weekly rally since June. For the first time in three years, developing-nation companies are beating profit forecasts, with average earnings coming in 3.6% above analysts’ projections, according to data compiled by Bloomberg. That helped to deliver a third week of gains for ...

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• 25 October

  Alibaba has lost $344b in world’s biggest wipeout

  

  Bloomberg Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October. Yet one year on, the technology titan has lost a whopping $344 billion in market capitalisation — the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg. Shortly after the ...

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• 25 October

  Japan to miss target with $7.4b postal stake sale

  Bloomberg The Japanese government will raise 843 billion yen ($7.4 billion) from the sale of Japan Post Holdings Co shares — about $1 billion short of its original target — in the ongoing privatisation of the postal and financial-services giant. Shares in the secondary share sale were priced at 820.6 yen apiece, according to a statement, marking a 2% discount ...

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• 25 October

  UAE reaffirms support to increase trade exchange among GCC nations

  

  ABU DHABI / WAM A UAE delegation, led by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, attended the 61st Gulf Cooperation Council (GCC) Trade Cooperation Committee meeting that took place in Manama, Bahrain. The meeting was attended by Dr Nayef Al Hajraf, Secretary-General of the GCC, as well as high-profile officials and ministers of trade ...

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• 25 October

  Aldar to recruit 1,000 UAE nationals in next five years

  

  ABU DHABI / WAM Aldar Properties will create employment opportunities for 1,000 UAE nationals over the next five years in line with the ambitious Emiratisation goals set out in the UAE’s ‘Projects of the 50’ initiative. The announcement reaffirms the company’s commitment to increase Emiratisation levels in the private sector and develop the next generation of highly skilled local talent ...

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• 25 October

  Abu Dhabi Media launches Majid Universe app

  ABU DHABI / WAM Abu Dhabi Media (ADM), the company behind the popular pan-Arab children’s comic magazine, TV channel and website, Majid, has launched Majid Universe – a brand-new app that takes the Arab world’s favourite animated characters into the digital age. Available on iOS and Android devices and Apple TV, via monthly and annual subscriptions, the Majid Universe app ...

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• 25 October

  Saudi to use $110b gas field for blue hydrogen

  

  Bloomberg Saudi Arabia said it would use one of the world’s biggest natural-gas projects to make blue hydrogen, as the kingdom steps up efforts to export a fuel seen as crucial to the green-energy transition. A large portion of gas from the $110 billion Jafurah development will be used for blue hydrogen, according to Energy Minister Prince Abdul Aziz bin ...

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