Business

Companies that spent billions on poorly timed acquisitions in recent years are now offloading those assets at knockdown prices.Alibaba Group Holding Ltd announced on Tuesday it’s going to sell Chinese department-store chain Intime to a local apparel group for $1bn. The price is around 30% of the company’s valuation when Alibaba bought it during the heady days of 2017. The Internet giant, which has largely abandoned its acquisitive ways amid government pressure, said it will book a $1.3bn loss on the transaction.The deal came a day after BlackBerry Ltd said it would divest its Cylance endpoint security unit to software startup Arctic Wolf for $160mn plus a small amount of stock. That’s a far cry from the $1.4bn BlackBerry paid when it agreed to buy the business in 2018. Under BlackBerry’s ownership, Cylance reported substantial losses and its revenue fell over 50%, according to Royal Bank of Canada analysts.The moves show how companies that were major acquirers during the boom times may sober up and regret those purchases only a few years later. Just last month, Just Eat Takeaway.com NV agreed to sell US food delivery service Grubhub for $650mn, a roughly 90% discount to the price it paid to buy the business at the height of the Covid pandemic.Overpayment was the inevitable byproduct of an era when competition for assets was fierce, according to Oliver Scharping, a portfolio manager at Berenberg.“Years of zero interest rates and pandemic-fuelled deal hysteria sent valuations soaring in hype sectors, often detached from fundamentals,” Scharping said. “Now, as the zeitgeist demands a sober look in the mirror, companies are trimming excess, dumping underperformers, and opting for brutal honesty over sunk-cost fantasy — even if it means a multibillion-dollar haircut.” Valeriya Vitkova, a senior lecturer at City University of London’s Bayes Business School, said that companies didn’t properly assess synergies and the expected benefits of some deals were overestimated.Now may be a good time to find buyers for these assets as the M&A market has become active again, Vitkova said. Overall M&A volumes have risen 16% this year to $3.2tn, according to data compiled by Bloomberg, and bankers expect the pace to pick up next year.These divestments allow the companies to focus on shoring up their main operations at a pivotal time. Alibaba has been working to reignite growth in its Chinese e-commerce division, where it faces fierce competition from PDD Holdings Inc and ByteDance Ltd.Meanwhile, BlackBerry Chief Executive Officer John Giamatteo is trying to turn around the company by devoting more attention to its Internet of Things business as well as its secure communications platforms.A representative for Just Eat Takeaway said the market has changed since it bought Grubhub, with competition increasing and sector valuations falling. The sale to Wonder Group Inc represents the “most attractive outcome” and “reflects the current trajectory of the business,” the representative said. Alibaba didn’t immediately respond to queries.A spokesperson for BlackBerry said it’s “incredibly pleased” with the outcome for Cylance, which will help profitability and let it focus on the growth engines in its portfolio. Investors seem happy too, with BlackBerry shares jumping 15% the day the deal was announced, the biggest gain since August 2023.Companies will continue to pursue divestments of acquisitions that didn’t work out, as markets are rewarding focus and punishing bloated firms, Berenberg’s Scharping said. That could provide good opportunities for cash-rich corporate buyers looking for bargains, as well as private equity firms that Bloomberg-compiled data show are sitting on $1.6tn of dry powder.“The pricing reset has reopened the gates for disciplined buyers to act,” Scharping said. “We’re seeing opportunists leverage cleaner balance sheets and tighter focus to pick up discounted assets with long-term upside.”

The rupee breaching 85 per dollar has traders speculating about the next line in the sand under the new central bank governor.The currency is expected to weaken further after falling to a record low on Thursday as signals of fewer Federal Reserve interest-rate cuts boost the dollar. Nuvama Institutional Desk predicts the rupee will hit 86 against the greenback by March-end, while Kotak Securities Ltd sees it breaching that level.While global factors weigh on the rupee, traders will be focusing on the central bank’s foreign exchange market interventions as new Governor Sanjay Malhotra succeeds a monetary regime that had firmly curbed volatility in the currency.“There’s going to be continued intervention from the RBI to limit the volatile moves, but given the pressure mounting on peers, particularly the Chinese Yuan, the rupee may not see very tight ranges,” said Sakshi Gupta, an economist with HDFC Bank Ltd, predicting the rupee in 85-86 per dollar bracket until March.The rupee has seen a series of record lows as the country’s trade deficit expanded more-than-expected in November to a record of $37.8 billion. Despite that, it fell the least among emerging Asia peers this year due to the RBI’s firm grip.While the RBI has not yet signalled a shift in its intervention strategy under the new chief, analysts say a decline in import cover may prompt the central bank to allow the rupee to weaken in line with peers.“Our sense is that now import cover is down to 10 months,” Standard Chartered Bank economist Anubhuti Sahay said. “The tolerance for a stronger dollar at the RBI increases significantly once the import cover moves toward nine months,” she said, predicting the rupee at 85.50 by the month-end.

Turkiye's central bank is expected to start a cycle of interest rate cuts next week after eight months of steady policy, according to a Reuters poll on Thursday.Fourteen of 17 poll respondents forecast that the bank would cut its policy rate next Thursday, according to the poll. Three respondents expect the central bank to keep rates on hold until the first quarter.While most expected that the easing cycle will be launched this month, economists differed over the size of the first cut.Five economists expect the first rate cut to be 150 basis points from the current 50% on the back of a slower-than-expected improvement in inflation, while five others see a 250 basis point easing next week.Two institutions expected the policy rate to be cut by 100 basis points while two forecast an easing of 200 basis points next week, according to the poll.To tackle inflation that has soared for years, the central bank has raised its policy rate by 4,150 basis points in total since mid-2023, reversing a previous low-rates policy championed by President Tayyip Erdogan to boost economic growth.As inflation started to decline, the central bank is expected to cut the policy rate by 2,150 basis points by the end of next year to 28.5%, according to the poll median.Forecasts ranged between 25% and 33%, in the poll. The central bank expects inflation to fall to 21% by the end of 2025.Citi said in a recent research note that an expected normalisation in unprocessed food prices and the central bank's latest communication suggest the easing cycle could start at the final meeting of the year."The combination of growing evidence of an economic slowdown and historically tight financial conditions faced by bank dependent borrowers also lends support to our view that a 250bp cut in December is likely. However, we concur that a less aggressive easing cannot be entirely ruled out."November inflation was higher than expected at 47.09% annually while monthly, it rose 2.24% on the back of unprocessed food prices. The central bank is monitoring monthly inflation closely as it decides when to cut its main interest rate.The central bank has said that the developments in food prices are outside the scope of the monetary policy. Separately, Governor Fatih Karahan said that although inflation is shifting slower than expected, the main trend continues to improve.Expectations the rate cutting-cycle would begin in December were heightened after the central bank revised its inflation forecasts in November, with Governor Karahan's remarks over maintaining monetary tightness as inflation declines.The central bank will announce its next interest rate decision on December 26.

A bumper pace of new share sales across the Middle East in 2024 is expected to continue next year, even though a few recent disappointing trading debuts have flashed warning signs on valuations.Firms have raised $13bn from initial public offerings in 2024, marking the Middle East’s second-best year since the pandemic. But unlike in previous years, buoyant early returns are no longer a given.The three largest Gulf offerings of the year — Talabat Holding PLC, OQ Exploration & Production SAOG and Lulu Retail Holdings PLC — had muted debuts recently after drawing significant demand. Lulu and Talabat’s deals were both upsized at a late stage, potentially leading to oversupply, some analysts said.“Investors are expressing more sensitivity on valuation, and are more attuned to paying for growth companies as opposed to just buying the yield opportunities,” according to Ali Khalpey, head of equity capital markets at EFG Hermes.Still, as Gulf governments continue a push to diversify their economies and deepen capital markets, market participants expect the rush of listings to continue.“I don’t see anything stopping it,” said Andrew Briscoe, Bank of America Corp’s head of equity capital markets syndicate in Europe, the Middle East and Africa. “IPOs haven’t all worked well of late, but I don’t think it stops the issuance levels, although it might impact investor interest.”For context on how busy it’s been, the United Arab Emirates is set to be the leading venue for listings in the broader Europe, Middle East and Africa region for the third year in a row, according to data compiled by Bloomberg. The UAE and Saudi Arabia also rank among the top ten venues for share sales globally.There were also sizeable IPOs outside those markets. Two large deals helped Oman leapfrog the likes of UK and Germany by total volume of share sales. The sultanate has a further pipeline of about 30 assets it wants to privatise, including logistics company Asyad Group and Oman Electricity Transmission Co, while OQ also plans to line up further listings in coming years.In the UAE, Abu Dhabi’s flag carrier Etihad Airways is considering a landmark IPO that could make it the first Gulf hub carrier to go public, while a conglomerate owned by Dubai’s ruler is weighing two real estate listings. Other potential deals include a classifieds website, an information technology services firm and a construction company.Saudi Arabia is also likely to see a string of listings, potentially including low-cost carrier Flynas, buy-now-pay-later unicorn Tabby and tech firm Ejada. The country’s wealth fund, which has been on a drive to raise cash, could sell stakes in medical procurement firm Nupco and a port operator.EFG Hermes’ Khalpey expects the kingdom to generate the largest number of IPOs next year, including both state-owned and private businesses.“Many companies have scaled over the last few years and want to take advantage of the positive macro trends in the kingdom,” said Khalpey, whose bank has advised on the highest number of listings in the Gulf in 2024, according to Bloomberg’s league tables. “That’s going to crystallise in a number of IPOs from different sectors.”Recent Saudi listings such as United International Holding and Tamkeen have tended to buck the trend of muted early trading seen in the UAE and Oman.While the uptick in IPO activity in the US and Europe has given investors more choice and an opportunity to be more discerning, there are reasons to believe more international money will flow to the Gulf.The IPO boom of recent years has meant that Middle Eastern volumes are becoming a larger part of global indexes, making it harder for global fund managers to ignore the region, according to Rami Sidani, head of frontier investments at Schroder Investment Management.Lulu’s IPO, for one, drew in Vanguard Group Inc and Singapore sovereign wealth fund GIC Pte.Meanwhile, about 60% of Saudi Aramco’s $12bn sale of existing shares was allocated to foreign investors, a marked shift from its 2019 listing, where only 23% of the shares went to international buyers. That deal was one of three share offerings by public companies in the Middle East this year.While sales of new and existing shares in listed firms are still relatively rare in the Gulf, more are expected next year. That will give investors opportunities to top up on stocks they might have missed out on during IPOs, while also helping firms reach the level of free float they need to be included in indexes.“Companies looking to do follow-ons will have to compete for investor attention amid a number of new names,” said Samer Deghaili, co-head of investment banking for the Middle East, North Africa and Turkey at HSBC Holdings Plc, which is the top-ranked institution for regional equity offerings by value, according to Bloomberg’s league tables.“For a company to do a follow-on, they will have to offer a strong growth story where investors can still come in and top up in the stock,” Deghaili said.

The largest oil producer in the United Arab Emirates is focused on closing its nearly $13bn acquisition of German chemical maker Covestro AG which would establish a base for international growth.Abu Dhabi National Oil Co, which secured 91.3% of Covestro stock after an offer period that closed on December 16, plans to keep it as a standalone business, according to the executive that led the UAE firm’s push for its biggest deal yet.“This deal was a milestone deal for us,” Khaled Salmeen, Adnoc’s executive director for downstream and trading, told Bloomberg Television in an interview. “We have a growth strategy around it” which Adnoc will implement once it completes the “significant amount of regulatory approvals” needed to close the deal, he said.Adnoc is the biggest oil producer in the United Arab Emirates. The country is expanding its energy business beyond oil to focus on natural gas trading and chemicals like plastics on expectation they’ll benefit from the energy transition.While Salmeen sees current markets as stable, Adnoc is preparing for a future that favours different types of energy supplies. China, for example, should see continued demand growth even though its gasoline consumption is unlikely to expand further, he said.“Globally fundamentals are sound and oil markets are strong,” Salmeen added. “We are far away from the peak oil scenario or peak energy.” Adnoc is still in the process of setting up XRG PJSC, its vehicle for expanding in international gas and chemicals businesses and developing low-carbon energy supplies like blue ammonia or biofuels, Salmeen said. The unit will hold the shares and become the majority owner of Covestro.XRG, announced last month with an $80bn enterprise value, is planned as Adnoc’s investment vehicle to expand in natural gas, chemicals and low-carbon energy. The company will hold the oil producer’s stake in a Middle East gas venture with BP Plc in addition to the Covestro stake.Adnoc offered nearly $13bn for Covestro in what’s set to be the largest Middle Eastern acquisition of a European firm. The takeover would give the state behemoth control over a pioneering company that supplies materials for some of the world’s most prominent phone and carmakers.

Some unions are born of necessity, others from convenience. In the case of Honda and Nissan's potential merger, it is mostly defensive as Chinese rivals take the world by storm.While the challenge from China's seemingly boundless EV expertise looms large for all traditional automakers, for Japan it represents a threat to the vast car-manufacturing supply chain that has been the country's economic engine for years.Honda, Japan's second-largest car company, and Nissan, its third-largest, are in talks to deepen ties, including the possibility of setting up a holding company, two people familiar with the matter said on Wednesday. The automakers are discussing a potential merger, one of the people said.Like other foreign carmakers, both Honda and Nissan have lost ground in China, the world's biggest auto market, as BYD and other domestic brands win over consumers with EVs and hybrids loaded with innovative software.Honda reported a 15% drop in quarterly profit last month, hit by the decline in China and has been scaling back its workforce there. Nissan — a long-struggling company — plans to cut 9,000 jobs globally and manufacturing capacity by 20% due to slumping sales in China and the US.Sanshiro Fukao, an executive fellow at the Itochu Research Institute in Tokyo, warns that the speed at which Chinese EV makers have been able to innovate means that Honda and Nissan have "no time" to pursue business as usual. "We're no longer in the age where carmakers would join together, churn out profits through economies of scale and then reinvest them in a five-year restructuring plan."Others note that any steep decline for Japan's auto industry would be particularly painful. It's the strongest sector in the world's fourth-largest economy and Japan's position in other key industries such as consumer electronics and chips has waned over the years."For Japan, it's ultimately all about cars. If the auto industry doesn't improve, then the whole of Japanese manufacturing will not get better," said Takumi Tsunoda, a senior economist at Shinkin Central Bank Research Institute.Japan's automotive supply chain totalled around 60,000 companies as of May this year, according to a survey by research firm Teikoku Databank. Total business transactions were estimated at ¥42tn ($270bn), equivalent to 7% of nominal GDP in the 2023 fiscal year.Broadly, the industry employs more than 5mn people, representing 8% of the entire workforce, according to the Japan Automobile Manufacturers Association.Consolidation through mergers can help by slashing costs and pooling resources but it remains to be seen whether Japan's auto industry — like the US or German auto industry — can sufficiently compete in EVs.Japan's automakers have been steeped in the country's traditions of "monozukuri" or manufacturing craftmanship, and have been influenced by market leader Toyota which revolutionised modern manufacturing with its system of lean production and just-in-time delivery of components.Those methods helped develop a culture of incremental improvement and production-line efficiency that powered the Japanese auto industry's rise from the late 1970s.However, the shift to battery-powered smart cars has seen much of the consumer's interest focus on software-reliant self-driving features and their digital experience inside the vehicle — areas where the Chinese excel.Among Japan's automakers, Toyota has been the most vocal about the potential harm from a dramatic shift to EVs, with Chairman Akio Toyoda warning in October that an EV-only future would lead to many job losses in the industry, especially at suppliers and those working on engines.Toyota has long championed what it calls a "multi-pathway" strategy that includes producing hybrids, hydrogen cars as well as EVs.Eikei Suzuki, a lawmaker from the ruling Liberal Democratic Party who represents Mie prefecture — home to a Honda plant and its Suzuka Circuit race course — said he hoped if Honda and Nissan were to integrate, it would increase their global competitiveness.But he added that if the merger were to adversely impact local manufacturing and employment, that would go against the policies of Prime Minister Shigeru Ishiba, who has pledged to revitalise Japan's provincial economies."We hope that consideration will be given to regional employment in Japan," he said.

A weaker euro falling to parity with the dollar would cushion the impact of any new US tariffs on eurozone growth although it would push up inflation, European Central Bank (ECB) policymaker Pierre Wunsch told Reuters yesterday.The Belgian central bank governor said in an interview with the Reuters Global Markets Forum that market bets on four more ECB rate cuts next year were a “meaningful” scenario, but he was open to taking a different path should inflation and growth data require it.The ECB cut rates last week on the back of a gloomier outlook and policymakers said the bank’s already lowered growth projections could prove too optimistic if US trade policy took a protectionist turn under President-elect Donald Trump.But Wunsch said a lower euro exchange rate against the greenback could take the edge off any new US tariffs on imports from the eurozone.“We’ve already seen the euro depreciating maybe 4% or 5% against the dollar,” he said. “So it would only take the euro to go to parity for a 10% tariff to be essentially compensated.”On the flipside, a weaker currency would push up inflation by making imports more expensive, Wunsch cautioned.The Belgian governor, in the past seen as a hawk who favoured higher borrowing costs, said he expected the ECB’s policy rate, currently at 3%, to fall by another percentage point if inflation settles at the ECB’s 2% target, as it expects.“I guess we will land at somewhere around rates of 2% on the basis of our forecast,” he said. He added that market bets on four more ECB rate cuts worth 25 basis points each in the next four meetings were broadly in line with the central bank’s thinking.“I am comfortable with it as a scenario that I find meaningful,” he said. “It’s relatively aligned to ours. But that’s give or take.”The ECB is due to review its long-term strategy next year. Wunsch said the central bank should drop a reference in its strategy document to reacting in an “especially forceful” way to below-target inflation.This is because extraordinary measures like massive bond purchases and negative rates were shown to be effective only when the economy is doing poorly while they have little traction when it is doing well, he argued.“I personally believe that we will have a not-so-easy discussion on the issue of reacting forcefully when we see inflation moving below target,” he said.“I’m not sure there is this broad consensus that as soon as you move to somewhere below 2% — of course not on a purely temporary basis — that you have to react very forcefully.”

Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signalling greater caution over how quickly they can continue reducing borrowing costs.The Federal Open Market Committee voted 11-1 yesterday to cut the federal funds rate to a range of 4.25%-4.5%. Cleveland Fed President Beth Hammack voted against the action, preferring to hold rates steady.New quarterly forecasts showed several officials pencilled in fewer rate cuts for next year than they estimated just a few months ago. They now see their benchmark rate reaching a range of 3.75% to 4% by the end of 2025, implying two quarter-percentage-point cuts, according to the median estimate.Only five officials indicated a preference for more reductions next year.A majority of economists in a Bloomberg survey had expected the median rate estimate would point to three cuts next year.Policymakers also made a subtle adjustment to the language of the statement released after their meeting, saying they would assess several factors “in considering the extent and timing of additional adjustments” to the policy rate.Previously, they merely said “in considering additional adjustments.”The S&P 500 index fell following the announcement, while US Treasury yields and the Bloomberg Dollar Index rose.Policymakers have now lowered their benchmark lending rate by a full percentage point since mid-September, when they began cuts with an aggressive half-point move. At the time, they were encouraged by falling inflation and worried the labour market was approaching a dangerous tipping point. Since then, the landscape has shifted. The labour market has proved resilient, with payrolls growing by an average 173,000 over the last three months. The unemployment rate ticked up to 4.2% in November, but remains low by historical standards. Powell said earlier this month that downside risks to the labour market appear to have receded.Policymakers now see the unemployment rate 4.3% in 2025, updated projections show. They also slightly raised their forecast for economic growth in 2025 to 2.1%. Meanwhile, recent price data has raised concerns that inflation may be stalling above the Fed’s 2% target, prompting a number of Fed officials to say they’d prefer to slow the pace of cuts.Some have done so while voicing confidence that inflation will continue to decline, pointing to factors such as an anticipated slowdown in housing costs.Others, like Fed Governor Michelle Bowman, have emphasised that inflation remains uncomfortably above the Fed’s goal.The median projection for inflation at the end of next year jumped to 2.5%, from 2.1% in September.Officials again raised their median estimate of where the policy rate will settle over the long run to 3% from 2.9%.Officials have said there is substantial uncertainty over where that so-called neutral rate, which neither promotes nor inhibits economic activity, lies following the Covid-19 pandemic.Some have suggested the neutral rate has moved higher, meaning officials can reach it with fewer cuts than previously anticipated.President-elect Donald Trump’s proposed policies on trade, immigration and taxation add another element of uncertainty to the inflation outlook. Depending on how they are structured, those could put upward pressure on inflation and constrain the labour market, according to some estimates. Powell has said the Fed is modelling and evaluating Trump’s proposals, but not yet incorporating them into decisions because it’s unclear what specific form the policies will take.

Italy’s UniCredit said yesterday it had raised its stake in Commerzbank to 28%, ratcheting up the pressure on the German lender while at the same time it pursues a bid for smaller domestic rival Banco BPM.UniCredit, which angered the German government when it emerged as Commerzbank’s biggest private investor in September, has sought European Central Bank clearance to get to 29.9%, just below the level that triggers a mandatory takeover offer.“The (Commerzbank) position remains at this time solely an investment and does not have any impact on the public exchange offer with Banco BPM,” UniCredit said in a statement.UniCredit has said that while a combination with Commerzbank would be the best outcome, it can also remain purely an investor and drive an improvement in Commerzbank’s performance, or even sell its stake and pocket gains.“This move reinforces UniCredit’s view that substantial value exists within Commerzbank that needs to be crystallised,” UniCredit said.A Commerzbank spokesperson said it continues to focus on its strategy, which it will present to investors on February 13. Shares in Germany’s second-largest bank were up 3.3% yesterday.UniCredit said that the ECB authorisation process, which can take up to 90 working days from when the central bank receives the documents, is ongoing and it was in touch with supervisors.The ECB declined to comment. Given the complexity of the evaluation, the ECB’s assessment is expected to take close to the entire period the supervisor has at its disposal. UniCredit applied in September. On Friday it said it was also applying for clearance of the BPM bid.UniCredit now holds 9.5% of Commerzbank directly and 18.5% through derivatives. It had previously raised its stake in Commerzbank, also with the use of derivatives, to near 21%.“UniCredit’s average entry price for the entire position is below current trading levels,” the Italian bank said, indicating it would be able to liquidate the investment in Commerzbank at a profit if it chose to.UniCredit is under pressure in Italy to improve its BPM bid, which is at a 14% discount to the market price as of Monday.Announcing the BPM bid, UniCredit CEO Andrea Orcel said his bank could not afford to be side-lined in accelerating consolidation in its home market.He said he was pausing expansion efforts in Germany until a new government was in place because of a rule that would force UniCredit to pay cash — and above a certain price — if it launched a full bid for Commerzbank within six months of acquiring at least 5%.UniCredit has owned Bavarian bank HVB since 2005. Since taking over as CEO in 2021, Orcel has tightened its grip on HVB and improved its performance by cutting staff, particularly senior roles, and automating processes.This provides a template to improve Commerzbank’s returns, UniCredit has said.

Honda and Nissan are in talks to deepen ties, two people said yesterday, including a possible merger, the clearest sign yet of how Japan’s once seemingly unbeatable auto industry is being reshaped by challenges from Tesla and Chinese rivals.A combined Honda and Nissan would create a $54bn company with annual output of 7.4mn vehicles, making it the world’s third-largest auto group by vehicle sales after Toyota and Volkswagen.The two firms already forged a strategic partnership in March to cooperate in electric vehicle development, but Nissan’s deepening financial and strategic trouble in recent months has added more urgency for closer cooperation with larger rival Honda.Nissan announced a $2.6bn cost savings plan last month that includes cutting 9,000 jobs and 20% of its global production capacity, as slumping sales in China and the US led to an 85% plunge in second-quarter profit.“This deal appears to be more about bailing out Nissan, but Honda itself is not resting on its laurels,” said Sanshiro Fukao, executive fellow at Itochu Research Institute.“Honda’s cash flow is set to deteriorate next year and its EVs haven’t been going so well.” Shares of Nissan closed nearly 24% higher in Tokyo trade on Wednesday, while shares of Honda, whose market value of $43bn is more than four times bigger than that of Nissan, declined 3%. Shares of Mitsubishi Motors, in which Nissan is the top shareholder with a 24% stake, gained nearly 20%.The automakers have been grappling with challenges from EV makers, particularly in China, where BYD and others have surged ahead.The talks between Honda and Nissan, first reported by the Nikkei newspaper, could allow the companies to cooperate more on technology and help them create a more formidable domestic rival to Toyota.The discussions are focused on finding ways to bolster collaboration and include the possibility of setting up a holding company, said the people, who declined to be identified because the information has not been made public.The companies are also discussing the possibility of a full merger, according to one of the people, as well as looking at ways to cooperate with Mitsubishi.Honda, Nissan and Mitsubishi said no deal had been announced by any of the companies, though Nissan and Mitsubishi noted the three automakers had said previously they were considering opportunities for future collaboration. French automaker Renault, a major Nissan shareholder, said it had no information and declined to comment.Renault shares jumped 6.5%.The three Japanese automakers are expected to hold a joint news conference in Tokyo on Monday, according to a source familiar with the matter.Taiwan’s Foxconn, which manufactures Apple’s iPhones and has been seeking to expand its nascent EV contract manufacturing business, approached Nissan about a bid but it was rejected by the Japanese firm, two separate sources familiar with the matter said.Bloomberg News reported earlier on Wednesday that Foxconn had approached Nissan to take a controlling stake.Foxconn did not immediately respond to a request for comment, while a Nissan spokesperson declined to comment on Foxconn.Over the past year, an EV price war launched by Tesla and BYD has intensified pressure on any automakers losing money on the next-generation vehicles. That has put pushed companies like Honda and Nissan to seek ways to cut costs and speed vehicle development, and mergers are a major step in that direction.“In the mid- to long-term, this is good for the Japanese car industry as it creates a second axis against Toyota,” said Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory.“Constructive rivalry with Toyota is a positive for the rather stagnating Japanese car industry when it must compete with Chinese automakers, Tesla and others.” Any merger would face significant US scrutiny and President-elect Donald Trump has vowed to take a hard line on imported vehicles, including threatening 25% tariffs on vehicles shipped from Canada and Mexico.

Qatar Central Bank (QCB) decided to reduce the current interest rates for deposits, lending and repo by 0.30% or 30 basis points (bps) Wednesday night.The new rates will take effect on Sunday, December 22, QCB noted.Qatar Central Bank’s deposit rate (QCBDR) will now be 4.60%, lending rate (QCBLR) 5.10% and repo rate (QCBRR) 4.85%.In a message on X, QCB said the rate cut followed its “assessment of the current monetary policy of the State of Qatar.Meanwhile, the United States Central Bank - Federal Reserve announced a quarter-point cut to its key interest rate last night, an effort to keep stable what appears to be a steady but cooling economy.

A weaker euro falling to parity with the dollar would cushion the impact of any new US tariffs on eurozone growth although it would push up inflation, European Central Bank (ECB) policymaker Pierre Wunsch told Reuters Wednesday.The Belgian central bank governor said in an interview with the Reuters Global Markets Forum that market bets on four more ECB rate cuts next year were a "meaningful" scenario, but he was open to taking a different path should inflation and growth data require it.The ECB cut rates last week on the back of a gloomier outlook and policymakers said the bank's already lowered growth projections could prove too optimistic if US trade policy took a protectionist turn under President-elect Donald Trump.But Wunsch said a lower euro exchange rate against the greenback could take the edge off any new US tariffs on imports from the eurozone."We've already seen the euro depreciating maybe 4% or 5% against the dollar," he said. "So it would only take the euro to go to parity for a 10% tariff to be essentially compensated." On the flipside, a weaker currency would push up inflation by making imports more expensive, Wunsch cautioned.The Belgian governor, in the past seen as a hawk who favoured higher borrowing costs, said he expected the ECB's policy rate, currently at 3%, to fall by another percentage point if inflation settles at the ECB's 2% target, as it expects."I guess we will land at somewhere around rates of 2% on the basis of our forecast," he said.He added that market bets on four more ECB rate cuts worth 25 basis points each in the next four meetings were broadly in line with the central bank's thinking."I am comfortable with it as a scenario that I find meaningful," he said. "It's relatively aligned to ours. But that's give or take." The ECB is due to review its long-term strategy next year. Wunsch said the central bank should drop a reference in its strategy document to reacting in an "especially forceful" way to below-target inflation.This is because extraordinary measures like massive bond purchases and negative rates were shown to be effective only when the economy is doing poorly while they have little traction when it is doing well, he argued."I personally believe that we will have a not-so-easy discussion on the issue of reacting forcefully when we see inflation moving below target," he said."I'm not sure there is this broad consensus that as soon as you move to somewhere below 2% — of course not on a purely temporary basis — that you have to react very forcefully."

The rollout of ultra-high-speed Starlink Wi-Fi is well underway at the national airline, Qatar Airways, with the carrier exceeding its own previously planned timeline of 14 jets by the end of the year. Starlink can now be found on 16 aircraft, with more joining over the coming weeks as new Starlink kits arrive from SpaceX in the US. Qatar Airways Group CEO Badr Mohammed al-Meer last week explained the rollout would have been even faster if the carrier could receive more Starlink kits at a faster rate.The integration of Starlink Wi-Fi represents a key component of Qatar Airways' "2.0 Vision", spearheaded by al-Meer, which prioritises innovation and digitisation. In terms of connectivity onboard, and the entertainment options it can provide, the move to champion Starlink puts Qatar Airways ahead of the competition in the region, which is one of the most fiercely competitive markets in the world.The first aircraft to be equipped with Starlink Wi-Fi was a Boeing 777-300ER. The airline is intending to roll out Starlink across all of its modern fleet by the end of next year.Qatar Airways’ Starlink Wi-Fi is free to all passengers, regardless of their class of travel, and will remain free. There are no packages or price plans, no data caps or other limitations. It’s free, ultra-high-speed, reliable Wi-Fi. This is a significant departure from the traditional model, where in-flight Wi-Fi is often a premium service, especially on international long-haul flights. Historically, airlines around the world have charged passengers varying rates depending on the class of service, flight duration, and data usage, with costs sometimes exceeding $30 for just a few hours of patchy, unstable internet access.Traditional in-flight Wi-Fi systems typically rely on two types of technologies: air-to-ground and satellite-based connectivity. Air-to-ground networks operate by connecting to cell towers on the ground, with airplanes switching from tower to tower as they fly. However, this type of system is often limited to certain regions and becomes less effective over oceans and remote areas. Satellite-based systems, which have been more commonly used on long-haul international flights, offer wider coverage but have historically been constrained by the capacity and speed of traditional geostationary satellites, resulting in frustratingly slow speeds.Unlike traditional satellites, Starlink utilises a constellation of Low Earth Orbit (LEO) satellites that are positioned much closer to the Earth's surface. This allows for faster data transfer, lower latency, and a more stable connection. The key advantages of LEO satellites lie in their ability to provide a broader and more consistent coverage compared to the geostationary satellites typically used for inflight Wi-Fi. Because they orbit closer to Earth, they can relay data more quickly, reducing the time it takes for information to travel back and forth. For passengers, this means less buffering, faster page loads, and the ability to engage in bandwidth-heavy activities such as the streaming of live sports, gaming, or even video calls while in the air.Starlink's technology also enables airlines to offer a higher capacity network, which is particularly important for modern travellers who often board flights with multiple connected devices. Whether it's watching Netflix, or gaming, passengers can expect the onboard internet experience to mirror what they would get on the ground, in some cases, even better—an achievement that has, until now, remained elusive.Starlink is installed directly at the airline’s technical facility in Doha, and does not require the aircraft to be out of service for more than a couple of days, speeding up the rollout.Qatar Airways may be the first major international airline to begin rolling out Starlink, but they are not alone in recognising the potential of this SpaceX technology for passengers.In North America, Hawaiian Airlines has made headlines by becoming one of the first US carriers to announce a partnership with Starlink. The airline also offers the service for free to passengers on both its inter-island and transpacific routes. Hawaiian Airlines has stated that Starlink Wi-Fi will allow it to offer a seamless experience for passengers, from streaming video to conducting business while in the air.Another operator is JSX, the semi-private jet service based in the US, which has already started offering Starlink Wi-Fi on select routes. The airline, which operates small jets primarily on shorter routes, was one of the first to showcase Starlink’s capabilities. JSX has highlighted the fact that the low-latency, high-speed internet from Starlink offers a competitive edge, allowing them to appeal to business travelers looking for a more connected, premium experience.From 2025 onwards, Air France will progressively roll out Starlink Wi-Fi connectivity service for a “ground-like” experience.Atlanta-based Delta Air Lines has been exploring the potential of integrating Starlink Wi-Fi into its fleet. While no formal roll-out plan has been announced yet, the airline has been testing the system to evaluate its feasibility for wider deployment. If successful, Delta would join the growing list of global carriers eager to enhance their onboard experience through SpaceX’s revolutionary satellite technology.Airlines are now recognising that offering a robust internet experience is no longer an optional luxury but a core component of the passenger experience. With its global network of LEO satellites, Starlink is positioned to become the go-to provider for airlines that want to offer this premium service.The author is an aviation analyst. X handle @AlexInAir.

Retail sales in Qatar projected to grow at an annualised rate of 2.2% up to 2028, according to researcher Alpen Capital.Main drivers are government’s ambitious strategy to make Qatar a tourist destination, growing population and rising income levels, Alpen Capital said in a recent report.The government's efforts are anchored around three pillars, which are business facilitation, family-oriented activities and enhancing cultural experiences, it said.The country is actively leveraging its modern infrastructure to enhance the MICE market while also establishing new leisure destinations and districts, launching luxury shopping centres and investing in its natural assets.Qatar is also likely to benefit from the long-list of global sporting events lined up to take place in the country during the forecasted period.Qatar’s retail industry is currently going through a period of rapid expansion with several regional and international brands expanding their presence across the country. This has led to increased footfall in markets such as Doha and the market is expected to witness significant traction as Qatar gears up to host numerous global sporting events.As part of Qatar National Vision 2030, the government is working to diversify the country's economy with the travel and retail sectors being recognised as two of the main drivers, Alpen Capital noted.The high level of wealth coupled with rising population (1.5% CAGR between 2018 and 2023), an expanding tourism sector (74.1% CAGR between 2020 and 2023), and continued investments towards infrastructure development has thus positioned the country as a promising retail market in the GCC.Consequently, the retail sector is undergoing transformation from traditional independent shops and souqs to modern shopping malls, supermarkets, and digital platforms that feature a wide range of domestic and international brands.“This transition not only offers a broader variety of products but also enhances shopping experiences, attracting a diverse consumer base,” the report said.Amid a rising demand for global brands, sales across e-commerce platforms in Qatar is estimated to have grown at a CAGR of 8.1% between 2018 and 2023 to reach $2.8bn in 2023.The sector’s contribution to GDP stood at 1.2% as of 2023, second highest in the region and above the GCC average of 1%, Alpen Capital said.This has been primarily driven by the government’s NDS-3 (2024-2030), a commitment to diversification and sustainability for future prosperity.In order to facilitate growth within the sector, the country has been leveraging customs programmes and trade agreements, investing in strong ICT infrastructure and advanced technologies, as well as using PPP models to bolster its logistics and industrial infrastructure.Although it accounted for just 13.2% of the total GCC e-commerce market as of 2023, the industry is witnessing an influx of platforms offering niche products and services.Post-pandemic, several retailers in Qatar have moved to a blended, omni-channel distribution strategy, which involves boosting and expanding their digital offerings while also maintaining a brick-and-mortar footprint.Qatar is also regarded as the world’s fastest-growing luxury market that encompasses a diverse range of goods, spanning from high-end fashion attire, accessories, timepieces, jewellery, cosmetics, fragrances, and high-end vehicles among others.Qatari luxury goods market is also in the midst of a digital transformation, as brands are adopting e-commerce platforms, utilising social media for marketing, and employing digital engagement tactics to connect with millennial and tech-savvy affluent consumers.As of 2023, Qatar’s supply of organised retail space exceeded 2.3mn sq m of gross leasable area (GLA).Supply in the organised retail real estate sector in the country has remained largely static in 2023, Alpen Capital said.

Some countries devise unconventional means to shore up their depleted treasuries, notwithstanding the damage these can inflict on their profile.One way of channelling funds into their kitty seems to be preventing foreign airlines from repatriating funds.Governments’ blocking airline funds, often due to foreign exchange shortages or restrictive economic policies, significantly impacts the airline industry in several ways.Countries that block funds are very likely to deter foreign investment and reduce their appeal to international businesses.Obviously, investors and stakeholders will see the affected markets as high-risk, influencing strategic decisions.The result will be fewer flights to these countries, which can lead to a decrease in tourist inflows and trade opportunities, hurting local economies.Certainly, fewer flight options will inconvenience travellers and businesses relying on air connectivity. Increased fares and reduced competition will make travel more expensive for passengers.Recently, the International Air Transport Association (IATA) reported that $1.7bn in airline funds are blocked from repatriation by governments as of the end of October this year. This is a small improvement compared to the $1.8bn reported at the end of April.“Over the last six months, we have seen significant reductions in blocked funds in Pakistan, Bangladesh, Algeria and Ethiopia. At the same time, amounts are rising in some Central African countries and Mozambique. Bolivia has also emerged as a problem, where repatriating sales revenues is becoming increasingly difficult and unsustainable for airlines.“This unfortunate game of ‘whack-a-mole’ is unacceptable. Governments must remove all barriers for airlines to repatriate their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations,” said Willie Walsh, IATA’s Director General.“No country wants to lose aviation connectivity, which drives economic prosperity. But if airlines cannot repatriate their revenues, they cannot be expected to provide a service. Economies will suffer if connectivity collapses. So, it is in everyone’s interest, including governments, to ensure that airlines can repatriate their funds smoothly,” Walsh noted.Nine countries account for 83% of the airline industry’s blocked funds, amounting to $1.43bn.Pakistan continues to top the list of blocked funds countries at $311mn. However, this is an improvement from $411mn in April this year. The main issue is the system of audit and tax exemption certificates which is causing long processing delays.Bangladesh has seen the amount of blocked funds decrease to $196mn (from $320mn in April).The Central Bank needs to continue to prioritise airlines’ access to foreign exchange in line with international treated obligations, IATA said.About $1bn of airline money blocked from repatriation is in African countries. That is about 59% of the global tally. Over the last six months, there were significant reductions in blocked funds in Algeria ($193mn from $286mn in April) and Ethiopia ($43mn from $149mn in April).At the same time, Central African countries (+$84mn), Mozambique (+$84 million) and West African countries (+$73mn) contributed to the largest increases.Bolivia is new to the list of blocked fund countries. A further deterioration in the availability of foreign exchange, particular the US dollar, has resulted in an estimated $42 million in airline funds being blocked in the country.Industry analysts say airlines are unable to repatriate revenue earned in these countries, leading to a liquidity crunch.Carriers rely on consistent revenue to manage operations, pay debts, and fund investments. Blocked funds disrupt these cash flows.Airlines may have to account for these funds as potential losses, adversely impacting their financial performance.All along, IATA has raised concerns about this issue, urging governments to release funds and adopt policies fostering fair access to international markets.For airlines, diversifying operations and improving liquidity management are common strategies to navigate these challenges.

Honda and Nissan are in talks to deepen ties, two people said Wednesday, including a possible merger, the clearest sign yet of how Japan's once seemingly unbeatable auto industry is being reshaped by challenges from Tesla and Chinese rivals.A combined Honda and Nissan would create a $54bn company with annual output of 7.4mn vehicles, making it the world's third-largest auto group by vehicle sales after Toyota and Volkswagen.The two firms already forged a strategic partnership in March to cooperate in electric vehicle development, but Nissan's deepening financial and strategic trouble in recent months has added more urgency for closer cooperation with larger rival Honda.Nissan announced a $2.6bn cost savings plan last month that includes cutting 9,000 jobs and 20% of its global production capacity, as slumping sales in China and the US led to an 85% plunge in second-quarter profit."This deal appears to be more about bailing out Nissan, but Honda itself is not resting on its laurels," said Sanshiro Fukao, executive fellow at Itochu Research Institute. "Honda's cash flow is set to deteriorate next year and its EVs haven't been going so well." Shares of Nissan closed nearly 24% higher in Tokyo trade on Wednesday, while shares of Honda, whose market value of $43bn is more than four times bigger than that of Nissan, declined 3%. Shares of Mitsubishi Motors, in which Nissan is the top shareholder with a 24% stake, gained nearly 20%.The automakers have been grappling with challenges from EV makers, particularly in China, where BYD and others have surged ahead.The talks between Honda and Nissan, first reported by the Nikkei newspaper, could allow the companies to cooperate more on technology and help them create a more formidable domestic rival to Toyota.The discussions are focused on finding ways to bolster collaboration and include the possibility of setting up a holding company, said the people, who declined to be identified because the information has not been made public.The companies are also discussing the possibility of a full merger, according to one of the people, as well as looking at ways to cooperate with Mitsubishi.Honda, Nissan and Mitsubishi said no deal had been announced by any of the companies, though Nissan and Mitsubishi noted the three automakers had said previously they were considering opportunities for future collaboration.French automaker Renault, a major Nissan shareholder, said it had no information and declined to comment.Renault shares jumped 6.5%.The three Japanese automakers are expected to hold a joint news conference in Tokyo on Monday, according to a source familiar with the matter.Taiwan's Foxconn, which manufactures Apple's iPhones and has been seeking to expand its nascent EV contract manufacturing business, approached Nissan about a bid but it was rejected by the Japanese firm, two separate sources familiar with the matter said.Bloomberg News reported earlier on Wednesday that Foxconn had approached Nissan to take a controlling stake.Foxconn did not immediately respond to a request for comment, while a Nissan spokesperson declined to comment on Foxconn.Over the past year, an EV price war launched by Tesla and BYD has intensified pressure on any automakers losing money on the next-generation vehicles. That has put pushed companies like Honda and Nissan to seek ways to cut costs and speed vehicle development, and mergers are a major step in that direction."In the mid- to long-term, this is good for the Japanese car industry as it creates a second axis against Toyota," said Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory."Constructive rivalry with Toyota is a positive for the rather stagnating Japanese car industry when it must compete with Chinese automakers, Tesla and others." Any merger would face significant US scrutiny and President-elect Donald Trump has vowed to take a hard line on imported vehicles, including threatening 25% tariffs on vehicles shipped from Canada and Mexico. He could seek concessions from Honda and Nissan to approve any deal, auto industry officials said.Honda and Nissan both produce cars in Mexico for export to the USHonda and Nissan would also have to work out how to integrate their different corporate cultures if they proceed with a merger, analysts said."Honda has a unique, technology-centric culture with strengths in powertrains, so there should be some internal resistance to the merger with Nissan, a competitor with a different culture that is now faltering," said Tang Jin, a senior researcher at Mizuho Bank.

Aviation data provider OAG reveals that seven of the world’s 10 busiest international airline routes this year connect destinations within the wider Asia-Pacific region, a sign of a long-awaited travel comeback for Asia. Two more connect cities in the Middle East. And one doesn’t even feature a business travel hub at all, proving that leisure continues to outshine corporate trips four years after the pandemic brought it all to a standstill.To determine the busiest international and domestic flight routes, OAG analysed the volume of scheduled airline seats from January to December 2024. The routes listed reflect round trip flights rather than one-ways in a single direction.“With the Asia Pacific region very close to a full recovery, the busiest routes are concentrated in the familiar major hubs of Hong Kong, Seoul Incheon and Singapore,” said John Grant, chief analyst at OAG, in a release.The Hong Kong to Taipei route is once again the world’s busiest international flight route—a title it last claimed in 2019. This year, that single two-hour trip represented a total of 6.8mn available seats. Following in second place is Cairo to Jeddah, Saudi Arabia, which has had a 62% increase over 2019 levels. In third place is Seoul to Tokyo Narita, which counts 5.4mn scheduled seats or a 69% increase over pre-pandemic numbers, according to the report. Dubai to Riyadh is the sixth-busiest flight route.“One of the most interesting developments is the growth in regional Middle East markets with a particular emphasis on Saudi Arabia where the Vision 2030 project continues to drive both business and leisure demand,” added Grant. Yet it isn’t businesspeople flying between corporate hubs like Riyadh and Dubai driving the region’s largest flight volumes at OAG’s No 2 spot; it’s travellers heading between Jeddah and Cairo, a route that seems to point mostly to leisure vacations.Rounding out the list is a long-time high-ranking route: New York JFK to London Heathrow. It’s the only transatlantic trip to rank among the top 10 busiest flights, with 4mn scheduled seats — a 5% increase over 2019 levels — and the only listed route with points in either Europe or North America.Here’s how the top 10 shook out this year. Consider it harbinger of where you’re most likely to find yourself—whether for work or for pleasure—in the year ahead.Top 10 busiest international flight routes of 2024:10. John F Kennedy International Airport, New York (JFK)-Heathrow Airport, London (LHR): 4.01mn seats9. Suvarnabhumi International Airport, Bangkok (BKK)-Changi Airport, Singapore (SIN): 4.03mn seats8. Soekarno–Hatta International Airport, Jakarta (CGK)-Changi Airport, Singapore (SIN): 4.07mn seats7. Suvarnabhumi International Airport, Bangkok (BKK)-Hong Kong International Airport (HKG): 4.2mn seats6. Dubai International Airport (DXB)-King Khalid International Airport, Riyadh (RUH): 4.3mn seats5. Incheon International Airport, Seoul (ICN)-Kansai International Airport, Osaka (KIX): 4.98mn seats4. Kuala Lumpur International Airport, Kuala Lumpur (KUL)-Changi Airport, Singapore (SIN): 5.38mn seats3. Incheon International Airport, Seoul (ICN)-Narita International Airport, Tokyo (NRT): 5.4mn seats2. Cairo International Airport (CAI)-King Abdulaziz International Airport, Jeddah (JED): 5.47mn seats1. Hong Kong International Airport (HKG)-Taiwan Taoyuan International Airport, Taipei (TPE): 6.8mn seats

JetBlue Airways Corp is urging President-elect Donald Trump to bolster the nation’s air traffic control system, which industry leaders have blamed for travel disruptions due to insufficient staffing and outdated technology.“I wish this administration would focus more on air traffic control,” Chief Executive Officer Joanna Geraghty said in a Bloomberg Television interview on Tuesday. “That has definitely been a meaningful pressure for JetBlue and other airlines.”The nation is “grossly understaffed” in air traffic controllers, she said, and “we should be able to have a more resilient air traffic system.” JetBlue and other carriers with large operations in the New York area have been particularly hard hit by the shortages.Halts to hiring and training during the pandemic, along with retirements, created a shortfall in the number of air traffic controllers, straining the aviation system. The Federal Aviation Administration hired 1,811 controllers this year, the largest number in nearly a decade.“I’d love to see more hiring, better technology and ultimately improving the amount of delays that come out of air traffic control,” Geraghty said. She noted that she has not met with members of the incoming administration.

Qatar’s payments industry is set for notable growth, with total revenues projected to reach $4.15bn by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG).Amid a global slowdown in growth rates, Qatar’s focus on digital transformation and investment in fintech innovation positions it strongly within the competitive landscape of the GCC region.Qatar’s payments sector has experienced steady growth, with revenues rising from $2.6bn in 2018 to $3.2bn in 2023, reflecting a CAGR of 4.4%.By 2028, Qatar’s revenue pool is expected to increase by another 29%, reaching $4.15bn.Transaction volumes in Qatar are projected to rise from 988mn in 2023 to 1.38bn by 2028, marking a 40% growth. This expansion is driven by Qatar’s efforts in digital transformation, increased fintech adoption, and initiatives aimed at broadening financial inclusivity across the country.Globally, payments revenue growth is projected to slow significantly, with CAGR halving to 5% through 2028, resulting in a global payments revenue pool of $2.3tn. This marks a sharp decline from the 9% CAGR observed over the previous five years, which pushed the global revenue pool to $1.8tn in 2023.Lukasz Rey, managing director and partner and head of Middle East Financial Institutions Practice at BCG, commented: "Qatar’s payments sector is reaching a critical phase in its evolution, transitioning from rapid growth to sustainable, resilient frameworks. Qatari firms must modernize their infrastructure to stay competitive, adopting cloud-native, modular systems that optimise unit economics and reduce tech debt.“Companies enhance customer interactions and reinforce fraud detection and operational efficiencies by integrating advanced technologies like generative AI and real-time payment capabilities. As global regulatory pressures increase, firms that build end-to-end responsibility into their technology stack and develop robust risk and compliance frameworks will lead to delivering seamless, secure digital experiences that meet the demands of both consumers and shareholders."As technologies like generative AI, real-time payments, and digital currencies reshape the global payments landscape, Qatar’s payments sector is positioned for continued progress through innovation and strategic investment.Nabil Saadallah, managing director & partner at BCG, added: "Qatar’s payments sector faces a pivotal moment where meeting investor, regulator, and consumer expectations requires a shift from traditional models to forward-thinking strategies. As transaction volumes are projected to rise by 40% by 2028, companies must advance beyond business-as-usual practices, embracing decisive capital allocation and refined portfolio strategies to unlock profitable growth.“Firms that prioritise interoperability, robust customer experiences, and regulatory collaboration will be best positioned to foster broad adoption and trust. By focusing on flexible, high-margin models that adapt to regulatory shifts, Qatar’s payments firms can help shape the region’s financial future while capturing long-term value across an evolving landscape."

Ooredoo announced Monday the appointment of Sheikh Nasser bin Hamad bin Nasser al-Thani as Group regional CEO for the Middle East, effective December 16, 2024.As part of Ooredoo Group's organisational restructuring, the roles of Group Chief Corporate Affairs officer and Deputy Group CEO have been eliminated.The new structure introduces two Group Regional CEO positions, each responsible for a specific region.Sheikh Nasser will oversee operations in Kuwait, Oman, and Iraq, while the current Group Regional CEO for North Africa and Asia, Ahmad Abdulaziz al-Neama, will continue to oversee operations in Tunisia, Algeria, Indonesia, Maldives, and Palestine.Sheikh Nasser brings over 20 years of experience, 15 of which are within Ooredoo. Most recently, he served as the Group Chief Corporate Affairs officer.Prior to this, Sheikh Nasser was Chief Commercial officer at Ooredoo Qatar, where he oversaw the B2B, B2C, and the Marketing units. Previously, he was Chief Business officer at Ooredoo Qatar, responsible for end-to-end profit and loss accountability for Ooredoo Qatar’s B2B portfolio, including Connectivity, ICT, Mega Projects, and the Qatar Data Centre.Sheikh Faisal bin Thani al-Thani, chairman, Ooredoo Group, said: “Sheikh Nasser has a proven track record of delivering excellence and driving growth within Ooredoo. His deep understanding of our operations, coupled with his strategic vision, positions him perfectly to lead the next phase of our regional growth and transformation. We are confident his leadership will further strengthen Ooredoo’s position as a digital enabler in our markets.”Ooredoo's board of directors and management extend their best wishes to Sheikh Nasser in his new role.