Weekly World and GCC Financial News Round-Up
Asia-Pacific closes in on world’s biggest trade deal, China Clampdown on Big Tech Puts More Billionaires on Notice, Louis-Dreyfus Opens Up for First Time With Abu Dhabi Deal.
A Third of the World’s Air Routes Have Been Lost Due to Covid
In late January, 47,756 operational routes crisscrossed the world, more than half of them in the U.S., Western Europe and Northeast Asia, according to OAG Aviation Worldwide. By Nov. 2, there were just 33,416 routes on global schedules, the data show.
Asia-Pacific closes in on world’s biggest trade deal
Read more at - https://www.bloomberg.com/news/articles/2020-11-12/deal-near-for-world-s-biggest-free-trade-zone-anchored-by-china?sref=GieSjWmr
The deal is the culmination of Beijing’s decade-long quest for greater economic integration with a region that encompasses nearly a third of the global gross domestic product. And the impact may extend beyond the region.
Louis-Dreyfus Opens Up for First Time With Abu Dhabi Deal
Read more at - https://www.bloomberg.com/news/articles/2020-11-11/louis-dreyfus-to-sell-45-equity-stake-to-abu-dhabi-s-adq?sref=GieSjWmr
For ADQ, formerly known as Abu Dhabi Development Holding Co., acquiring a minority stake in one of the four largest traders of grains, oilseeds and sugar will help boost food security for the United Arab Emirates at a time when governments around the world are accelerating efforts to ensure they can feed their citizens.
Deep-Freeze Hurdle Makes Pfizer’s Vaccine One for the Rich
“Its production is costly, its component is unstable, it also requires cold-chain transportation and has a short shelf life,” said Ding Sheng, director of the Beijing-based Global Health Drug Discovery Institute, which has received funding from the Bill & Melinda Gates Foundation.
China Clampdown on Big Tech Puts More Billionaires on Notice
Beijing is increasingly seeking to diminish the influence that a handful of its tech corporations wield over vast swathes of the economy. It investigated Tencent’s music arm’s exclusive agreements with publishers last year and, most recently, modified regulations to rein in risk at fast-growing micro-lending entities such as Ant Group. The latter step derailed Ant’s planned IPO last week before it was to complete what would have been the world’s largest such offering on record.
Powell Warns of U.S. Economy Risk With Pandemic at Deadliest Yet
Read more at - https://www.bloomberg.com/news/articles/2020-11-12/powell-says-next-few-months-may-be-challenging-as-virus-spreads?sref=GieSjWmr
Powell was joined on the panel by Bank of England Governor Andrew Bailey and ECB President Christine Lagarde. Both echoed his caution and added to recent warnings from other central bankers against complacency.
Sunak Says Access to the U.K. Market Won’t Be a Brexit Weapon
Read more at - https://www.bloomberg.com/news/articles/2020-11-10/sunak-says-he-won-t-use-access-to-u-k-market-as-brexit-weapon?sref=GieSjWmr
Rishi Sunak tried to offer some last-minute clarity to the financial services industry just a few weeks before the Brexit transition period ends.
Abu Dhabi’s ADIO identifies its 3 PPP projects for procurement
Read more at https://www.gccbusinessnews.com/abu-dhabis-adio-identifies-its-3-ppp-projects-for-procurement/
Speaking at a webinar, Mohamed Al Dhaheri, ADIO’s Head of Infrastructure Partnerships declared that the organization has identified one PPP project each in municipal, transportation and education sector for procurement.
London Apartment Prices Sink by 40,000 Pounds, New Survey Shows
Read more at - https://www.bloomberg.com/news/articles/2020-11-11/london-s-home-price-boom-is-fading-as-apartment-values-fall?sref=GieSjWmr
Homeowners have taken advantage of the temporary suspension in the stamp duty sales tax to move home, creating a two-tier market. Rising sales of luxury properties boosted the average home price in London by 7.3% to 646,614 pounds in September from a year earlier.