Author: Arabian Media staff
As recently as November, the publicity-shy owner of Prax Group wanted investors to know that his $10bn challenger company was fast becoming a “formidable force” in the energy industry.“Twenty-five years on from when we started, we are a much bigger, stronger, better business in all kinds of ways,” founder and chief executive Sanjeev Kumar Soosaipillai said in the introduction to Prax’s glossy annual report. Those ambitions came crashing down this week when the sprawling company’s parent entity, and its oil refinery in north-eastern England, plunged into insolvency, putting more than 400 jobs at risk.The move provoked a fierce backlash from…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Air France-KLM is to take a majority stake in Scandinavian Airlines, as the Franco-Dutch carrier bulks up in the face of competition from low-cost and Gulf carriers.The company said on Friday that it would lift its stake in SAS, the airline of Denmark, Sweden and Norway, from 19.9 per cent to 60.5 per cent. Financial terms of the deal were not disclosed.It comes as air travel has recovered after the Covid-19 pandemic but also at a time when high-end European carriers face…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Chinese consumers have been increasingly turning to local brands across a wide range of industries. In sectors such as sportswear, beauty and electric vehicles, local names have surged ahead, driven by rising national pride and improving product quality. Yet amid this shift towards homegrown products, luxury jewellery remained a category resistant to change. For decades, European brands such as Cartier and Van Cleef & Arpels have held an unyielding grip on the Chinese market.That dominance is beginning to erode. Driving this shift…
The UK-wide ban on disposable e-cigarettes is falling short as near-identical new reusable vapes sell for nearly the same price and refill pods are in short supply, undermining a government drive to cut waste and protect children’s health.Single-use vapes have been illegal since June 1, with penalties for businesses that sell or supply products that cannot be refilled with vape liquid or lack rechargeable batteries ranging from an initial fine of £200 to two years in jail. Setting out the ban last year, ministers said the move would end a “throwaway culture” in the world’s second-largest vaping market, whose use…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.India’s stock market regulator has temporarily banned Jane Street from dealing securities in the country, accusing the New York-based trading firm of a “sinister scheme” to manipulate derivatives markets.The Securities and Exchange Board of India said its decision to limit Jane Street’s access to India’s securities markets stemmed from a months-long investigation.“JS Group was undertaking an intentional, well planned, and sinister scheme and artifice to manipulate cash & futures markets and hence manipulate the BANKNIFTY [Indian bank stocks] index level, to entice…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Mondelez is lobbying for the implementation of the EU’s deforestation law to be delayed again as US chocolate makers dial back their support for the landmark regulation amid political pressure and unusually high cocoa prices. The proposed law, due to be implemented at the end of the year, bans imports ranging from cocoa to palm oil from being sold on the EU market if they have come from deforested land. Cadbury owner Mondelez, which had previously supported the legislation, warned that the…
The German army’s growing need for new recruits is making businesses anxious that their struggle to find staff will get even harder. Corporate representatives told the Financial Times that they backed efforts to bolster the military of Europe’s largest nation as Nato seeks to strengthen its deterrence against Russia.But they are concerned that a return to some form of conscription — as well as a drive to get more civilians to serve as reservists — would further strain companies that are trying to recruit skilled workers in a tight labour market.“The security situation is dramatic,” said Steffen Kampeter, director of…
Image courtesy: carpoworld.com/ for illustrative purposes Americana Restaurants International, the quick-service and casual dining operator in the MENA region and Kazakhstan, has signed an exclusive franchise agreement with premium lifestyle brand carpo, expanding its footprint into the luxury food retail sector. The agreement grants Americana the exclusive rights to operate carpo stores in Kuwait and Qatar, with further expansion planned across Bahrain and Saudi Arabia. The rollout will begin with flagship stores expected to open by late 2025. Founded in 1991 in Athens, carpo is known for its premium nuts, artisanal chocolates, and refined coffee, and operates in high-end locations…
Billionaire’s political threats have not stopped the president’s ‘big, beautiful bill’ hurting the electric-car maker’s profits Source link
The DIFC Innovation Hub and Dubai Land Department (DLD) have launched the Dubai PropTech Hub, the Middle East’s first dedicated innovation centre for property technology. Located in the DIFC Innovation Hub, home to the largest fintech accelerator in the Middle East, Africa and South Asia (MEASA) region, the initiative aims to transform the real estate sector through collaboration, experimentation and scalable innovation. The Dubai PropTech Hub is expected to support more than 200 PropTech start-ups and scale-ups, generate over 3,000 jobs, and attract $300m in investment by 2030. The hub will offer startups customised licensing, purpose-built workspaces, advanced incubators, and…