Global Pulse

分类： business

  • Dubai’s Al Habtoor Group announces closure of Lebanon operations, terminates all workers

    Dubai’s Al Habtoor Group announces closure of Lebanon operations, terminates all workers

    Dubai-based conglomerate Al Habtoor Group has announced the complete cessation of its operations in Lebanon, citing accumulated losses exceeding Dh6.24 billion ($1.7 billion) and deteriorating conditions in the crisis-stricken nation. The decision, announced Wednesday, will result in the termination of all employees and the closure of all Lebanese assets.

    The group, chaired by billionaire Khalaf Al Habtoor, revealed that prolonged instability, hostile campaigns, and defamatory actions against its businesses had made continued operations unsustainable. This drastic move follows the company’s earlier threat to pursue legal action against both the Lebanese government and the Banque du Liban for allegedly violating agreements that pushed operations into financial distress.

    Al Habtoor Group established its Lebanese presence in 2001 with substantial investments across multiple sectors including hospitality, retail, leisure, real estate, and banking. Despite absorbing substantial operational burdens during successive wars and crises, the group stated it had exhausted all reasonable efforts to resolve disputes amicably with Lebanese authorities.

    In a statement, the conglomerate emphasized that institutional failure and the absence of structural solutions to address fundamental deficiencies had compelled this decision. The closure represents a necessary legal and operational measure to prevent further financial drain and protect the group’s interests.

    This development follows Al Habtoor’s January 2025 announcement canceling all investment projects in Lebanon and putting existing properties up for sale, citing security concerns and operational challenges. The Emirati investor had previously expressed personal safety concerns, including death threats received in 2024.

  • German investigators search Deutsche Bank offices in money laundering probe

    German investigators search Deutsche Bank offices in money laundering probe

    FRANKFURT, Germany — German authorities executed coordinated searches at Deutsche Bank offices on Wednesday as part of an extensive money laundering investigation targeting Germany’s largest financial institution. The operation, conducted by Frankfurt prosecutors, focused on unidentified bank employees and previous business relationships with foreign entities suspected of facilitating illicit financial activities.

    The law enforcement action spanned multiple locations, including the bank’s Frankfurt headquarters and additional premises in Berlin. Prosecutors indicated the investigation centers on transactions potentially designed to conceal the origin of funds through the banking system, though specific details regarding the scale and nature of these transactions remain undisclosed.

    Deutsche Bank confirmed the presence of investigators in an official statement, emphasizing their full cooperation with authorities while declining further commentary on the ongoing probe. The timing of the raid proves particularly significant, occurring just one day before the bank’s scheduled release of its 2025 earnings report.

    This investigation continues a pattern of regulatory challenges for Deutsche Bank, which has faced substantial penalties in recent years. In 2018, New York regulators imposed a $205 million fine for foreign exchange market manipulation. The previous year saw dual penalties: $41 million from the Federal Reserve for anti-money laundering control failures, and a massive $629 million settlement with New York and British regulators for control lapses that enabled wealthy Russian clients to launder approximately $10 billion through the institution.

  • Now, UAE residents can pay insurance premiums, file claims in cryptocurrencies

    Now, UAE residents can pay insurance premiums, file claims in cryptocurrencies

    The United Arab Emirates insurance industry has entered a transformative phase with the introduction of cryptocurrency payment solutions, marking a significant milestone in financial innovation. Dubai Insurance has pioneered this movement by launching the nation’s first digital wallet for crypto assets within the insurance sector, enabling residents to conduct insurance transactions using digital currencies.

    Abdellatif Abuqurah, Chief Executive Officer of Dubai Insurance, characterized the development as “a defining moment” for both the company and the broader insurance landscape across the UAE and Middle Eastern region. “By becoming the first insurance company to enable the receipt of premiums and payment of claims in digital assets through a secure digital wallet, we are redefining how insurance services are delivered while remaining aligned with regulatory and governance frameworks,” Abuqurah stated.

    This groundbreaking initiative follows the UAE banking sector’s earlier adoption of cryptocurrency solutions, which already offers digital currency buying and selling services. Notably, RAKBank and Zand have obtained formal approvals from the Central Bank of the UAE for dirham-backed stablecoins, signaling robust regulatory support for digital asset integration.

    The momentum for cryptocurrency adoption in the UAE continues to accelerate at an exceptional pace. According to the World Crypto Rankings 2025 report by Bybit and DL Research, the Emirates leads the Middle East and North Africa region in cryptocurrency adoption and ranks fifth globally. The report further notes that the UAE is establishing itself as “the de facto bridge between Asia, Europe, and Africa in tokenised finance.”

    In February 2025, Liva Group and Relm Insurance collaborated to launch specialized insurance products for companies operating in emerging sectors including digital assets, blockchain, artificial intelligence, biotechnology, and the space economy.

    Dubai Insurance has strategically partnered with Zodia Custody to ensure secure infrastructure for digital asset transactions. Zane Suren, Managing Director for Commercial Operations in the Middle East and Africa at Zodia Custody, emphasized that “as digital asset adoption accelerates, insurers need trusted infrastructure that allows policyholders to transact confidently with digital assets.”

    Abuqurah further elaborated on the significance of this development, noting that “digital assets have become part of everyday financial life in the UAE. We believe insurers have a clear role to play providing security, strong governance, and confidence in a changing landscape.” This move represents the latest in a series of digital financial innovations in the UAE, including recent initiatives allowing employees to receive salaries through digital wallets.

  • Dubai Fintech District to take shape as startup-focused commercial park

    Dubai Fintech District to take shape as startup-focused commercial park

    Dubai is advancing its position as a global fintech hub with the development of a specialized commercial park designed exclusively for startups in financial technology and digital assets. The Dubai Fintech District, spanning 250,000 square feet, is conceived as an integrated community that merges collaborative workspaces with shared common areas to foster innovation and daily interaction among emerging companies.

    Unlike conventional office complexes, this district emphasizes open-layout designs, natural lighting, and pedestrian-friendly environments. It features a central courtyard for informal meetings and collaborative work, creating a hybrid atmosphere that combines residential comfort with professional functionality. The project specifically targets early-stage companies that thrive on proximity, rapid feedback, and team-based learning.

    Leading the initiative is Hatu Sheikh, a prominent Web3 entrepreneur and founder of CoinTerminal, who argues that physical workspace remains crucial for startup development despite the rise of remote work. Sheikh emphasizes that young teams require environments that encourage spontaneous idea exchange and continuous learning—what he describes as ‘brain melt’—where innovation can flourish through seamless interaction.

    The development aligns with Dubai’s strategic push to attract fintech firms, leveraging its regulatory frameworks and geographic position between Asian and European markets. Sheikh’s vision extends beyond digital products, positioning physical infrastructure as a foundational element for sustainable company growth. The Dubai Fintech District represents one of several real estate projects he is pursuing in 2026, all focused on supporting innovation-driven industries through purpose-built spaces designed for scalability and collaboration.

  • Germany trims this year’s growth forecast to 1% as its economy is slow to gather pace

    Germany trims this year’s growth forecast to 1% as its economy is slow to gather pace

    BERLIN — Germany’s federal government has announced a downward revision of its economic growth projections for 2026, signaling a more gradual recovery trajectory than initially anticipated for Europe’s largest economy. Chancellor Friedrich Merz’s administration now projects gross domestic product expansion of approximately 1% this year and 1.3% in 2027, according to Economy Minister Katherina Reiche. This represents a reduction from October’s more optimistic forecasts of 1.3% and 1.4% respectively.

    The revised outlook follows Germany’s return to modest economic growth in the previous year, with preliminary official data indicating a 0.2% expansion after two consecutive years of contraction. The Merz coalition government, which assumed power in May with economic revitalization as a central priority, has implemented multiple stimulus measures including a comprehensive investment encouragement program and a landmark €500 billion ($596 billion) infrastructure modernization fund scheduled for deployment over the next twelve years.

    Additional governmental initiatives include streamlined defense spending approvals, proposed energy price subsidies for energy-intensive industries, regulatory simplification efforts, and accelerated digital transformation programs. Minister Reiche attributed the tempered growth expectations to delayed implementation and impact of these financial and economic policy measures, though she noted emerging data indicates a ‘clear recovery’ underway.

    Germany’s economic challenges stem from multiple factors including intensified competition from Chinese manufacturers in traditional strength sectors like industrial machinery and luxury automobiles, elevated energy costs following Russia’s full-scale invasion of Ukraine, and ongoing trade uncertainties related to tariff policies and international relations.

  • Confidence, time management biggest challenges student entrepreneurs face, says CEO

    Confidence, time management biggest challenges student entrepreneurs face, says CEO

    Young entrepreneurs embarking on business ventures while pursuing academic studies are confronting a distinct set of challenges that extend far beyond curriculum choices. According to Sara Al Nuaimi, CEO of the Sharjah Entrepreneurship Centre (Sheraa), the primary obstacles for student founders are not about choosing between education and enterprise, but rather developing the crucial skills needed to thrive in both realms simultaneously.

    Al Nuaimi identifies three fundamental hurdles: limited entrepreneurial experience, poor time management, and critically, insufficient exposure to real-world business environments. She emphasizes that early exposure plays a transformative role in shaping how students comprehend business operations and decision-making processes. “Student founders are entering entrepreneurship earlier than ever, often while still navigating their academic journeys,” Al Nuaimi told Khaleej Times. “What they need most at this stage is exposure to real founders, real decisions, and real pathways beyond the classroom.”

    Sheraa, a government-supported incubator based in Sharjah, has demonstrated remarkable success in addressing these challenges. The organization has supported over 180 startups, with more than half led by female entrepreneurs, upskilled more than 18,000 young individuals, and generated over $248 million in revenue through its initiatives.

    The upcoming Sharjah Entrepreneurship Festival serves as a prime example of the platforms addressing these needs. The event will convene investors, established entrepreneurs, and executives from prominent companies including WHOOP, Revolutionary, and Kitopi. Such gatherings provide student entrepreneurs with invaluable opportunities to move beyond theoretical concepts and gain practical insights.

    Perhaps most significantly, these experiences help combat what Al Nuaimi identifies as another major challenge: confidence building. Many capable students hesitate to fully pursue their ideas due to uncertainty about how and when to begin. Exposure to authentic entrepreneurial journeys helps reframe this uncertainty as a natural part of the learning process rather than an insurmountable barrier.

    The success of Eshara, an AI-powered Arabic sign language platform founded by students, exemplifies this approach. Through structured ecosystem support including incubation, mentorship, and live testing opportunities, the student founders transformed an academic concept into a functional startup addressing communication barriers for the hearing-impaired community.

    These experiences demonstrate that with proper guidance and access to supportive environments, students can successfully develop as entrepreneurs while continuing their education, effectively bridging the gap between classroom learning and real-world business application.

  • ASML made record $11.5 billion profit in 2025 thanks to AI-driven demand, plans to cut 1,700 jobs

    ASML made record $11.5 billion profit in 2025 thanks to AI-driven demand, plans to cut 1,700 jobs

    Dutch semiconductor equipment giant ASML has reported unprecedented financial performance for 2025, achieving a historic net profit of €9.6 billion ($11.5 billion) on sales totaling €32.7 billion. This remarkable growth, driven primarily by artificial intelligence-related demand, represents a significant milestone for the chip machinery manufacturer.

    Despite operating under Dutch government export restrictions targeting advanced chipmaking equipment that could be utilized in weapons systems, ASML has demonstrated remarkable resilience. These export controls, initially implemented in 2023 and subsequently expanded, align with broader U.S. initiatives to limit China’s access to cutting-edge semiconductor technology.

    President and CEO Christophe Fouquet emphasized the transformative market shift, stating: ‘Recent months have witnessed our customers expressing substantially more optimistic medium-term market assessments, fundamentally anchored in strengthened expectations regarding the sustainability of AI-driven demand. This positive outlook has translated into significant enhancements to their capacity planning and our record-breaking order intake.’

    Concurrently, ASML announced strategic workforce reductions affecting approximately 1,700 positions, representing roughly 4% of its global workforce. The company characterized these measures as proactive streamlining initiatives designed to enhance operational efficiency and innovation capacity. Internal communications to employees clarified that these organizational changes are being implemented from a position of corporate strength rather than financial necessity.

    The restructuring primarily targets technology and IT departments, aiming to sharpen ASML’s engineering focus and innovation capabilities. Company leadership emphasized that process and system improvements will facilitate more effective innovation, ultimately driving responsible growth for ASML and its stakeholders.

    Looking forward to 2026, ASML anticipates another year of expansion, with growth expected to be propelled by continued strong demand for its extreme ultraviolet lithography systems—the sophisticated machinery essential for producing the world’s most advanced semiconductors.

  • Expert: As China’s tech rises, US chips could become ‘new soybeans’

    Expert: As China’s tech rises, US chips could become ‘new soybeans’

    At the recent World Economic Forum in Davos, Switzerland, a prominent legal scholar presented a compelling vision of evolving US-China trade relations that could redefine global technology markets. Professor Angela Zhang Huyue from the University of Southern California Law School suggested during a January 21 panel discussion that American semiconductor exports might eventually follow the same trade pattern as agricultural commodities like soybeans.

    The analogy draws attention to the potential future where advanced US chip manufacturers could become increasingly dependent on Chinese markets for revenue stability, mirroring the current agricultural trade dynamic where China serves as a crucial export destination for American soybeans. This perspective emerges amid ongoing technological competition and shifting global supply chain dynamics.

    Professor Zhang’s analysis indicates that as China continues to advance its domestic semiconductor capabilities, the nature of US-China technology trade may undergo significant transformation. The commentary suggests that current export restrictions and trade tensions might eventually give way to more interdependent market relationships, where US technological products seek market access similar to commodity exports.

    This observation comes at a critical juncture in global technology governance, where nations are reassessing strategic dependencies and economic security concerns. The semiconductor industry, fundamental to everything from consumer electronics to national security systems, represents a key battleground in this evolving economic landscape.

    The analogy extends beyond mere trade volumes to encompass the potential for mutual economic dependency, where both nations would have vested interests in maintaining stable technology trade flows, despite current geopolitical friction and competition for technological supremacy.

  • Hotter than expected inflation data fuels fears of February interest rate rise

    Hotter than expected inflation data fuels fears of February interest rate rise

    The Australian equities market experienced a broad downturn on Wednesday, defying robust performances in the energy and mining sectors, as an unexpectedly high inflation reading intensified fears of an imminent interest rate hike.

    The benchmark S&P/ASX 200 retreated by 7.70 points (0.09%) to settle at 8933.90, while the broader All Ordinaries index declined 17.90 points (0.19%) to close at 9250.60. This downward trajectory occurred despite the Australian dollar briefly touching a two-year peak of 70.16 US cents before moderating to 70.03 US cents.

    Market dynamics revealed a stark sectoral divide. Energy stocks emerged as clear outperformers, propelled by West Texas Intermediate crude reaching a four-month high of $62.32 per barrel. Woodside Petroleum advanced 2.71% to $24.98, while Santos climbed 3.02% to $6.82.

    The resources sector similarly demonstrated strength amid rising commodity prices. BHP Group appreciated 1.71% to $50.60, with Rio Tinto surging 2.39% to $154.82. Precious metals producers also joined the rally, with Northern Star Resources gaining 3.25%, Evolution Mining leaping 4%, and Newmont Corporation closing 1.58% higher.

    This commodity-driven optimism was overwhelmingly offset by substantial declines across interest-rate-sensitive sectors. The catalyst was Australia’s trimmed mean inflation rate, which registered at 0.9% for the December quarter (3.3% annually), exceeding economist forecasts.

    Technology stocks bore the brunt of the selloff. WiseTech Global plummeted 3.76%, Xero declined 1.92%, and Dicker Data slipped 0.88%. Consumer discretionary shares also retreated significantly.

    Market analysts interpreted the inflation data as compelling evidence for monetary policy tightening. Betashares Chief Economist David Bassanese stated, ‘All up, it appears to be game, set, match for a rate rise at the February policy meeting.’ He further cautioned that additional rate increases might follow in May, though suggesting two hikes could sufficiently moderate economic growth and inflation pressures.

    Individual stock movements included Boss Energy soaring 10% after revising cost guidance downward, while Life360 and Catapult Group experienced sharp declines amid company-specific developments.

  • Arif Patel announces strategic business partnership with Preston Trading in Dubai

    Arif Patel announces strategic business partnership with Preston Trading in Dubai

    Dubai-based entrepreneur Arif Patel has unveiled a transformative strategic partnership with UK international trading firm Preston Trading, positioning Dubai as the central hub for their expanded Middle Eastern operations. The collaboration represents a significant advancement in strengthening trade connectivity between the United Kingdom and the Gulf region while aligning with the UAE’s Vision 2031 objectives focusing on economic diversification, innovation, and sustainable development.

    The alliance combines Patel’s extensive regional expertise with Preston Trading’s global network to optimize supply chain efficiency, enhance trade routes, and facilitate market expansion throughout the Middle East and beyond. Patel emphasized that selecting Dubai as the operational headquarters reflects profound confidence in the emirate’s economic environment, noting that “Dubai rewards long-term thinking by offering both dynamic growth and essential stability for building lasting enterprises.”

    With diversified experience across trade, real estate, logistics, and infrastructure sectors, Patel has developed a substantial business portfolio that now enters a new phase of international expansion. The partnership extends beyond establishing a regional office, with plans to pioneer new avenues in trading and energy solutions while implementing sustainable business practices.

    The strategic timing coincides with Dubai’s accelerating prominence as a global business hub, where logistics, finance, and technology sectors are driving substantial economic growth amid increasing population and sustained investor interest. Preston Trading will leverage its Dubai base to gradually expand into other emirates and broader Middle Eastern markets while fostering UK-Middle East trade relations.

    Beyond commercial objectives, the partnership commits to ethical business conduct and support for community initiatives in education, health, and social development. Patel characterizes Dubai as both a foundational pillar for his company’s future and a gateway to global innovation, asserting that the emirate presents exceptional opportunities for committed investors prepared to grow alongside its evolving economy.