Telecom Egypt sees H1 net profit and revenue soar

Cairo-based Telecom Egypt posted net profit of EGP 3.9 billion ($249.20 million) for the first half of 2021, surging by 88% year-on-year. Total consolidated revenue stood at EGP17.4 billion in the period, up 16% year-on-year. The Arab country’s primary telecommunication company attributed this growth in net revenue to the steady operational performance, foreign exchange gains, and higher investment income from Vodafone. In

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BILD owner Axel Springer acquires Politico

German media conglomerate Axel Springer has agreed to buy the US-based  political journalism company Politico. The companies did not disclose a price for the deal, but American media reported Politico sold for about $1 billion citing people familiar with the matter. The deal includes Politico, Politico Europe and Politico’s tech news site, Protocol  launched in 2020. Subject to regulatory approval, the deal is expected to take

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BNSF Logistics gets cargo security award

Texas-based BNSF Logistics, LLC, a leading multi-modal, third-party logistics company, received the CargoNet 2020 Best in Cargo Security Award, in a year marked by historic disruptions to supply chains and the flow of goods worldwide. BNSF Logistics’ industry-first Risk Analysis Program (RAP) ensures high-risk shipments are well-protected through transit. The RAP analyzes customer shipments to determine the overall potential risk, reducing theft

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Stellantis new JV Mobile Drive

Amsterdam-based automotive corporation Stellantis, formed from a merger of French automaker Groupe PSA and Italian-American automaker Fiat Chrysler Automobiles announced on Tuesday (Aug. 24) that it joins forces with Taiwanese electronics firm Foxconn to create a “smart cockpit” for cars that will feature navigation, voice assistance and payment services. The joint venture, called Mobile Drive, will focus on delivering a smart cockpit solution for vehicles

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CACEIS custody and fund admin for Utopia project

European leader in asset servicing CACEIS has been selected by Bologna-based Fondazione Golinelli,Fondazione di Sardegna and Antonio Falcone as custodian and fund administrator for the Utopia project: the first Simple Investment Company (SIS) to commence activity in Italy.  SIS is the new investment structure to support the development of Italian start-ups and SMEs.  In particular, the Simple Investment Company aims to directly support small

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Opec Fund receives its inaugural credit rating

Fitch Ratings has assigned the OPEC Fund for International Development (OPEC Fund) an inaugural credit rating of AA+, with stable outlook and a Short-Term IDR of ‘F1+’, as the Vienna-based institution prepares to launch itself into the international capital markets. To date, OPEC Fund’s sole funding source has been capital replenishment contributions from member states (MS). However, …..OPEC Fund is taking steps

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Babylon Health is joining the SPAC boom

London-based digital healthcare app Babylon Health  plans to become a public company through a merger with Alkuri Global Acquisition Corp., a blank check company or SPAC. The SPAC route is a faster route to market versus a traditional IPO,  with a report by JP Morgan stating that half of all the new IPOs by volume since January 2019 were SPACs. The deal, which is

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