First Abu Dhabi Bank acquires Bank Audi Egypt

First Abu Dhabi Bank acquires Bank Audi Egypt
First Abu Dhabi Bank and Bank Audi Lebanon have acquired 100 percent of Bank Audi Egypt’s capital. (Reuters)
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Updated 21 January 2021

First Abu Dhabi Bank acquires Bank Audi Egypt

First Abu Dhabi Bank acquires Bank Audi Egypt
  • The deal will significantly increase the volume of First Abu Dhabi Bank’s activity in Egypt and will make it one of the largest foreign banks operating in the country in terms of assets
  • First Abu Dhabi Bank has operated in Egypt since 1975 and currently has 17 branches across the country – Bank Audi Egypt operates an additional 53 branches

CAIRO: First Abu Dhabi Bank and Bank Audi Lebanon have announced the signing of a final agreement to acquire 100 percent of Bank Audi Egypt’s capital.

The two banks said in a joint statement that the acquisition agreement came after the completion of an in-depth data-checking process and due diligence examination by First Abu Dhabi Bank.

The acquisition process is expected to be completed within the next few months, after fulfilling several conditions, including obtaining final approvals from the bank, the Egyptian central bank and the necessary regulatory and supervisory authorities in both the UAE and Egypt.

The deal will significantly increase the volume of First Abu Dhabi Bank’s activity in Egypt and will make it one of the largest foreign banks operating in the country in terms of assets, with its value exceeding EGP 120 billion ($8.1 billion) after consolidation. The proceeds from the sale will contribute to enhancing Bank Audi Group's financial resilience.

Bank Audi Egypt had total assets of EGP 83.2 billion by the end of September 2020, while total shareholders’ equity reached EGP 7.6 billion.

First Abu Dhabi Bank has operated in Egypt since 1975 and currently has 17 branches across the country. Bank Audi Egypt operates an additional 53 branches.

First Abu Dhabi Bank and the London branch of UBS AG worked as financial advisors for the acquisition, while Freshfields Bruckhaus Deringer and Matouk Bassiouni and Hinnawi served as legal advisors to First Abu Dhabi Bank.

EFG Hermes acted as the only financial advisor to Bank Audi in the acquisition, while both Dechert LLP and Zulficar and Partners acted as legal advisors to Bank Audi.

“First Abu Dhabi Bank has a long history in Egypt, as the bank opened its first branch in Egypt more than 45 years ago to contribute to accelerating the growth of the group’s business in markets that have promising potential,” said André Sayegh, First Abu Dhabi Bank Group CEO.

“This acquisition represents the best results that we have reached for the benefit of all our partners, especially our customers and our employees in Egypt, as a result of the challenges that Lebanon has been facing for the past 16 months and the effectiveness of the business model and governance that Bank Audi Group has established in the region,” said Samir Hanna, Bank Audi Group CEO.


Elon Musk says he is first SNL host with Asperger’s syndrome

Elon Musk says he is first SNL host with Asperger’s syndrome
Updated 09 May 2021

Elon Musk says he is first SNL host with Asperger’s syndrome

Elon Musk says he is first SNL host with Asperger’s syndrome
  • Crypto comments move Dogecoin price
  • Musk has previously drawn criticism for mocking SEC

WASHINGTON: Elon Musk kicked off his “Saturday Night Live” debut by declaring himself to be the first person with Asperger’s syndrome to host the US comedy sketch show.
“Or at least, the first person to admit it,” he said.
In his opening monologue, the eccentric tech entrepreneur behind Tesla and SpaceX offered an explanation for some of his past eyebrow-raising behavior.
“Look, I know I say or post strange things but that’s just how my brain works. To anyone I’ve offended I just want to say, I reinvented electric cars and I’m sending people to Mars in a rocket ship,” he said. “Did you think I was also going to be a chill, normal dude?“
Musk has previously drawn criticism for moves like publicly mocking the US Securities and Exchange Commission and calling a cave diver who rescued boys trapped in Thailand a “pedo guy.”
But on SNL, the billionaire took swipes at his own expense.
And of course, as a big booster of cryptocurrencies, he once again enumerated the benefits of dogecoin.
Pressed on what exactly dogecoin is, Musk called the cryptocurrency — which now has a market value of around $72 billion — “an unstoppable vehicle that’s going to take over the world.”
But then he agreed that actually “it’s a hustle.”
For the second time in a week, the world’s second-richest person seemed to drive the value of the digital asset. Not long after its recent surge after Musk’s Twitter endorsement, it was sent on a brief tailspin during his SNL performance.
It dropped to as low as 49 cents during the broadcast after a pre-show high of about 74 cents, according to CoinDesk.
During the show, cast members wondered aloud why exactly the tech billionaire would want to join their set.
With a segment of a Chinese rocket re-entering Earth’s atmosphere around the time of the live broadcast, they concluded that the spaceman “needed an alibi.”


Top US fuel pipeline operator pushes to recover from cyberattack

Top US fuel pipeline operator pushes to recover from cyberattack
Updated 09 May 2021

Top US fuel pipeline operator pushes to recover from cyberattack

Top US fuel pipeline operator pushes to recover from cyberattack
  • Colonial moves 2.5 million barrels per day of gasoline
  • DarkSide is known for deploying ransomware

NEW YORK: Colonial Pipeline, top US fuel pipeline operator, continued work on Sunday to recover from a ransomware cyberattack that forced it to shut down on Friday and sparked worries of a spike in retail gasoline prices.
The incident is one of the most disruptive digital ransom operations ever reported and has prompted calls from American lawmakers to tighten up protection for critical US energy infrastructure against hackers.
Colonial said on Saturday it was “continuing to monitor the impact of this temporary service halt” and to work to restore service. It did not give an estimate for a restart date.
Colonial moves 2.5 million barrels per day of gasoline and other fuels from refiners on the Gulf Coast to consumers in the eastern and southern United States. It also serves some of the largest US airports, including Atlanta’s Hartsfield Jackson Airport, the world’s busiest by passenger traffic.
Retail fuel experts including the American Automobile Association said an outage lasting several days could have significant impacts on regional fuel supplies, particularly in the US Southeast.
While the US government investigation is in early stages, a former US official and two industry sources said the hackers are likely a professional cybercriminal group and that a group dubbed “DarkSide” was likely among the potential suspects.
DarkSide is known for deploying ransomware and extorting victims while avoiding targets in post-Soviet states. Ransomware is a type of malware designed to lock down systems by encrypting data and demanding payment to regain access.
Cybersecurity firm FireEye has also been brought in to respond to the attack, according to the two industry sources. FireEye declined to comment. Colonial said late on Saturday it was working with a “leading, third-party cybersecurity firm,” but did not name the firm.
Bloomberg News, citing people familiar with the matter, reported late on Saturday that the hackers are part of DarkSide and took nearly 100 gigabytes of data out of Colonial’s network on Thursday ahead of the pipeline shutdown.
Colonial did not immediately reply to an email from Reuters seeking comment outside usual US business hours.
US President Joe Biden was briefed on the incident on Saturday morning, a White House spokesperson said, adding that the government was working to try to help the company restore operations and prevent supply disruptions.
The privately held, Georgia-based company is owned by CDPQ Colonial Partners, IFM (US) Colonial Pipeline 2, KKR-Keats Pipeline Investors, Koch Capital Investments Company and Shell Midstream Operating.
Gasoline futures and diesel futures on the New York Mercantile Exchange rose on Friday after the outage was reported. In previous Colonial outages, retail prices have risen substantially, if briefly.
Oil refining companies contacted by Reuters on Saturday said their operations had not yet been impacted.


Emirates converts 16 passenger planes to carry cargo

Emirates converts 16 passenger planes to carry cargo
Updated 09 May 2021

Emirates converts 16 passenger planes to carry cargo

Emirates converts 16 passenger planes to carry cargo
  • It comes as some big airlines are faced with competing forces of supply and demand in the cabins and bellies of their aircraft

DUBAI: Emirates has converted 16 passenger planes to transport cargo and is also using some of its fleet to carry goods in the cabin.
Nabil Sultan, Emirates SkyCargo divisional senior vice president said the airline was studying its capacity, in an interview with Bloomberg TV on Sunday.
“So far we have converted 16 passenger aircraft to fully cargo flights,” he said. “We also use the remaining fleet, where we have put cargo in the main cabin, especially to move essential PPE goods and various other medical material.”
It comes as some big airlines are faced with competing forces of supply and demand in the cabins and bellies of their aircraft — as cargo volumes accelerate while at the same time passenger numbers remain subdued.
Earlier on Sunday Emirates said it would begin shipping aid for free into India to help fight the coronavirus.
It comes as air cargo demand has risen to its highest recorded level ever in the wake of the pandemic.


Turkish research group faces criminal charges over inflation data

Turkish research group faces criminal charges over inflation data
Updated 09 May 2021

Turkish research group faces criminal charges over inflation data

Turkish research group faces criminal charges over inflation data
  • The group started publishing its own inflation data in September amid claims from opposition parties that the official agency is under-reporting price increases

DUBAI: Turkey’s statistics agency filed a criminal complaint against a group of local researchers publishing alternative inflation data, Bloomberg reported.

The government body demanded ENAGroup, an independent inflation research group, be fined for “purposefully defaming” the official statistics institution and “misguiding public opinion,” according to documents seen by the news wire.
The group started publishing its own inflation data in September amid claims from opposition parties that the official agency is under-reporting price increases, Bloomberg said
ENAGroup’s inflation figures are higher than the official data. Its consumer price index rose 2.62 percent in April from a month earlier, more than double the 1.1 percent reported by the official agency. The group reported an annual inflation rate of 36.7 percent for 2020, Bloomberg reported.
Turkey’s Treasury and Finance Minister Lutfi Elvan said that the statistics agency filed a complaint against a group “for the first time in the history of the Turkish Republic.”
The group aims to “damage and discredit the Turkish Statistical Institute” by spreading misleading data that are used by opposition parties, Elvan said.

 


Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO
Updated 09 May 2021

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO

Abu Dhabi's ADNOC said to invite banks to pitch for bookrunner roles for drilling unit IPO
  • ADNOC is planning to take the unit public in the third quarter
  • ADNOC Drilling owns and operates a large fleet of rigs

DUBAI: Abu Dhabi National Oil Co (ADNOC) has invited investment banks to pitch for bookrunner roles for the initial public offering of its drilling unit, two sources told Reuters on Sunday.
The oil giant invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month, they said.
ADNOC is planning to take the unit public in the third quarter, they added. One of the sources previously said ADNOC could raise at least $1 billion from the share sale.
ADNOC, which supplies nearly 3 percent of global oil demand, declined to comment when contacted by Reuters on Sunday.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
ADNOC Chief Executive Sultan Al-Jaber has been chief architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
It is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.