Obituary: Majid Al Futtaim made his dream come true by creating moments for all

Obituary: Majid Al Futtaim made his dream come true by creating moments for all

Majid Al Futtaim, a man whose dream was to “create moments for everyone, every day”, passed away on Friday, December 17.

The rich legacy he leaves behind goes beyond the eponymous shopping malls and developments he inspired to be built.

His legacy will live on in the pioneering business and culture his Majid Al Futtaim conglomerate created, one that he built by working tirelessly and turning his purpose and vision into reality.

A former bank clerk but a visionary entrepreneur, Al Futtaim was hailed by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, as one of the emirate's “most important merchants and senior men".

Oil Falls This Week as Omicron and Tightening Fed Sour Sentiment - Bloomberg

Oil Falls This Week as Omicron and Tightening Fed Sour Sentiment - Bloomberg

PRICES:
West Texas Intermediate for January delivery fell $1.52 to settle at $70.86 a barrel in New York. Brent for February settlement fell $1.50 to $73.52 on the ICE Futures Europe exchange.

Oil prices head for weekly loss on Omicron uncertainty | Reuters

Oil prices head for weekly loss on Omicron uncertainty | Reuters

Oil prices dipped on Friday, putting the market on track for a weekly loss, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand.

Brent crude futures fell $1.26, or 1.6%, to $73.76 a barrel at 1206 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped $1.23, or 1.7%, to $71.15 a barrel. Brent and WTI are both headed for a 1.7% loss this week.

In Denmark, South Africa and Britain, the number of new Omicron cases has been doubling every two days. Denmark's Prime Minister Mette Frederiksen on Thursday warned the government may impose further curbs to limit its spread. read more

In the United States, the rapid spread of the Omicron variant has led some companies to pause plans to get workers back into offices. read more

Binance in Talks With #Dubai, #AbuDhabi on Headquarters Plan - Bloomberg

Binance in Talks With Dubai, Abu Dhabi on Headquarters Plan - Bloomberg

Binance Holdings Ltd., which has claimed to be a virtual company, has held discussions with regulators in the United Arab Emirates about a potential headquarters in the Gulf Arab nation, according to people with direct knowledge of the matter.

Executives at the world’s largest cryptocurrency exchange by trading volume have been in talks with officials from special economic zones Abu Dhabi Global Market, Dubai International Financial Centre, and Dubai Multi Commodities Centre about a potential move, said the people, who requested anonymity as the talks are private.

Binance has also tapped former senior officials at the economic zones -- Mark McGinness from Dubai Financial Services Authority, which regulates DIFC, and Matt Gamble from ADGM -- in recent months, according to company announcements and LinkedIn profiles.

Setting up global headquarters is a major step for Binance as it seeks to establish itself as a mature, regulated financial institution. Founded in China in 2017, Binance quickly grew into a global crypto powerhouse, yet shunned picking a head office and instead incorporated firms in locations worldwide, making it difficult for regulators to establish jurisdictions over the company.

Paytm Eyes Record Low in Mumbai as Investor Caution Prevails - Bloomberg

Paytm Eyes Record Low in Mumbai as Investor Caution Prevails - Bloomberg

Shares of Indian digital payments giant Paytm headed for the lowest close since their market debut last month, signaling continued investor doubts over the startup’s path to profitability.

The stock dropped as much as 5.6% to 1,321 rupees ($17.4) in Mumbai, extending this week’s losses. It slid almost 8% on Dec. 15 after a post-listing lockup on sales of shares allotted to anchor investors expired, and is down nearly 39% from its issue price of 2,150 rupees.

“Paytm shares will continue to be under pressure as there is clearly no follow-up buying by large institutional investors even at this price. Main reason for this is the company’s inability to coherently articulate a path to profitability,” said Abhay Agarwal, founder of Mumbai-based Piper Serica Advisors Pvt., an investment management company.

“The management’s only defense has been that investors do not understand its business. In a market that is already under pressure, investors are scurrying for safety and away from loss-making companies like Paytm,” he said.

Oil prices head for weekly loss on Omicron coronavirus uncertainty | Reuters

Oil prices head for weekly loss on Omicron coronavirus uncertainty | Reuters

Oil prices dipped on Friday, putting the market on track for a narrow weekly loss, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand, while a weaker dollar supported commodity markets broadly.

Brent crude futures fell 59 cents, or 0.8%, to $74.43 a barrel at 0707 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 67 cents, or 0.9%, to $71.71 a barrel. Brent is headed for a 1% loss this week, while WTI is poised to finish the week nearly flat.

"Look at what's happening with Omicron - that's a negative which people are trying to digest," said Commonwealth Bank commodities analyst Vivek Dhar. "Are we going to be in line for some new restrictions? That's what the market's trying digest."

In Denmark, South Africa and the United Kingdom, the number of new Omicron cases has been doubling every two days. Denmark's Prime Minister Mette Frederiksen on Thursday warned the government may impose further curbs to limit the spread of Omicron. read more