Valentino Chairman Gives Gloomy Outlook for Luxury Sector - Bloomberg
The luxury industry’s troubles are mounting, with US department stores struggling and China failing to live up to expectations as a growth motor in the post-pandemic world.
That’s dashing hopes of another resilient year for the sector, which in 2022 defied gloomy headlines to grow by as much as 20% in some locations, according to Rachid Mohamed Rachid, chairman of fashion house Valentino.
“We came into 2023 with a prediction that luxury will probably grow 10%,” Rachid said in an interview with Bloomberg TV. “We have seen very strong signs that it will be much worse.”
Bain in June estimated that the personal luxury goods market, which includes handbags and ready-to-wear, would grow between 5% to 12% this year, depending on the pace of the recovery in China, where severe lockdowns for much of last year hurt demand.
Monday 25 September 2023
China EV Maker Nio Considering Raising $3 Billion From Investors - Bloomberg
China EV Maker Nio Considering Raising $3 Billion From Investors - Bloomberg
Nio Inc. is considering raising around $3 billion from investors, according to people familiar with the matter, as questions swirl around the Chinese electric-car maker’s health amid mounting losses.
Shanghai-based Nio has approached investors from the Middle East, the people said, asking not to be identified discussing matters that are private. The fundraising could happen as soon as next year, one of the people said.
Nio said in a statement that it “currently has no reportable capital raising activity,” aside from the $1 billion convertible notes offering the company announced completing earlier Monday. In June, Nio raised around $738 million from a share sale to Abu Dhabi’s CYVN Holdings LLC.
Nio’s American depositary receipts fell as much as 7% shortly after the start of US trading and were down 2.7% as of 9:55 a.m. in New York.
Nio Inc. is considering raising around $3 billion from investors, according to people familiar with the matter, as questions swirl around the Chinese electric-car maker’s health amid mounting losses.
Shanghai-based Nio has approached investors from the Middle East, the people said, asking not to be identified discussing matters that are private. The fundraising could happen as soon as next year, one of the people said.
Nio said in a statement that it “currently has no reportable capital raising activity,” aside from the $1 billion convertible notes offering the company announced completing earlier Monday. In June, Nio raised around $738 million from a share sale to Abu Dhabi’s CYVN Holdings LLC.
Nio’s American depositary receipts fell as much as 7% shortly after the start of US trading and were down 2.7% as of 9:55 a.m. in New York.
#Saudi Cargo Firm SAL’s $678 Million IPO Sells Out in Hours - Bloomberg
Saudi Cargo Firm SAL’s $678 Million IPO Sells Out in Hours - Bloomberg
Cargo firm SAL Saudi Logistics Services Co. received orders for all shares in its Riyadh initial public offering hours after books opened on the deal, showing ongoing investor demand for listings in the kingdom.
Saudi Arabia’s biggest airline and another shareholder on Monday said they were seeking to raise as much as 2.54 billion riyals ($678 million) from the IPO. Order books were covered across the price range within a few hours, according to people with knowledge of the matter who asked not to be identified because the matter is private.
A representative for SAL declined to comment.
The deal is the latest indicator of robust sentiment in what is usually the Persian Gulf’s biggest and busiest listings market after a slow first half. A drop in Saudi Arabia’s stock market from the second half of last year through to March on weaker oil prices helped put a brake on listing activity, with offerings only picking up again at the start of the summer.
Earlier on Monday, Lumi Rental Co. surged by the 30% limit on trading debut. And oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, last week drew $76.5 billion in orders for its $1.2 billion IPO — the country’s largest this year.
Cargo firm SAL Saudi Logistics Services Co. received orders for all shares in its Riyadh initial public offering hours after books opened on the deal, showing ongoing investor demand for listings in the kingdom.
Saudi Arabia’s biggest airline and another shareholder on Monday said they were seeking to raise as much as 2.54 billion riyals ($678 million) from the IPO. Order books were covered across the price range within a few hours, according to people with knowledge of the matter who asked not to be identified because the matter is private.
A representative for SAL declined to comment.
The deal is the latest indicator of robust sentiment in what is usually the Persian Gulf’s biggest and busiest listings market after a slow first half. A drop in Saudi Arabia’s stock market from the second half of last year through to March on weaker oil prices helped put a brake on listing activity, with offerings only picking up again at the start of the summer.
Earlier on Monday, Lumi Rental Co. surged by the 30% limit on trading debut. And oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, last week drew $76.5 billion in orders for its $1.2 billion IPO — the country’s largest this year.
Major Gulf indexes subdued as rate outlook rattles investors | Reuters
Major Gulf indexes subdued as rate outlook rattles investors | Reuters
Most major stock markets in the Gulf ended lower on Monday, alongside subdued global equities, as investor confidence remained fragile after central banks reinforced the message that interest rates would stay higher for longer than expected.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI) fell 0.7%, in its third negative day in a row, following declines in almost all the sectors with banking and healthcare shares leading the losses. Shares in Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, were down 1.9% and Dr Sulaiman Al-Habib Medical Services stock (4013.SE) dropped 1.7%.
However, auto rental firm Lumi (4262.SE) surged nearly 30% above its listing price in its debut trade on Monday.
In Abu Dhabi, the benchmark index (.FTFADGI) slipped 0.1%, with Abu Dhabi National Energy Company (TAQA.AD) contributing the most to the index's decline, falling more than 1%, while conglomerate International Holding Company (IHC.AD) was down 0.5%.
The Dubai stock market started the week with volatile trading after last week’s surge, as traders moved to secure their gains, said George Khoury, Global Head of Research at CFI.
Dubai's main share index (.DFMGI), however, gained 0.3%, boosted mainly by property and financial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) climbed over 1% and Emirates NBD Bank (ENBD.DU), Dubai's largest lender, rose 1.4%.
The Qatari benchmark stock index (.QSI) extended the decline from the previous session, falling 0.2% and dragged lower mostly by industrial and financial stocks. Industries Qatar (IQCD.QA) fell 1.5% and Qatar Islamic Bank (QISB.QA) gave up 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), rose 0.5%, extending gains to a second consecutive session, as electrical firm El Sewedy Electric Co (SWDY.CA) jumped 5.4% and Ezz Steel (ESRS.CA), the largest steel company in Egypt, surged 5.8%.
Most major stock markets in the Gulf ended lower on Monday, alongside subdued global equities, as investor confidence remained fragile after central banks reinforced the message that interest rates would stay higher for longer than expected.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI) fell 0.7%, in its third negative day in a row, following declines in almost all the sectors with banking and healthcare shares leading the losses. Shares in Al Rajhi Bank (1120.SE), Saudi Arabia's second-largest lender by assets, were down 1.9% and Dr Sulaiman Al-Habib Medical Services stock (4013.SE) dropped 1.7%.
However, auto rental firm Lumi (4262.SE) surged nearly 30% above its listing price in its debut trade on Monday.
In Abu Dhabi, the benchmark index (.FTFADGI) slipped 0.1%, with Abu Dhabi National Energy Company (TAQA.AD) contributing the most to the index's decline, falling more than 1%, while conglomerate International Holding Company (IHC.AD) was down 0.5%.
The Dubai stock market started the week with volatile trading after last week’s surge, as traders moved to secure their gains, said George Khoury, Global Head of Research at CFI.
Dubai's main share index (.DFMGI), however, gained 0.3%, boosted mainly by property and financial stocks.
Blue-chip developer Emaar Properties (EMAR.DU) climbed over 1% and Emirates NBD Bank (ENBD.DU), Dubai's largest lender, rose 1.4%.
The Qatari benchmark stock index (.QSI) extended the decline from the previous session, falling 0.2% and dragged lower mostly by industrial and financial stocks. Industries Qatar (IQCD.QA) fell 1.5% and Qatar Islamic Bank (QISB.QA) gave up 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), rose 0.5%, extending gains to a second consecutive session, as electrical firm El Sewedy Electric Co (SWDY.CA) jumped 5.4% and Ezz Steel (ESRS.CA), the largest steel company in Egypt, surged 5.8%.
#UAE's Alpha Dhabi to buy majority stake in water project developer Metito | Reuters
UAE's Alpha Dhabi to buy majority stake in water project developer Metito | Reuters
United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) said on Monday it plans to acquire a majority stake in the United Arab Emirates-based water and wastewater project developer Metito Holdings.
Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
Alpha Dhabi did not disclose the size of the stake it would take in Metito, which has around 20 offices and 4,500 employees across the world. Alpha Dhabi also did not disclose the value of the transaction or how the transaction would be funded.
The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday.
Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed Al Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74% stake in the parent of Alpha Dhabi, the International Holding Company (IHC).
United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) said on Monday it plans to acquire a majority stake in the United Arab Emirates-based water and wastewater project developer Metito Holdings.
Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
Alpha Dhabi did not disclose the size of the stake it would take in Metito, which has around 20 offices and 4,500 employees across the world. Alpha Dhabi also did not disclose the value of the transaction or how the transaction would be funded.
The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday.
Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed Al Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74% stake in the parent of Alpha Dhabi, the International Holding Company (IHC).
#SaudiArabia's SAL Saudi Logistics could raise $678 mln from IPO | Reuters
Saudi Arabia's SAL Saudi Logistics could raise $678 mln from IPO | Reuters
Saudi Arabian cargo business SAL Saudi Logistics Services Co could raise as much as 2.54 billion riyals ($678 million) from its initial public offering (IPO) after the company disclosed an indicative price range on Monday.
SAL Saudi Logistics is 70% owned by Saudi Arabian Airlines Corporation (Saudia) and 30% by Tarabot Air Cargo Services. Saudia and Tarabot are jointly offering a 30% stake in SAL Logistics, comprising 24 million ordinary shares.
The price range was set at 98 riyals ($26.13) to 106 riyals per share, SAL Saudi Logistics said.
The offering is expected to total between 2.35 billion riyals and 2.54 billion riyals, implying a market capitalisation of between 7.84 billion riyals and 8.48 billion riyals.
The book-building process began on Monday, the company said. A final price for the shares will be determined at the end of the book-building period, set for Oct. 1.
Saudi Arabian cargo business SAL Saudi Logistics Services Co could raise as much as 2.54 billion riyals ($678 million) from its initial public offering (IPO) after the company disclosed an indicative price range on Monday.
SAL Saudi Logistics is 70% owned by Saudi Arabian Airlines Corporation (Saudia) and 30% by Tarabot Air Cargo Services. Saudia and Tarabot are jointly offering a 30% stake in SAL Logistics, comprising 24 million ordinary shares.
The price range was set at 98 riyals ($26.13) to 106 riyals per share, SAL Saudi Logistics said.
The offering is expected to total between 2.35 billion riyals and 2.54 billion riyals, implying a market capitalisation of between 7.84 billion riyals and 8.48 billion riyals.
The book-building process began on Monday, the company said. A final price for the shares will be determined at the end of the book-building period, set for Oct. 1.
Most Gulf bourses rise in early trade on stronger oil prices | Reuters
Most Gulf bourses rise in early trade on stronger oil prices | Reuters
Most stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher, amid a tighter supply outlook after Moscow issued a temporary ban on fuel exports.
Oil prices - a key catalyst for the Gulf's financial markets - rose 0.7%, with Brent crude trading at $93.96 a barrel by 0646 GMT.
Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilise the domestic market.
Dubai's benchmark stock index (.DFMGI) was up 0.3% in early trade, lifted by gains in most sectors, with Emaar Properties (EMAR.DU) surging 1.3% and Mashreqbank (MASB.DU) climbing 3.2%.
Saudi Arabia's benchmark stock index (.TASI) gained 0.2% with Saudi Awwal Bank (1060.SE) jumping 1.9% and Saudi Arabian Mining(1211.SE) surging 3.4%.
Among the gainers, newly listed auto rental company Lumi Rental (4262.SE) rose as much as 30% above its listing price in early trade.
Lumi's shares increased as high as 85.8 riyals ($22.87) after opening at 72.6 riyals. Its IPO price of 66 riyals was at the top of its indicative range.
In Qatar, the benchmark (.QSI) rose 0.1%, with Qatar Aluminum Manufacturing (QAMC.QA) adding 1.6% and the Gulf's largest lender Qatar National Bank (QNBK.QA) gaining 0.3%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.2%, dragged by a 0.2% loss in conglomerate International Holding Company(IHC.AD) and a 1.6% drop in Burjeel Holding (BURJEEL.AD).
Most stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher, amid a tighter supply outlook after Moscow issued a temporary ban on fuel exports.
Oil prices - a key catalyst for the Gulf's financial markets - rose 0.7%, with Brent crude trading at $93.96 a barrel by 0646 GMT.
Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilise the domestic market.
Dubai's benchmark stock index (.DFMGI) was up 0.3% in early trade, lifted by gains in most sectors, with Emaar Properties (EMAR.DU) surging 1.3% and Mashreqbank (MASB.DU) climbing 3.2%.
Saudi Arabia's benchmark stock index (.TASI) gained 0.2% with Saudi Awwal Bank (1060.SE) jumping 1.9% and Saudi Arabian Mining(1211.SE) surging 3.4%.
Among the gainers, newly listed auto rental company Lumi Rental (4262.SE) rose as much as 30% above its listing price in early trade.
Lumi's shares increased as high as 85.8 riyals ($22.87) after opening at 72.6 riyals. Its IPO price of 66 riyals was at the top of its indicative range.
In Qatar, the benchmark (.QSI) rose 0.1%, with Qatar Aluminum Manufacturing (QAMC.QA) adding 1.6% and the Gulf's largest lender Qatar National Bank (QNBK.QA) gaining 0.3%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.2%, dragged by a 0.2% loss in conglomerate International Holding Company(IHC.AD) and a 1.6% drop in Burjeel Holding (BURJEEL.AD).