Page 41 – The Business Pinnacle

Visa pledges to invest $1 billion to expedite Digital Transformation in Africa

by The Business Pinnacle December 15, 2022

written by The Business Pinnacle

During the U.S-Africa Business Forum, Visa pledged to invest $1 billion in Africa by 2027 to advance resilient, innovative, and inclusive economies across the continent. Visa’s expanded investments establish the company’s long-term commitment to Africa’s growth potential and will help facilitate better access to digital payments as an access point for expanding formal financial services for individuals and merchants.

Alongside the US-Africa Leaders’ Summit in Washington, DC, Chairman and CEO of Visa Inc., Alfred Francis. Kelly, Jr. summarized the pledge during the US-Africa Business Forum. The pledge will further scale Visa’s operations in Africa and strengthen collaboration with strategic partners including financial institutions, governments, mobile network operators, fintech, and merchants.

The investments will also focus on strengthening the payment ecosystem through innovations and technologies, investing in upskilling, and supporting the digitization of economies, capacity building, and talent development.

Visa has been investing in Africa for several decades to expand a truly local business, and its commitment to the continent continues to be as firm and unwavering as ever, said Kelly Chairman and CEO of Visa Inc.,

Kelly said, the company supports digital commerce and money movement in every country across the continent, and Africa continues to be pivotal in Visa’s long-term growth plans.

The company looks forward to continuing to work closely with its partners to advance the financial network, accelerate digitization and build innovative, resilient, and inclusive economies that will build shared opportunity and further encourage Africa’s digital economy, Kelly added.

Under Visa’s corporate commitment to be the most excellent way to pay and be paid, these investments will accelerate additional opportunities to expand financial inclusion. The company is dedicated to empowering small and women-led entrepreneurship in Africa across its operations and community programs. Today, a projected 500 million people in Africa are without access to formal financial services, more than 40 million merchants do not accept digital payments and less than 50% of the adult population made or received digital payments in Africa.

Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, businesses, and merchants realizing the benefits of secure and convenient digital payments to fuel commerce and money movement, said Aida Diarra, Senior Vice President, and Head of Sub-Saharan Africa at Visa.

Over the previous year, the company has continued growing its investment in Africa, through new offices, innovations, and solutions and programs that are directly promoting financial inclusion. The investment pledge defines the company’s long-term commitment to Africa and the work it does to help advance the financial ecosystem; Diarra added.

Expanding financial inclusion is crucial to long-term economic prosperity and are delighted to have worked with public and financial sector partners to ‘launch new initiatives such as She’s Next,’ said Leila Serhan, Senior Vice President, of Visa North Africa Levant and Pakistan.

Visa looks forward to continuing to support programs that advance inclusion and prosperity while introducing innovations designed for consumers and businesses across Africa.

Visa has recently made substantial strategic investments to further its Africa expansion, including:

Determining local operations for the first time in the Democratic Republic of Congo, Sudan, and Ethiopia to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa supporting payments in 54 countries.

Establishing local operations for the first time in the Democratic Republic of Congo, Ethiopia, and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa supporting payments in 54 countries.
Opening the first dedicated Visa Sub-Saharan Africa Innovation Studio, in Nairobi, Kenya, to offer an advanced environment to bring together clients and partners to co-create future-ready payment and commerce solutions.
Pioneering and expanding new technologies that assist African consumers and merchants make and receive digital payments, such as Tap to Phone which can turn a simple mobile phone into a payment device, including lowering remittance costs across innovative solutions like Visa Direct.
Establishing Visa as the fintech partner of choice, working together with innovative financial technology businesses and entrepreneurs, as well as running the Visa Everywhere Initiative program, which unveiled dedicated country programs in Egypt and Ethiopia, with the global program attracting entrants from across Africa.
Launching new programs to support women’s empowerment with financial partners, including She’s Next, which provides mentoring, funding, and networking opportunities to female entrepreneurs leading growing SMBs in Egypt, Morocco, Kenya, and South Africa.
Work together, with partners, to advance financial literacy in several languages, including the first Arabic description of Practical Money Skills in Egypt.

About Visa Inc.

Visa is a world leader in digital payments, enabling transactions between financial institutions, consumers, merchants, and government entities across more than 200 countries and territories. The company’s mission is to connect the world through the most convenient, innovative, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. The company believes that economies that include and uplift everyone everywhere and see access as introductory to the future of the money movement.

December 15, 2022 0 comments

Capital Market

Shuaa unveils three new Sharia-compliant funds

by The Business Pinnacle December 14, 2022

written by The Business Pinnacle

The addition of new funds will increase the options available to institutional high-net-worth entities and corporate financiers.

Shuaa Capital, a leading asset management and investment banking platform announced the launch of three new Sharia-compliant funds under the ICC guidance. The funds are based in Abu Dhabi Global Market (ADGM) and managed by Shuaa GMC Limited, the wholly owned regulated subsidiary of Shuaa.

Differentiated fund strategies

To launch differentiated fund strategies under the ICC platform, the leading asset management and investment banking platform has established the Incorporated Cell Company (ICC) fund structure in ADGM in the year 2020. Ever since the company has launched five funds, including the most recent three new funds under the ICC fund structure.

The addition of the new funds, which include Shuaa Global Equity Fund, Shuaa Global Sukuk Fund, and Shuaa North America Equity Fund, will increase the options available to institutional high-net-worth individuals and corporate financiers and will deliver additional investment opportunities to diversify their investments across different asset classes and geographies.

Enhances the ‘overall’ return

Shuaa Global Sukuk Fund will seek to enhance the overall return in the medium to long term by an amalgamation of income and capital growth by investing in sukuk and other Sharia-compliant debt instruments. Shuaa Global Equity Fund will primarily invest in global Sharia-compliant equities, and Shuaa North America Equity Fund will emphasize North American Sharia-compliant equities.

Shuaa GMC is also the investment manager of the first two Sharia-compliant open-ended funds launched under the ICC guidance in November 2020, namely Nujoom Balanced Funds and Nujoom Aggressive Fund. The subsidiary firm now has an aggregate of $200 million in assets under management (AuM), covering five different funds under the ICC guidance.

In the first quarter of 2023, Shuaa GMC is also working to launch three additional funds under the ICC guidance and anticipates AuM under this product platform to surpass $400 million. As part of its new fund pipeline, it also aims to include Saudi Arabia and GCC-focussed funds in its ICC platform. The expansion of the ICC fund offering is in line with with the company’s strategy to diversify and expand its recurring fee income source.

Ajit Joshi, Managing Director, and Head of Public & Private markets at Shuaa Capital said that the company would continue to see flourishing investor demand for Sharia-compliant investments, their exceptionally structured managed funds under the ICC framework offer investors additional opportunities to diversify their investments across prime geographies and regions.

Noting the launch of the new funds, Fawad Tariq Khan, Group Chief Executive Officer of Shuaa Capital, said, having demonstrated their expertise in developing and managing investments that are uniquely aimed to establish long-term value for investors. Khan added that the team is assured that these new funds will also meet the needs of investors in constantly changing markets.

About Shuaa Capital

A leading asset management and investment banking platform, Shuaa Capital psc is recognized for its robust achievement and pioneering approach to investing across, innovative, differentiated, and global product offerings concentrated on private and public markets, debt, and real estate.

A resilient and distinctive platform that operates across two key segments and regions:

The asset management segment: One of Abu Dhabi’s largest, operates fixed-income, investment portfolios, real estate funds, and projects, funds in the regional equities, and credit markets. This segment houses private markets, public markets, real estate, and debt business lines and offers investment solutions to clients, with a focal point on alternative investment strategies.
The investment banking segment: Delivers corporate finance advisory, private placement, transaction services, and public offerings of equity and debt securities, whilst also generating market liquidity on OTC fixed-income products. The company is regulated as a financial investment company by the Securities and Commodities Authority.

December 14, 2022 0 comments

Financial Market

LSEG and Microsoft launch a 10-year strategic partnership for next-generation data and analytics and cloud infrastructure solutions

by The Business Pinnacle December 13, 2022

written by The Business Pinnacle

London Stock Exchange Group (LSEG) and Microsoft have entered a new long-term strategic partnership to architect LSEG’s data infrastructure using the Microsoft Cloud and to jointly develop new products and services for data and analytics. The partnership will build on the good progress made by LSEG on the integration of Refinitiv and enhance its position as a leading-edge financial markets’ infrastructure and data provider.

With the Microsoft Cloud and its AI capabilities, the transaction significantly advances LSEG’s strategy of building an effective and scalable platform for its Data & Analytics business to deliver next-generation services for a variety of customers across the financial markets value chain through greater flexibility and enhanced workflow.

Under the provisions, LSEG’s data platform and other crucial technology infrastructure will drift into Microsoft’s Azure cloud environment. Workspace, LSEG’s next-generation data, and analytics workflow solution, will become congruent with specific Microsoft applications and the business strategies to establish innovative new cloud-based analytics services.

London Stock Exchange Group and Microsoft have also come to an agreement to explore the development of digital market infrastructure based on cloud technology, with an objective to transform how market participants work together with capital markets across a distinct range of asset classes. Migration of regulated applications will be subject to applicable regulated entity board and regulatory approval, preceding the relevant migration.

This strategic partnership is a significant milestone on LSEG’s journey towards becoming the leading global financial markets infrastructure and data business, and will transform the experience of its customers, David Schwimmer, CEO of London Stock Exchange Group said.

Bringing together its leading data sets, analytics, and global client base with Microsoft’s inclusive and trusted cloud services and global reach generates attractive revenue growth opportunities for both businesses.

“We are delighted to welcome Microsoft as a shareholder, Satya Nadella, Chairman and CEO, of Microsoft, said.

‘‘We believe our partnership with Microsoft will transform the way our customers discover, analyze, and trade securities around the world, and create substantial value over time.’’ Nadella, said. Advances in the cloud and AI will primarily transform how financial institutions research, interact, and transact across asset classes, and adapt to changing market conditions.

The partnership will bring together the industry guidance of the London Stock Exchange Group with the conviction and extensiveness of the Microsoft Cloud, covering Azure, AI, and Teams, to build next-generation services that will empower its customers to generate business insights, automate complex and time-consuming procedures, and in due course, do more with less.”

Key components of the strategic partnership

Since the completion of the Refinitiv acquisition in January 2021, London Stock Exchange Group has already made timely progress on its existing program for the delivery of its cloud-based data platform.

Under the provisions with Microsoft, LSEG will use Azure Purview and Azure Synapse to build its cloud-based data architecture that combines LSEG datasets into one, adaptable infrastructure that is simple, responsive, and effective, and developed with security, privacy, and compliance.

The program accelerates LSEG’s cloud migration policies. London Stock Exchange Group customers will be able to access data faster when and wherever they need it, enabling resilience and adaptability as capital markets continue to advance.

In addition, data scientists and engineers will be able to utilize LSEG’s data and analytics services on LSEG’s infrastructure, or leverage LSEG’s open financial data ecosystem by integrating their own data to build custom solutions.

LSEG Workspace to use Teams and Microsoft 365 to translate user experience for business specialists

Over the last two years London Stock Exchange Group has made significant progress on Workspace, its next-generation data and analytics workflow solution, with more than 50% of users currently migrated from legacy platforms and all products either live or in beta testing by the end of 2022.

As part of LSEG’s product development with Microsoft, the companies plan a step-change in the advancement of Workspace, by designing an all-in-one data, analytics, workflow, and partnership solution, explicitly designed to help finance and investment professionals advance communications and productivity while maintaining regulatory compliance.

It will be a connected, intuitive experience with a distinct, simple-to-use interface that facilitates users:

For the first time, work in partnership with other LSEG customers inside and outside of their organizations, using Teams to connect, chat, call, and meet with built-in compliance, privacy, and security.
Build financial models, manage data analysis, and create graphs using LSEG content delivered in Excel.
Work seamlessly between LSEG Workspace, Teams, and Microsoft 365 tools to deliver financial reports and presentations.

Microsoft’s investment in LSEG shares

Microsoft has agreed to purchase London Stock Exchange Group shares that would result in Microsoft holding about a 4% equity stake in LSEG, such shares are to be purchased from York Holdings II Limited and York Holdings III Limited, units owned by certain investment funds associated with Blackstone, an affiliate of GIC Special Investments Limited, an affiliate of Canada Pension Plan Investment Board and Thomson Reuters.

December 13, 2022 0 comments

Eng & Tech

ispace’s HAKUTO-R mission takes off to the moon

by The Business Pinnacle December 12, 2022

written by The Business Pinnacle

ispace, a global lunar exploration company, announced that it has launched its private lander to the Moon after several delays aboard a SpaceX rocket. SpaceX launched ispace’s HAKUTO-R Mission 1 and NASA’s Jet Propulsion Laboratory’s Lunar Flashlight to a lunar transfer orbit from Cape Canaveral Space Force Station in Florida.

This was the fifth launch and landing of this Falcon 9 first-stage booster, which earlier launched SES-22 and three Starlink projects.

The Series 1 Lander utilized for “HAKUTO-R” Mission 1 was successfully launched by a SpaceX Falcon 9 rocket at 2:38 a.m., Saturday, December 11, 2022 (U.S. Eastern Time), and incorporated into its scheduled orbit.

After the split, ispace’s Mission Control Centre successfully formed the following details:

Stable communications with the spacecraft.
Stable attitude of the lander.
Stable power supply in orbit.
Evidence that there were no deficiencies in the lander’s core systems.
Confirmed the completion of initial critical operational circumstances.

Following a final check-out of customer payloads, Success 3 of the mission milestones will be accomplished. ispace will share revises on HAKspaceMission 1 as they become available.

The Hakuto-R Mission 1 lander, Japan’s first-ever lunar lander to launch, will take a circuitous path to the moon and is anticipated to touch down inside the Atlas crater around the end of April. It carries two rovers which include one from the Japan Aerospace Exploration Agency (JAXA) and the Rashid rover, its first rover from the UAE.

ispace’s lander is part of a $73 million NASA contract secured by a team led by Cambridge, Massachusetts-based Draper to offer all-inclusive delivery services under the US Artemis moon program. The same rocket also launched NASA’s Jet Propulsion Laboratory’s Lunar Flashlight on a mission to explore ice in craters on the moon. NASA’s flashlight aims to search for water deposits in permanently shadowed regions near the Moon’s South poles ice stage lander will be delivered to the moon’s orbit by the rocket. The Lander is aiming for Atlas crater in the Northeast section of the moon’s near side. This mission, if successful, will be a huge milestone for private companies to achieve in a highly competitive sector.

Only National agencies of the United States, Russia, and China have achieved soft Landings on the Earth’s nearest neighbour. The M1 Lander will deploy two robotic Rovers along with a four-wheeled Explorer made by the United Arab Emirates. ispace’s Hakuto-R mission took nearly five months to deliver the Lander and other experiments to the Moon. The name Hakuto comes from a ‘white rabbit’ that lives on the Moon in Japanese folklore.

According to Emirates Lunar Mission Manager, UAE’s Rashid Lunar Rover will remain on the Moon even after the requisite data has been collected with an already assigned satellite around Mars. UAE aims to explore the Earth’s natural satellites too. The rockets will take a slow energy path to the Moon, flying for about a million miles from Earth before it loops back and intersects with the Moon by the end of April.

Tokyo-based ispace signed a contract with NASA to ferry payloads to the Moon beginning in 2025 and is aiming to build a permanently staffed Lunar colony by the year 2040.

About ispace, inc.

ispace, a global lunar resource development company, specializes in designing and building lunar landers and rovers. ispace plans to extend the sphere of human life into space and create a sustainable world by delivering high-frequency, cost-effective transportation services to the Moon.

The company has offices in Japan, the United States, and Luxembourg, with over 200 employees globally. ispace technologies U.S., inc. is part of a team led by Draper, which was awarded a NASA Commercial Lunar Payload Services (CLPS) Program contract to land on the far side of the Moon as of December 2022. Together, ispace and ispace EUROPE S.A. (ispace EU) were awarded contracts to gather and transfer ownership of lunar regolith to NASA, and ispace EU was chosen by ESA to be part of the Science Team for PROSPECT, a program that seeks to obtain water on the Moon.

Founded in 2010, ispace operated “HAKUTO” which was one of five finalist teams in the Google Lunar XPRIZE race. As part of the first mission of its HAKUTO-R lunar exploration program is at present scheduled for as early as December 2022 and is anticipated to launch from the United States on a SpaceX Falcon 9 rocket. ispace has also launched a lunar data business concept to encourage new customers as an opportunity to conduct business on the Moon.

December 12, 2022 0 comments

ESG

GM battery plant workers vote to unionize with UAW, a crucial victory for labour as the industry moves to EVs

by The Business Pinnacle December 9, 2022

written by The Business Pinnacle

Workers at a General Motors (GM) joint venture battery plant in northeast Ohio prodigiously voted in favour of representation with the United Auto Workers (UAW), the union stated early Friday.

The vote was being closely observed as such battery plants are considered vital for automakers to transition from traditional vehicles with internal combustion engines to all-electric cars and trucks. Various other multi-billion-dollar plants from GM and other automakers are under construction in the United States.

The UAW accounts for 98% of votes in favour of the union. The count was 710 votes in support of United Auto Workers representation – one was void and sixteen against. The National Labour Relations Board (NLRB), which was administering the election, did not immediately respond to clarification.

Buoyed by a national labour movement and the Biden administration’s pro-union comments, labour, and industry specialists anticipated workers at the Warren, Ohio, plant of Ultium Cells LLC – a joint venture between GM and LG Energy Solution – to vote in support of the UAW’s representation.

“Our entire union welcomes our latest members from Ultium,” President of the UAW Ray Curry said in a releaGM’s.

GM transition to electric vehicles

While the auto industry transitions to electric vehicles, at plants like Ultium new workers entering the auto sector are contemplating their value and worth. This vote shows that they want to be a part of maintaining high-ranking standards and wages, Curry added.

The organizing vote comes after Ultium declined to recognize the union through an expedited organizing process called a card check, regardless of comments from GM CEO Mary Barra voicing support for the right for workers to unionize.

Ultium, in a statement on Friday, said it acknowledges, the decision of its Ohio workforce to support representation by the UAW and looks forward to a positive working affiliation with the UAW.

As per the NLRB rules, both sides have five business days to submit protestations to question the results.

On Thursday, Barra said if the Ohio plant voted in favour of organizing, she would like to agree with the union “as soon as possible.”

Making an agreement could be more combative than organizing the vote. Barra and other executives have said hourly pay for factory workers at the battery plants should be closer to that of auto supplier workers — nearly $20 or less — rather than traditional assembly line jobs that lead at more than $30 an hour. At present, Ultium said hourly workers make between $16 and $22 an hour with full benefits, incentives, and tuition assistance.

Joint venture battery facilities are viewed as crucial for the UAW to grow and add members, as automakers such as GM transition to electric vehicles, which require less traditional labour and parts than cars with internal combustion engines.

The Ultium plant in Ohio, which started production in August, is the first of the smallest amount of four U.S. battery facilities for the joint venture of GM-LG. The plants are anticipated to employ thousands of workers in the future years. Ford Motor, Stellantis, and other automakers have announced similar plants, which would each have to be organized individually in addition to other Ultium plants.

In what manner to transition traditional auto workers into new jobs for EVs has been a key concern for the UAW for several years. Last month, Ford CEO Jim Farley said the company anticipated that electric vehicles would require 40% fewer workers than conventional cars and trucks.

December 9, 2022 0 comments

Eng & Tech

SpaceX Falcon 9 launches 40 OneWeb satellites to enable a surge in connectivity services across the U.S, Europe, much of the Middle East, and Asia

by The Business Pinnacle December 9, 2022

written by The Business Pinnacle

SpaceX successfully launched 40 OneWeb satellites, the low Earth Orbit (LEO) satellite communications company. This launch took place from Kennedy Space Center in Florida on Thursday, 08 December 2022. This will be OneWeb’s 15^th to date and second since recommencing its campaign with a successful launch from India in October, placing the company on the path to delivering global coverage in 2023.

SpaceX agreed to launch satellites for OneWeb after the London headquartered company broke ties with Russia in March. At the beginning of 2019, Russian Soyuz rockets already had launched 13 batches of OneWeb satellites.

SpaceX has more than 3,200 Starlink satellites in orbit, providing high-speed, broadband internet to rural and remote corners of the world. Amazon plans to launch the first of its internet satellites in early 2023 from Cape Canaveral. Adding up to the market for global internet service ‘growing exponentially’ there’s a chance for everybody, said Massimiliano Ladovaz, Chief Technology Officer of OneWeb.

This milestone mission indicates OneWeb’s first time launching from Florida, where its satellites are also put together by OneWeb Satellites – a joint venture between OneWeb and Airbus. This launch will add another 40 satellites to OneWeb’s 648 LEO satellite fleet, almost 80% of its first-generation constellation that will deliver global comprehensive connectivity for its collaborators.

The launch will accelerate the company to substantially expand service and introduce additional connectivity solutions soon for collaborators across the U.S., Europe, Asia, and much of the Middle East, indicating all positions north of the 35^th parallel.

From connectivity flows a better quality of life New Horizons and greater opportunities. So, what can we do to ensure everybody can experience the benefits of connectivity?

This is the OneWeb mission is to bridge that digital divide to serve businesses and rural communities to further scientific understanding and collaboration and OneWeb is doing this by bringing high-speed broadband internet from space to places where this opportunity was previously unimaginable for every customer connected via the OneWeb network.

The expansion of the OneWeb fleet will also enable coverage between the South Pole and the 35^th parallel south, opening connectivity services in South Africa, Southern Australia, and parts of South America.

OneWeb’s connectivity solutions are already effective in Alaska, the UK, Canada, Greenland, and the wider Arctic area to supply internet connectivity to unserved and underserved rural and remote communities and businesses in the region.

About SpaceX

SpaceX designs manufacture and launch the world’s most innovative rockets and spacecraft. Founded in 2002 by Elon Musk to revolutionize space transportation, with the ambition of creating life multi-planetary. SpaceX has earned global interest for a series of significant milestones. In December 2010, SpaceX became the only private company ever to return a spacecraft from low-Earth orbit, which it first achieved. The company created history again in May 2012 when its Dragon spacecraft attached to the International Space Station, exchanged cargo payloads and returned safely to Earth – a technologically demanding feat previously accomplished only by governments. Since then, Dragon has transported cargo to and from the space station on numerous occasions, offering regular cargo resupply missions for NASA.

December 9, 2022 0 comments

Transportation

Einride secures the financing of $500 million to expedite the deployment of sustainable freight mobility

by The Business Pinnacle December 8, 2022

written by The Business Pinnacle

The debt financing is the largest asset-backed facility to date for heavy-duty electric vehicles to date

Einride, the Freight mobility technology company announced on Wednesday it has secured financing of $500 million, including both a Series C equity growth and a debt facility. The debt financing is the largest asset-backed facility for heavy-duty electric vehicles to date, which will provide transformative funding for Einride’s fleet of electric vehicles across the globe. The Series C provides a subsequent move in the funding of new developments and deployments across the company’s autonomous and digital offerings, as well as expanding Einride’s offerings to new markets and customers.

‘‘The time is now to act on not only developing but accelerating the implementation of technology that enables a cleaner, safer, and more efficient way to move goods,’’ said Robert Falck CEO and Founder of Einride.

The company has created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from its investors and a shared belief in this mission, it will continue to drive disruptive change to global freight at scale, Mr. Falck said.

The $300 million in debt financing, which comprises an initial facility rollout of $150 million starting in January 2023, signed with Barclays Europe, ensures long-term funding for Einride’s current and future electric, heavy-duty vehicle fleets. As part of the overall Einride freight ecosystem offering, the capacity of these vehicles is used by Einride’s clients. The multi-jurisdictional, multi-currency facility strengthens the company’s global fleet across the US and Europe, as well as other potential strategic expansions.

“This landmark debt facility represents a key milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, Director of Securitised Products Solutions at Barclays. “The innovative asset-backed structure complements the company’s unique ecosystem offering and is a continued demonstration of how Barclays is using our financial and capital markets expertise to support clients in driving the transition to net zero,” Beck added.

In addition, Einride has initially secured $200 million in equity contribution managed by a consortium of new investors as well as considerable sustained support from existing shareholders. Investors include leading Swedish pension fund AMF, Northzone, Polar Structure, EQT Ventures, Norrsken VC, and Temasek. The equity contribution incorporates a $90 million convertible note raised earlier this year.

By building freight mobility grids powered by a one-of-a-kind ecosystem – including the intelligent platform Einride Saga, electric and autonomous trucking fleets, charging infrastructure, and connectivity networks, the company unlocks a resilient, cost-effective future for freight. In the past 12 months, the company has announced expansions into several European countries such as Germany, the Netherlands, Belgium, Norway, and Luxembourg.

It deployed operations for numerous new clients including Electrolux, a Haier company, GE Appliances, and Bridgestone. In October of 2022, Einride successfully achieved a pilot on a US public road with its autonomous vehicle – the first company to receive approval to do so for a vehicle with no safety driver on board. In 2019 it became the first company in the world to conduct heavy-duty autonomous vehicles on public roads.

Goldman Sachs Bank Europe SE represented as the only placement agent on the equity capital increase.

About Einride

Einride, the Swedish transport company is building freight mobility grids that re-engineer the movement of goods to unlock clean capacity at scale. By building grids powered by a first-of-its-kind ecosystem, the intelligent platform Einride Saga, electric and autonomous fleets, charging infrastructure, and connectivity networks – a buoyant, cost-effective shipping prospect is revealed. Established in 2016, Einride became the first company in the world to deploy an autonomous, electric vehicle on a public road in 2019 and in 2022 it became the first company to obtain approval to use the vehicle on a U.S. public road.

December 8, 2022 0 comments

Logistics

MNG Airlines signs agreement to go public through a business combination with Golden Falcon Acquisition Corp

by The Business Pinnacle December 8, 2022

written by The Business Pinnacle

MNG Airlines, a global logistics provider and e-commerce enabler, has entered into a definitive agreement to become publicly traded via a business combination with Golden Falcon Acquisition Corp., a special-purpose acquisition company. The transaction is anticipated to close in the first half of 2023, after which MNGA will be listed on the New York Stock Exchange under the ticker symbol ‘‘MNGA’’. As a public company, MNGA is expected to gain increased financial flexibility, and to be well-positioned to unlock new growth possibilities and maximize value creation.

Ali Sedat Özkazanc, CEO of MNGA, stated, that the company sees significant value creation potential from becoming a publicly listed company in the U.S., with the anticipation that it will enable transformative commercial agreements, generate an acquisition currency, and align organization incentives with shareholders.

Murathan Gunal, Chairman of MNGA and CEO of MAPA Group, added, MNG Airlines is an international company today with a global presence including multinational corporate clients in the U.S., Asia, and Europe. MNGA celebrated 25 years of operational excellence and listing on the NYSE is a natural step in its company’s history.

Gunal added that MNGA is delighted about delivering on the anticipated value-creation opportunity in the future.

MNG Airlines is based in Istanbul started operations in 1996 and is a part of the Mapa Group conglomerate. It serves over 15,000 corporate customers across 41 countries through over 3,500 flights per year.

For the three months ended 30 September 2022, the Company’s revenue increased by 47% year-on-year to $90 million, net income of $26 million, and Adjusted EBITDA of $27 million (30% margin). Previous twelve months revenue increased by 39% year-on-year to $353 million, net income of $61 million, and Adjusted EBITDA of $116 million (33% margin). Adjusted EBITDA margin for the previous twelve months has enhanced by 400 basis points as compared with 2019, and revenue has increased at a 37% compound annual growth percentage during this period.

Ever since its IPO in December 2020, the Golden Falcon management team assessed over 500 potential targets. Earlier to implementing the Business Combination Agreement with MNGA, the Golden Falcon team performed extensive due diligence during the past ten months, backed by its advisor UBS Investment Bank. To closely align incentives with the Company and existing shareholders, the Golden Falcon team has come to an agreement to subject over 90% of sponsor shares obtained as merger concerns to a vesting strategy.

The proposed business combination, which has been collectively authorized by both the Board of Directors of Golden Falcon and the Board of Directors of MNGA, is anticipated to close in the first half of 2023, subject to approval by Golden Falcon’s stockholders and other regular closure terms.

About MNG Airlines

MNG Airlines is a global logistics provider and e-commerce enabler which concentrates on quality, reliability, and customer satisfaction. The company started operations in 1996, having operated its first intercontinental flight in 1998, and now services more than 15,000 corporate customers across 41 countries across more than 3,500 flights per year. MNG Airlines extends charter services with customized plane and capacity opportunities in addition to scheduled flights and aircraft, crew, maintenance, and insurance (ACMI) services. Since 2000, MNG Airlines also has had a fully equipped and EU standards-compliant warehouse.

MNG Airlines, which set out its activities in 1996, operates in Germany, England, France, the United States of America, the United Arab Emirates, Italy, China, and Kazakhstan with scheduled cargo flights as the only national private airline.

About Golden Falcon Acquisition Corp.

Golden Falcon Acquisition Corp. is a New York Stock Exchange-listed special-purpose acquisition company.

Golden Falcon management’s combined experience consists of over 100 years of investment banking, private equity, and executive management experience and over 230 transactions with an aggregate value of more than $450 billion worldwide. Golden Falcon creates an intercontinental network of associations with entrepreneurs, large corporations, sovereign wealth funds, family-owned businesses, venture capital, private equity, and asset management firms to help finance, support, and expand its business combination partner.

Furthermore, Golden Falcon’s board members and strategic advisory group bring extensive expertise in operating, financing, and investing in leading companies. They have held leadership positions with multinational corporations, where they established a proven record of creating shareholder value, organically as well as through strategic transactions.

December 8, 2022 0 comments

Hospitality

ADNOC signs contracts worth over AED 1 billion with four Abu Dhabi companies on providing food catering services

by The Business Pinnacle December 7, 2022

written by The Business Pinnacle

More than 50% of the value of the agreement value will roll back into the UAE economy out of ADNOC’s In-Country Value program and will encourage the growth of the UAE food business

Abu Dhabi National Oil Company (ADNOC) has signed food catering agreements worth over AED 1 billion across the ADNOC Group for its employees and contractors with four Abu Dhabi companies from 2022 to 2027.

As part of ADNOC’s In-Country Value (ICV) program with over 50% of the value from the four contracts flowing back into the UAE economy, it reinforces the group’s commitment to supporting local businesses and the growth and diversity of the UAE’s food industry by encouraging further procurement of local food products, by the four UAE companies.

The contracts were signed at the inaugural Abu Dhabi International Food Exhibition with Royal Catering, Apex National Catering, Sodexo Kelvin, and National Corporation for Tourism & Hotels (NCT&H).

The agreement was signed in the presence of His Excellency Dr. Sultan Ahmed Al Jaber: UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; Her Excellency Mariam Hareb Almheiri: Minister of Climate Change and Environment; and His Excellency Saeed Al Bahri Al Ameri: Director-General of Abu Dhabi Agriculture and Food Safety Authority (ADAFSA).

His Excellency Dr. Al Jaber said through its onshore and offshore operations, ADNOC and its contractors have considerable needs for high-quality food catering services that address the needs of its large and distinct workforce.

ADNOC is delighted to sign new contracts with four leading local companies, reinforcing its commitment to using domestic suppliers and contractors and ensuring the growth, development, and diversification of local industry, Dr. Al Jaber said.

By working with local companies and fostering the use of additional made-in-the-UAE products, the company will also support the growth of the UAE food industry, a critical enabler of its national food security, he added.

ADNOC employs people from more than 100 different nationalities, in its businesses, which comprises 14 companies operating across the comprehensive energy value chain, of which fifty thousand originate from the UAE and beyond.

Each year it offers over 45 million meals to meet the dietary requirements of its employees and contractors, several employed in remote onshore and offshore sites.

About ADNOC

A leading diversified energy and petrochemicals group owned by the Emirate of Abu Dhabi. ADNOC Group aims to expand the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. With a production capacity of over 4 million barrels of oil each day and about 11.5 billion cubic feet of natural gas each day, it operates across the entire hydrocarbon value chain. The group has a network of fully incorporated businesses for exploration, production, storage, refining, and trading, including the development of an array of petrochemical products.

Founded in 1971, ADNOC has been responsible for harnessing the UAE’s energy resources by meeting the demands of an ever-changing energy market and eventually transforming the nation.

ADNOC’s work plays a vital role in Abu Dhabi’s international advent. It has enabled people to realize their remarkable potential, helped generate thousands of jobs, led economic growth, and invested in research and education for the future.

With an elaborate outlook for the future, ADNOC continues to look for pioneering techniques to maximize the value of its resources, while applying the latest technology, developing mutually beneficial partnerships, and driving In-Country value. ADNOC is committed to sustaining its positive impact in the communities where it operates and the Abu Dhabi economy.

December 7, 2022 0 comments

Financial Market

ThinkAnalytics announces Magyar Telekom has chosen the Think360 platform for content discovery and targeted promotions on Magenta TV

by The Business Pinnacle December 6, 2022

written by The Business Pinnacle

ThinkAnalytics, the leading content discovery platform, and hyper-targeted advertising provider, on Monday, announced that the largest telco in Hungary, Magyar Telekom, has chosen the Think360 platform for personalized recommendations, targeted promotions, and viewer engagement across its OTT and TV services. With Think360, Magyar Telekom will improve the user experience for its more than 1 million subscribers while enhancing how it monetizes its content investments.

Magyar Telekom connects other Deutsche Telekom MagentaTV subsidiaries in deploying Think360 and is the first in the group to deploy ThinkAnalytics’ Promotional Tiles for contextual content sponsorships. Think360 was initially deployed at Deutsche Telekom in 2019 and is also live at Deutsche Telekom in Germany, OTE Group in Greece, Hrvatski Telekom in Croatia, and Magenta Telekom in Austria.

Using Think360’s advanced machine learning and AI, offering users a greater user experience with personalized recommendations and content discovery seamlessly across all connected devices. The Magyar Telekom deployment on its MediaKind Mediaroom and MediaFirst platforms provides for the Hungarian language while across the Deutsche Telekom group, Think360 already provides personalized content discovery in German, Greek, Turkish, Croatian, and English.

Using the Think360 content discovery platform, Magyar Telekom would deploy ThinkEditorial and ThinkUX to support viewer personalization. Using ThinkUX, Magyar Telekom will be able to create, assess, manage, and modify the customer experience in minutes to optimize the combination of personalization, popular content, trends, and editorial control offered to each viewer. With ThinkEditorial, Magyar Telekom will be able to manage editorial and curated carousels, lists and campaigns, making it simple to promote a variety of content to different audiences.

Samuel Sweet, EMEA & APAC CEO at ThinkAnalytics added, that it is a testament to ThinkAnalytics’ reputation and Think360’s proven results that the Magyar Telekom has selected ThinkAnalytics to power richer content discovery and personalization across all its Telekom TV devices including its state-of-the-art Android TV platform. This extension of its partnership with Deutsche Telekom demonstrates the importance of its tools to monitor, manage and deliver measurable personalized content and promotions.

About Magyar Telekom

Hungary’s leading ICT provider, Magyar Telekom connects to its customer’s life a million ways. Phone, broadband, TV, and IT: we have a high-quality, reliable, and exceptionally broad service range. With its innovative solutions, Magyar Telekom aspires not only to lead but as well to create the market. Magyar Telekom is committed to innovation and constantly develops new, state-of-the-art services.

Telekom for Digital Hungary

Digital Hungary is a vision based on digital competencies – private persons, companies and the state alike adopt cutting-edge digital services across the exceptional digital infrastructure.

About ThinkAnalytics

ThinkAnalytics is the leading provider and most extensively deployed real-time personalized content and recommendations engine in the market now, compiling intelligent searches with all-inclusive media content recommendations. ThinkAnalytics Recommendations Engine broadens customers’ tastes with a unique personalized experience for live linear TV, VOD, and OTT, delivered through multiple platforms including the set-top box, tablet, Web, mobile, IPTV, and more.

ThinkAnalytics were awarded an Emmy Award, recognized for its engineering creativity on Personalised Recommendation Engines for Video Discovery (PREVD) for Multichannel Video Programming Distributor (MVPDs). ThinkAnalytics Recommendations Engine enables content providers and pay-tv operators to deliver highly personalized content recommendations that combine multiple sources of data (for instance, linear TV consumption, DVR, VOD, tablets, Web, social media, and so on) The platform, available as a cloud-based or on-premises solution, is based on the industry’s most wide-ranging data and text mining platform.

December 6, 2022 0 comments

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