EFG Hermes Becomes a Universal Bank🏦
EFG Hermes (HRHO) completed its takeover of state-owned Arab Investment Bank, transforming itself into an Egyptian universal bank.
What is a Universal Bank🤷♀️ Before the acquisition, EFG was an investment bank, & a platform for non-bank financial institutions. After the acquisition, EFG is now an investment bank, a platform for non-bank financial institutions, & a commercial bank, rendering it a “universal bank”.
More details🤔 EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake & Egypt’s state-owned National Investment Bank (NIB) retaining 24%, down from 91.4%.
Speed Medical BoD Approves Two Exits; Reports Earnings📈
Speed Medical (SPMD) Board of Directors (BoD) agreed to exit from Prime Speed Medical Services Company, & Misr Labs, which SPMD owns a 30% stake in.
More details🧐 SPMD’s Bod also agreed to discharge the board of directors of Prime Speed & Misr Lab.
Why is this important🤔 SPMD plans to establish a new lab chain under the brand name “Al-Watan Laboratories,” with the goal of establishing 200 branches that operate similar to Misr Labs, & serves a larger segment of citizens.
SPMD Earnings📈 SPMD reported net profits of EGP 166.77 million in the first nine months of 2021, a 239% YoY increase from EGP 49.08 million.
You Can Fix Your iPhone Yourself Starting 2022📱
Apple announced Self Service Repair, allowing customers to fix their own devices using Apple-genuine parts & tools.
More details🧐 Self Service Repair will be available early 2022 in the U.S. & expand to additional countries throughout the year.
Self Service Repair will first be available for iPhone 12 & 13, & soon followed by Mac computers featuring M1 chips.
The initial phase of the program will focus on the iPhone display, battery, & camera, with additional repairs being available later next year.
Headlines We’re Watching👀
- Reducing Unemployment Rates a Priority for the Government
Saudi Crown Prince Announces Futuristic City as a Blueprint for Blue Economy🏙️
Saudi Crown Prince Mohammed bin Salman announced a futuristic new industrial city in the Red Sea called OXAGON. The city is set to be the largest floating industrial complex in the world, & will be a “blueprint of the blue economy.”
What is a blue economy🤷♀️ According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.”
More details🧐 OXAGON will be powered by 100% clean energy, & will be built half on land & half on sea, symbolizing a balance between technology & ecology, industry & nature. The city will comprise seven industries, including sustainable energy, autonomous mobility, water innovation, sustainable food production, health & well-being, technology & digital manufacturing, & modern methods of construction.
Why is this important🤔 Approximately 13 percent of the global trade passes through the Red Sea, and OXAGON is positioned to be one of the world’s most technologically advanced logistics hubs with state-of-the-art integrated port and airport connectivity.
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