Nippon Steel's acquisition of U.S. Steel means Houston losing HQ, Pittsburgh gaining investment and jobs
expandJim Harris | PBT, KAZUHIRO NOGI | Getty Images
Nippon Steel Corp.'s acquisition last week of United States Steel Corp. means Houston is losing a headquarters office. It also set into motion an integration and investment process that will dramatically change the Pittsburgh-based steelmaker.
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Business of Fashion
an hour ago
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The Fashion and Beauty Opportunity on Snapchat in the Gulf
The rise of social media usage in the Gulf Cooperation Council (GCC) — which consists of Saudi Arabia, the United Arab Emirates (UAE), Oman, Kuwait, Qatar and Bahrain — is reshaping consumer behaviour at scale. In 2015, citizens across the UAE and Saudi Arabia used between three to four social media platforms per month. In 2025, these numbers have doubled, according to social creative agency We Are Social. The BoF Insights 2023 report 'Fashion in the Middle East: Optimism and Transformation' revealed Snapchat to be an increasingly popular platform among consumers in the region. As an app where photos, videos and messages disappear once viewed, with an emphasis on community and privacy, the platform resonates with the comparably conservative values in the GCC. The Middle East has been among the regions where Snapchat has experienced the most growth in recent years. In 2024, its GCC-based users opened the app over 45 times a day on average, according to Snap Inc.'s data. Over 90 percent of those in Saudi Arabia aged 13 to 34 actively use it, with some engaging 50 times a day on average. Snap Inc.'s vice president and general manager of the Middle East, Hussein Freijeh (Snap Inc.) While the app's widespread usage reflects an evolution in how GCC residents communicate, it also demonstrates a growing opportunity for international fashion and beauty brands to build a presence and engage consumers. Last year, Snap Inc. found that 64 percent of the affluent population in the Middle East and North Africa (MENA) region are monthly Snapchatters. This compares to 37 percent of the same wealth bracket in the US and 32 percent in Europe. Snapchat provides innovative ways in which fashion, beauty and luxury brands can engage users on its platform: from geolocation filters that allow for targeted advertising based on location, and augmented reality (AR) lenses that generate interest around new products, to a mixture of digital and in-person interactive experiences. Indeed, Snapchat counts several fashion, luxury and beauty brands as partners — from Dior, Tiffany & Co., Cartier and Chopard, to Mac Cosmetics, Maybelline and Nyx Professional Makeup — for whom it provides in-app virtual try-on experiences and activations, with brand narratives woven throughout. To speak to how Snapchat is prospering in the GCC, and preparing for future growth projections, BoF sits down with Snap Inc.'s vice president and general manager of the Middle East, Hussein Freijeh. How is social media usage evolving in the GCC? People in the GCC are among the biggest social media users in the world, driven by a young audience, ever-growing access to data and technology, and a population that is very aspirational. That means there's a real curiosity about platforms. Social media started as a way to better connect people — that was the whole point. However, when it massively kicked off, the increase of users pushed it into a performative space — where everything was designed around instant rewards, particularly in terms of shares and likes. It became a bit of a town hall where everybody could say anything — meaning there was a loss of credibility and challenges with fake news. When brands collaborate with Snapchat creators, our users find the content more authentic and engaging which, in turn, helps brands generate ROI. — Hussein Freijeh, Snap Inc.'s vice president and general manager of the Middle East. Now, people are hyperaware of the toll it can take on mental health; they are more aware of how we get our news — and what credible sources are. People now think about how we can protect our communities — especially young people on the internet. At Snap, we have been clear from the beginning that the company should serve as an antidote to social media. Snap became a place where people come to communicate with friends and family — and a space to enrich relationships through the use of technology. It resonated extremely well in the GCC as community has always been an important part of our lives here. How are evolving social media behaviours shaping how brands connect with consumers? We see brands have a bigger influence when they find a way to connect with their audience authentically. People want to connect, they want to be inspired and informed. In this part of the world, there's a lot of transformation happening. However, amidst all this social change, the desire to preserve cultural values remains strong and people are going back to this idea of appreciating authenticity. While creators remain popular, people are increasingly drawn to personalities who feel credible and genuine. You see more people seeking legitimacy around a topic before they become influenced by it. When we talk to our community, we see that people are much more selective about who they follow. We're also seeing the return of the inner circle. Early on, social media was about following thousands, but today's users are curating their feeds more carefully, placing greater trust in close friends and family. Personal recommendations carry more weight now than ever, with people asking for recommendations from those they trust. For creators, this means the bar is higher. Followers expect a real connection between the creator and the brand. If that alignment isn't there, it is much harder to drive meaningful influence. How have you seen Snapchat effectively integrated into regional events and activations? Earlier this year, I was at Formula One, and it was amazing to look around me as almost everybody was on Snapchat — watching the race through the Snapchat camera, then sharing it with the people they are closest to. When you attend events in the region and look around, you find a lot of Snapchat. There is also a lot of engagement with CPG brands, who have picked up on themes like Mother's Day and Ramadan — both main events on the regional calendar — and have been part of the experience for our users. Snapchatters plan, browse and buy on the platform, and they've turned shopping into a social experience. We play a key role in connecting brands to the consumers' inner circles by driving both cultural relevance and engagement through our innovative solutions. Last year, the virtual Snap AR Ramadan Mall welcomed over 16 million shoppers and gave users the chance to enjoy an interactive retail experience with their favourite brands — from Carolina Herrera to Givenchy — all from their phones. It turned into a massive opportunity for brands to tap into the culture and engage consumers. How does Snap Inc. work with fashion and beauty brands in the region to maximise reach and ROI? At Snap, we work closely with fashion and beauty brands to maximise both reach and ROI, and the opportunity lies in how deeply Snapchat is embedded in the daily lives of our community. We have recently enabled brands to send Snaps to consumers, which then lead to longer videos or a brand's own site. The level of engagement between creators and users on Snapchat is high, and when brands collaborate with these creators, our users find the content more authentic and engaging which, in turn, helps brands generate ROI. The GCC is home to one of the most engaged and aspirational audiences — one that is eager to discover new brands and try new products. — Hussein Freijeh, Snap Inc.'s vice president and general manager of the Middle East. We are very selective about our brand partners and ensure campaigns are relevant to our audience. The most successful campaigns feel native to the platform whether that's through AR try-ons, creator partnerships that build trust, or Snap takeovers that drive scale. How can fashion and beauty brands engage consumers on Snapchat, such as through augmented reality (AR), lenses and filters? Augmented reality lenses and filters have become a key part of how people in the GCC discover and connect with brands on Snapchat, especially in fashion and beauty. Our AR technology lets brands offer virtual try-on experiences, which not only adds fun to the process but also immerses users in the product. For example, with Snap's 3D Lenses, someone can open the app, point the camera at their wrist, and instantly see how a bracelet would look on them in real life. It's a powerful way for brands to help customers visualise products before ever visiting a store, and makes shopping more interactive and personal. We've already seen incredible use cases from luxury brands using AR on Snap to drive engagement, discovery, and even conversion. And it's not just about lenses, we're also innovating in video advertising and how it connects with AR, even down to how a brand sends a Snap to a user. These tools help brands tell richer stories, spark interest, and turn that into action. We work closely with our brand partners, often investing upfront to help them test and learn what works best. We also help educate creative agencies and in-house marketers on how to maximise impact. Then, we layer in measurement tools so brands can clearly see the results and the business impact of their campaigns. Where do you see future opportunities in the GCC for Snap Inc.? The GCC is home to one of the most engaged and aspirational audiences — one that is eager to discover new brands and try new products. We're seeing strong momentum in verticals like travel and tourism which are booming across the region. What's also unique is the level of engagement from content creators in the GCC. In many ways, they set a global benchmark for how we want creators to show up on the platform — they're authentic, consistent, and highly connected with their audiences. I think all of this together presents a huge opportunity. The ad market has a massive potential and could double in three to five years. Brands that embrace culturally aligned, hyperlocal strategies, while honouring traditions and the influence of family and friends, will be the ones that truly resonate with consumers here. This is a sponsored feature paid for by Snap Inc. as part of a BoF partnership.
Business Wire
an hour ago
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New Heights for M&A Insurance Claims Payouts, Aon Study Reveals
CHICAGO--(BUSINESS WIRE)-- Aon plc (NYSE: AON), a leading global professional services firm, today announced the latest edition of its Global Transaction Solutions Claims Study, informed by Aon's proprietary claims data and surveyed insurer data. The study reveals there has been a significant increase in claims activity around Representations and Warranties (R&W) insurance, also known as Warranty and Indemnity (W&I) insurance, with 2024 being the highest year on record for M&A insurance payouts. Aon's North America claims team has helped facilitate over 100 paid claims for clients in the last three years, including 39 in 2024 alone, which recovered over $300m, with a median payment of $5.5m. Activity in Europe, the Middle East and Africa (EMEA) continues to increase year-over-year, with claims notifications up by 26 percent in 2024 and the quantum of W&I claims payments up significantly, with recoveries in 2024 alone accounting for more than 35 percent of all paid claims for Aon clients in the region to date. The study analyzes claims severity and payment trends in EMEA against the wider backdrop of regional M&A deal activity, with a spotlight on key jurisdictions and success stories. In the Asia Pacific (APAC) region, a number of key trends have emerged including an increasing variety of categories of W&I breaches being claimed in Asia, including an increasing proportion of regulatory, litigation-related and disclosure-related claims, a high incidence of disclosure-related breaches in Australia and New Zealand (ANZ) representing almost 30 percent of W&I claims, as well as a consistent relatively high frequency of claims in smaller transactions particularly in ANZ. Asia has also seen a larger number of W&I and tax liability policy claims coming out of India-based risks in 2024 (making up more than 30 percent of all Asia claims), with tax risks relating to both cross-border treaty matters as well as fully domestic Indian tax risks. Drivers of R&W and W&I claims In North America, R&W claims were driven by alleged breaches of warranties relating to compliance with laws (20 percent), followed by tax (17 percent) and material contracts (13 percent). In EMEA, breach of tax warranties (26 percent) represented the top driver by frequency for W&I claims, but the biggest drivers of paid claims were breaches of warranties relating to financial statements (27 percent), compliance with laws (13.2 percent) and material contracts (11 percent). In APAC, the top W&I claims drivers were breaches of warranties relating to material contracts (19 percent) and legal compliance, tax and license permits, all at 12.5 percent of claims. Cross-industry comparisons Aon's Global Transaction Solutions Claims Study analyzes industry sectors in North America to draw comparisons between deals, claims and payments and the issues driving loss. Despite the different risk profiles between sectors, there is a remarkably even distribution across the identified industries for claim frequency and severity when compared to the percentage of deals they comprise in the overall deal pipeline. Dealmakers can apply the sector insights gathered to inform their approach for subsequent M&A activity in that industry, while insurers may be comforted that there is no one 'high risk' industry for R&W breaches. 'Understanding global M&A insurance claims trends isn't just insightful — it's essential to helping our clients navigate risk and make smarter deal decisions. R&W insurance has become an embedded part of dealmaking and risk mitigation, as evidenced through this most recent record year in claims payouts. It offers critical protection that enables transaction execution with greater confidence,' said Stephen Davidson, global head of claims at Aon. 'This study reinforces that while the coverage itself is vital, the real key to successful claims outcomes lies in collaboration. When insurers, brokers and insureds work together, we consistently see fair, efficient resolutions that preserve deal value and support long-term client success.' Other key findings from the report include: Aon has been involved in over 1,600 notified R&W and W&I claims, helping its clients to secure over $1.75bn in payments globally. More than $500m has been paid to Aon clients on notices submitted more than 12 months post-close of the transaction. To the end of 2024, the Aon claims team has worked with insurers to recover almost $200m in paid claims for Aon's EMEA clients. A steady rise in the rate of notifications across Asia shows insureds becoming more aware of policy benefits and the importance of engaging with their broker at the inception of the claim. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
