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Emirates extends Tehran flight suspension until July 5

Emirates extends Tehran flight suspension until July 5

The Sun6 hours ago

CAIRO: Emirates extended its cancellation of flights to and from Iran's capital Tehran until July 5 due to the 'regional situation', it said in a statement on Saturday.
The Dubai-based airline said it will recommence operations to Baghdad on July 1 and Basra on July 2.

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Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to "Positive" on Strengthened Risk Management and Compliance
Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to "Positive" on Strengthened Risk Management and Compliance

Malaysian Reserve

timean hour ago

  • Malaysian Reserve

Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to "Positive" on Strengthened Risk Management and Compliance

ALMATY, Kazakhstan, June 28, 2025 /PRNewswire/ — International credit rating agency S&P Global Ratings has revised the outlook on Freedom Holding Corp.'s core operating subsidiaries from 'Stable' to 'Positive,' while affirming their credit ratings at 'B+/B'. The revised outlook applies to Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The rating of the parent company, Freedom Holding Corp., was affirmed at 'B-' with a Stable outlook. Positive Outlook: recognition of systemic progress The revised outlook reflects Freedom Holding's significant achievements in consolidating and enhancing its risk management and compliance functions across the organization. Over the past two years, the group has implemented a centralized risk management policy, adopted unified risk appetite standards, established a compliance project management office, and expanded its oversight team to include 129 risk specialists and 162 compliance professionals operating across 22 jurisdictions. 'We've come a long way — turning fragmented control functions into a unified, centralized system at the group level. This decision reflects the maturity of our governance model,' commented CEO Timur Turlov. Focus on resilience: lower risk and balanced growth The holding's overall capitalization strengthened in fiscal year 2025. Its risk-adjusted capital (RAC) ratio rose from 11.6% to around 13%, supported by moderate balance sheet growth, a decline in economic and industry risks in Kazakhstan, and a resilient brokerage business. As of March 2025, Freedom Group serves around 5 million customers, including over 4.4 million financial clients, with its SuperApp becoming a key digital tool for users' day-to-day financial activities. Market leadership in Kazakhstan, growth in Europe S&P highlighted Freedom's continued leadership in Kazakhstan's retail brokerage sector, serving approximately 683,000 clients worldwide, of whom over 151,000 executed at least one trade in the last quarter of FY2025. The group is also expanding its presence in Europe, with 391,000 clients via its Cyprus-based subsidiary and offices in 10 EU countries. The holding company continues to invest in the telecom segment and maintains a sustainable business model supported by income from brokerage operations. About Freedom Holding Corp. Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC). Contact Public RelationsNatalia KharlashinaFreedom Holding Corp.[email protected] Logo –

Motor racing-Former Ferrari boss Montezemolo becomes a McLaren Group director
Motor racing-Former Ferrari boss Montezemolo becomes a McLaren Group director

The Star

time3 hours ago

  • The Star

Motor racing-Former Ferrari boss Montezemolo becomes a McLaren Group director

FILE PHOTO: Former chairman of Ferrari Luca Cordero di Montezemolo attends an event to celebrate 90 years of Italian premium sports car maker Ferrari racing team at Milan's Duomo square, in Milan, Italy September 4, 2019. REUTERS/Flavio lo Scalzo/File Photo LONDON (Reuters) -Former Ferrari boss Luca di Montezemolo has joined the board of historic rival McLaren, a move that would have been unimaginable not so long ago. A filing with Companies House by Abu Dhabi-owned McLaren Group Holdings, which controls Woking-based sportscar maker McLaren Automotive, registered Montezemolo as a director on June 27. The 77-year-old Italian joined Ferrari in 1973 as founder Enzo Ferrari's assistant and became team manager in 1974, a year before the late Austrian triple champion Niki Lauda secured his first title. He also presided over the Formula One team during a golden era when Michael Schumacher won five of his career seven titles between 2000-2004 and served as chairman of both Ferrari and parent FIAT. McLaren and Ferrari, the two oldest and most successful teams in Formula One history, have been rivals for decades and were involved in a notorious 'Spygate' scandal that erupted in 2007. British-based McLaren were stripped of all their championship points and fined a record $100 million over a dossier of stolen Ferrari technical documents found in the possession of McLaren's chief designer. Both Ferrari and McLaren are under different management now, with Montezemolo resigning his roles at the Italian luxury sportscar maker in 2014 and focusing on other business interests. CYVN, majority-owned by the government of Abu Dhabi, created McLaren Group Holdings in April after completing its acquisition of McLaren Automotive. The group includes a non-controlling stake in McLaren Racing, the Formula One team whose majority shareholder is Bahrain's Mumtalakat and which operates completely independently. Paul Walsh, executive chairman of McLaren Racing, is also one of the nine directors of McLaren Group Holdings, while McLaren team principal Andrea Stella previously worked for Ferrari. McLaren are the reigning Formula One constructors' world champions while Ferrari last won a title in 2008. Seven times world champion Lewis Hamilton, who took his first title for McLaren in 2008, is now driving for Ferrari. News of Montezemolo's new role was greeted with some amazement in Italy. "Montezemolo-McLaren: What a slap in the face to Ferrari," said sports newspaper Tuttosport in a headline. ANSA news agency quoted Montezemolo as saying his heart "is and always will be red" and his new role was on the automotive side and did not involve Formula One. (Reporting by Alan Baldwin, editing by Jane Merriman)

‘Serious violations': Former head of major Chinese airline under graft investigation
‘Serious violations': Former head of major Chinese airline under graft investigation

The Star

time5 hours ago

  • The Star

‘Serious violations': Former head of major Chinese airline under graft investigation

Liu Shaoyong, who headed China Eastern Airlines from 2009 until 2022, is being investigated for 'serious violations of discipline and law'. -- PHOTO: AFP BEIJING (AFP): The former head of China Eastern Airlines is under investigation over corruption allegations, two Chinese anti-graft bodies said Saturday. Liu Shaoyong, who headed the airline from 2009 until his resignation in 2022, is being investigated for "serious violations of discipline and law", the Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement. The Shanghai-based airline, primarily owned by the Chinese government through its parent company, is one of the three largest Chinese airlines. Liu was credited with turning the carrier around after it posted record losses before he was appointed. China Eastern Airlines under his leadership merged with Shanghai Airlines and joined the SkyTeam airline alliance, strengthening its position in domestic and international markets. Liu also led another one of China's major airlines, China Southern, before taking the reins of China Eastern. Chinese President Xi Jinping has waged an unrelenting crackdown on corruption since coming to power over a decade ago. Proponents say the policy promotes clean governance but others say it also serves as a means for Xi to purge political rivals. - AFP

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