Egypt's Basata raises stake in MadfoatCom to 25% in partnership with Jordanian banks
The investment was made in collaboration with key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), reinforcing efforts to enhance digital payments infrastructure and financial inclusion in the region.
With this transaction, the banking sector now holds over 50% of MadfoatCom, further cementing its role in Jordan's financial ecosystem.
Basata's investment aligns with its strategy to expand digital financial services across the region.
By leveraging MadfoatCom's market expertise, the company aims to introduce innovative payment solutions, enhance accessibility, and support small and medium-sized enterprises (SMEs) with digital financial tools.
The partnership will also focus on expanding digital payment services, including online and mobile transactions, money transfers, and bill payments.
The transaction was structured and facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, which acted as exclusive financial advisors to Basata.
Al Tamimi & Company in Jordan served as legal counsel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Broadcast Pro
5 hours ago
- Broadcast Pro
Madari Space to launch first orbital data centre in 2026
The project is supported by the UAE Space Agency, the Mohammed bin Rashid Space Centre and the United Nations Office for Outer Space Affairs. Abu Dhabi-based startup Madari Space is preparing for its first mission to place a data centre in low-Earth orbit, with the launch planned for Q3 2026. Founder and CEO told Bloomberg TV that the mission, developed in collaboration with the Mohammed bin Rashid Space Centre and the UN Office for Outer Space Affairs, will serve as a proof of concept to showcase the companys ability to store and process data in space. Al Romaithi highlighted the strategic benefits of operating from the UAE, where support from the national space agency and other government entities will help accelerate commercial deployment. He also underscored the environmental advantages of moving data storage off-planet, noting that terrestrial data centres are among the most energy-intensive facilities on Earth, with carbon emissions exceeding those of the aviation industry a challenge amplified by the growing demands of artificial intelligence infrastructure. By leveraging low-Earth orbit, Madari Space aims to develop sustainable and secure solutions to manage the surge in data generated both on Earth and in space. The company sees the mission as an opportunity to de-risk operations and refine its technology before expanding into deeper space and engaging in the emerging cislunar economy between Earth and the Moon. Initially, Madari Space will focus on serving Earth observation operators and other space-based enterprises that produce large volumes of data in orbit.
Zawya
10 hours ago
- Zawya
Inflation data to draw scrutiny after BLS firing, $2.1trln TIPS market at risk
NEW YORK - Monthly U.S. inflation data is under increased scrutiny after President Donald Trump removed the head of the U.S. Bureau of Labor Statistics, a move that could undermine confidence in the $2.1-trillion market for Treasury debt designed to protect against inflation. The Consumer Price Index, which will be released on Tuesday, will test investors' trust in the integrity of U.S. economic data after Trump fired the BLS head this month, accusing her of manipulating jobs numbers. It is unclear who will replace former BLS Commissioner Erika McEntarfer. Still, any signs that lead investors to suspect data is being politicized could exacerbate concerns about CPI data collection. In that case, investors are likely to demand higher compensation to hold TIPS, or Treasury Inflation-Protected Securities, whose value is linked to the CPI, and raise the federal government's cost of funding itself, analysts said. Rises in TIPS yields could be exacerbated by poorer liquidity compared to the much larger market for nominal Treasuries. "This isn't just an academic discussion about getting the right numbers - these numbers matter for TIPS," said Michael Feroli, chief U.S. economist at JPMorgan Chase. "There's real money on the line here." A White House official told Reuters, "historically abnormal revisions in BLS data over the past few years since COVID have called into question the BLS's accuracy, reliability, and confidence," and that Trump plans to restore trust in the BLS. The bureau did not immediately respond to a request for comment. Trump ordered McEntarfer's removal on August 1 after data showed a surprise weakening in the U.S. labor market last month. The BLS employment report revealed meaningful revisions to job figures for the prior two months that raised investor worries that the Federal Reserve may need to play catch-up with interest rate cuts. The BLS is also responsible for the CPI report - a key data point for the Fed and investors to assess inflation dynamics that influence monetary policy decisions. "That's a problem if you're a policymaker, (and) if you're an investor - TIPS are indexed to changes in the CPI. The Fed needs to know what inflation is," said Michael Gapen, chief U.S. economist at Morgan Stanley. "It could be a situation where the signal is less credible, which could affect term premiums in the markets, but it may also worsen your ability to conduct not only good policy, but good policy in a timely fashion," he said. The BLS compiles the CPI by tracking monthly price changes in a basket of goods and services, drawing thousands of quotes nationwide from stores, service providers, rental units, and online sellers. HIGHER MARGIN OF ERROR With trust in U.S. data on the line, investors will likely increasingly look for alternative ways to form a picture of the U.S. economy, for instance, by relying more on private sector data providers, such as research from banks. They may also reduce their reaction to single-data releases and wait for longer time periods to draw conclusions. "Maybe the margin of error around some of these estimates, both for inflation as well as labor markets, is a little bit wider, and that's why you need to take a step back from just the month-to-month prints," said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions. When it comes to TIPS, however, investors will still have to rely on CPI, as the bonds are linked to that index. So far, TIPS have not moved meaningfully since McEntarfer's firing. Yields on 10-year TIPS were last at 1.864%, slightly higher than on August 1. But the TIPS market would get "nervous" if the next BLS head is perceived as biased, TD Securities said in a note. The White House did not comment on potential moves in TIPS yields. "In a scenario where TIPS are unable to provide a hedge against inflation because of the uncertainty around the CPI index published by BLS, its overall demand might start decreasing," Morgan Stanley analysts said in an August 6 note. Lower demand would push TIPS prices lower, reducing the difference between nominal Treasury yields and TIPS yields - a measure used by policymakers and investors to gauge the path of inflation. Yields move inversely to prices. The byproduct of that scenario would be data indicating lower inflation expectations, supporting rate cuts, Melson at Natixis said. "That could actually have some feedback into policy decision-making by the Federal Reserve," he added. (Reporting by Anirban Sen and Carolina Mandl, additional reporting and writing by Davide Barbuscia; editing by Megan Davies and Rod NIckel)
Gulf Today
10 hours ago
- Gulf Today
In India, Trump's tariffs spark calls to boycott American goods
From McDonald's and Coca-Cola to Amazon and Apple, US-based multinationals are facing calls for a boycott in India as business executives and Prime Minister Narendra Modi's supporters stoke anti-American sentiment to protest against US tariffs. India, the world's most populous nation, is a key market for American brands that have rapidly expanded to target a growing base of affluent consumers, many of whom remain infatuated with international labels seen as symbols of moving up in life. India, for example, is the biggest market by users for Meta's WhatsApp and Domino's has more restaurants than any other brand in the country. Beverages like Pepsi and Coca-Cola often dominate store shelves, and people still queue up when a new Apple store opens or a Starbucks cafe doles out discounts. Although there was no immediate indication of sales being hit, there's a growing chorus both on social media and offline to buy local and ditch American products after Donald Trump imposed a 50% tariff on goods from India, rattling exporters and damaging ties between New Delhi and Washington. McDonald's, Coca-Cola, Amazon and Apple did not immediately respond to Reuters queries. Manish Chowdhary, co-founder of India's Wow Skin Science, took to LinkedIn with a video message urging support for farmers and startups to make 'Made in India' a 'global obsession,' and to learn from South Korea whose food and beauty products are famous worldwide. 'We have lined up for products from thousands of miles away. We have proudly spent on brands that we don't own, while our own makers fight for attention in their own country,' he said. Rahm Shastry, CEO of India's DriveU, which provides a car driver on call service, wrote on LinkedIn: 'India should have its own home-grown Twitter/Google/YouTube/WhatsApp/FB -- like China has.' To be fair, Indian retail companies give foreign brands like Starbucks stiff competition in the domestic market, but going global has been a challenge. Indian IT services firms, however, have become deeply entrenched in the global economy, with the likes of TCS and Infosys providing software solutions to clients world over. On Sunday, Modi made a 'special appeal' for becoming self-reliant, telling a gathering in Bengaluru that Indian technology companies made products for the world but 'now is the time for us to give more priority to India's needs.' He did not name any company. Reuters
