XAI in discussions to lease data center capacity in Saudi Arabia, Bloomberg News reports
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CNA
19 hours ago
- CNA
India's Modi renews ties with Maldives
MALÉ, Maldives: Indian Prime Minister Narendra Modi wrapped up a visit to the Maldives on Saturday (Jul 26), renewing ties by offering infrastructure projects and vital financial assistance to the cash-strapped Indian Ocean nation. Regional powerhouse India had been concerned that its small, yet strategically located neighbour was drifting towards the orbit of its rival China following the 2023 election of President Mohamed Muizzu on an anti-India platform. Since coming to office, Muizzu has secured the withdrawal of a small contingent of Indian military personnel who operated search-and-rescue aircraft in the archipelago. But he has since toned down his anti-India rhetoric, and on Friday he touted the two nations' collaboration on security and trade. "India has long stood as the Maldives' closest and most trusted partner," Muizzu said in a banquet speech alongside Modi, whom he met with twice last year. "We deeply value the friendship of India and are grateful for the timely assistance your country has extended to us in moments of need," Muizzu added. Shortly after his arrival on Friday, Modi unveiled a US$565 million credit line for the Maldives, which is facing a severe foreign exchange shortage despite its thriving tourism industry. India also reduced annual repayments of an earlier credit line from US$51 million to US$29 million, and the two sides discussed a potential free-trade agreement. Muizzu said the new credit line would bolster the Maldives' security forces, and improve healthcare, housing and education. During his two-day trip, Modi also inaugurated a new defence ministry headquarters and several India-funded infrastructure projects, including roads and a 4,000-unit housing scheme. Modi's visit had set "a clear path for the future of Maldives-India relations", Muizzu wrote on X on Saturday as the Indian leader left the capital Male after 60th Independence Day celebrations. "Our relationship continues to grow, shaped by people-to-people ties and cooperation in various sectors," Modi wrote in his own post on X. "India remains committed to supporting the aspirations of the Maldivian people." Known for its luxury tourism and pristine beaches, the Maldives is also a geopolitical hotspot, with key global shipping lanes passing through its 1,192 islands, stretching across 800 kilometres of the equator.
CNA
a day ago
- CNA
KKR in talks to buy ST Telemedia Global Data Centres, Bloomberg News reports
KKR is in talks to buy ST Telemedia Global Data Centres in a deal that could value the Asian digital infrastructure provider at more than $5 billion, Bloomberg News reported on Saturday, citing people familiar with the matter. Reuters could not immediately verify the report.
Business Times
2 days ago
- Business Times
HSBC cuts equities team in Germany as CEO Georges Elhedery continues revamp
[LONDON] HSBC Holdings is planning to let go of several staff in its Germany-based equities team as it continues to pare the investment banking division outside Asia and the Middle East. The London-headquartered lender is preparing to cut equities sales and trading jobs in the Dusseldorf office, according to sources familiar with the matter. The move is part of chief executive officer Georges Elhedery's effort to revamp the investment bank, the sources said, asking not to be identified discussing private information. Europe's largest financial institution has already culled dozens of analysts in its investment bank in the last couple of months and it has shut down its US, UK and European equity capital markets and M&A units. 'Equities sales and trading supports the growth of our Prime and Wealth businesses, facilitates equities distribution to the market and supports our global clients investing in equities in both developed markets and emerging markets,' an HSBC spokesperson said in response to questions about the cuts at the German unit. Since taking over as CEO last September, Elhedery has instituted a widespread overhaul of the bank that has involved creating four new divisions under what he has called his 'simplification' plan. He has also combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. BLOOMBERG
