StanChart hires DeFilippo as Americas CEO: IFR
Standard Chartered has hired Mandy DeFilippo as chief executive for the US and Americas to replace Steven Cranwell who is leaving the Anglo-Asian bank.
DeFilippo joins from Citadel Securities where she has been managing director and chief operating officer of legal and compliance, and risk and operations since October 2022. She will start at StanChart on March 24 and be responsible for executing strategy in the the Americas, reporting to Roberto Hoornweg, co-head of CIB and CEO for Europe, Americas, Middle East and Africa.
DeFilippo joined Citadel in 2022 from Morgan Stanley, where she worked from at least January 2011, according to her profile on LinkedIn, including as global head of business unit risk management for the fixed-income division and chief operating officer and risk officer for capital markets for EMEA, APAC and Japan. She was also the first woman to chair the International Capital Market Association, a role she held from May 2018 to May 2023.
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Middle East Eye
a day ago
- Middle East Eye
Arab states received 12 percent of Israeli arms exports in 2024 amid surge in arms sales
Israel's Ministry of Defence announced on Wednesday that arms exports by Israeli companies reached an all-time high in 2024, totalling $14.8bn. 'The unprecedented operational achievements, combined with the combat experience gained through Israeli-developed technologies during the war, have generated significant demand for Israeli defence systems among numerous countries,' the ministry stated, attributing the surge in exports to the ongoing military offensive on Gaza, which began in October 2023. According to TheMarker, arms exports rose by 13 percent compared to 2023, when exports stood at $13.1 billion. The 2024 figure represents roughly 10 percent of Israel's total exports of goods and services, according to data published by the outlet. This marks a record year for Israeli arms exports, which have more than doubled over the past five years; in 2019, total exports amounted to $7.3bn. Europe emerged as the primary destination for Israeli arms, accounting for 54 percent of total purchases – up nearly 20 percentage points from 2023, when European countries made up 35 percent of Israel's arms export market. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters In 2024, European states bought nearly $8bn worth of Israeli military products, compared to $4.6bn in 2023, according to the Ministry of Defence. Beyond Europe, another significant destination for Israeli arms in 2024 was the group of countries that normalised relations with Israel under the Abraham Accords. Combined arms sales to the United Arab Emirates, Bahrain, Morocco and Sudan reached $1.8bn – equivalent to 12 percent of Israel's total arms exports. In contrast, there has been a marked decline in exports to Asian and Latin American countries. In 2024, Asian nations purchased $3.4bn worth of Israeli weapons, down from $6.3bn the previous year. According to TheMarker, the drop is attributed to major arms deals signed in 2023 with India and Azerbaijan that were not repeated in 2024. The surge in arms exports comes amid Israel's ongoing military campaign in Gaza, now approaching its 20th month, which has resulted in the deaths of over 54,000 Palestinians and destroyed most of the Palestinian enclave. In recent months, Israel has faced mounting international criticism – particularly from European partners – over Gaza, including allegations of using starvation as a weapon of war and of committing genocide. Israel opposition leader says Netanyahu arming 'equivalent of Isis' gangs in Gaza Read More » A recent survey conducted in the UK found that a majority of the British public supports a full arms embargo on Israel. According to the poll, 57 percent of respondents backed a government-imposed embargo, while only 13 percent were opposed. On Tuesday, it was reported that the Spanish government had cancelled a $327m arms deal with Israeli defence company Rafael. The contract involved the purchase of offensive weaponry, including 168 firing posts and 1,680 anti-tank missiles. Yair Coles, head of the International Defense Cooperation Directorate, the Ministry of Defence division overseeing Israeli arms exports, told Israeli news outlet Ynet: 'We are facing a serious challenge. Members of parliament are openly calling for a halt to arms purchases from Israel because of the images coming out of Gaza, and this is having an effect. Today, customers are telling us this directly.' Coles added: 'Sales to France and the UK are very low. Two forces are currently at work: military establishments that want to buy the best equipment from us, and political forces holding back. I hope that necessity will prevail over politics.' A national achievement According to defence ministry data, nearly half (48 percent) of Israel's arms exports consist of air defence systems, missiles and rockets. Other categories, including military and armoured vehicles, radar systems, manned aircraft and satellites, each account for between 8 and 9 percent of total exports. Israeli human rights lawyer and arms trade monitor Eitay Mack told TheMarker that Israeli arms exports could rise further in 2025. 'Due to escalating tensions between India and Pakistan, we may see a spike in arms deals with India,' Mack said. 'Additionally, the effects of the increased security budgets in Europe – driven by shifting relations with the United States – will likely be felt only in 2025.' 'The world sees Israel's strength and wants to be part of it' - Israel Katz, Defence Minister However, Mack cautioned that some countries may shift away from Israeli weapons in favour of American arms as part of efforts to improve trade balances with the United States. 'In the context of the tariff war declared by [US President Donald] Trump, some countries may prefer to buy from the US rather than from Israel,' he added. Defence Minister Israel Katz praised the export figures, calling them a national achievement. 'In a year of war, under complex and difficult conditions, Israel has broken its all-time arms export record,' Katz said. He attributed the success to Israel's battlefield performance: 'This is a direct result of the IDF's and defence industries' achievements against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen, the Ayatollahs' regime in Iran, and other enemies.' Katz added, 'The world sees Israel's strength and wants to be part of it.' Defence Ministry Director General Amir Baram echoed the sentiment. 'Israeli arms exports reflect, more than anything, a growing global appreciation for Israeli technology. Our systems have made a resounding impact across the Middle East over the past year,' he said. Coles also credited the collaboration between the defence sector and the military. 'The unique link between Israeli arms companies, the Ministry of Defence, and the IDF creates a distinct competitive edge in global markets,' he said. According to Coles, during the war in Gaza, Israel's defence industries demonstrated that they could 'meet the IDF's operational needs while simultaneously responding to growing international demand'.
Al Etihad
3 days ago
- Al Etihad
All eyes on Olaroiu to spark UAE's World Cup bid
4 June 2025 00:11 KUUMAR SHYAM (ABU DHABI)The national football team faces a pivotal moment in the fourth round of the Asian qualifying to the 2026 FIFA World Cup and 2027 Asian Cup under the guidance of newly appointed manager Cosmin Romanian has been parachuted into the role following the dismissal of Paulo Bento, with the UAE aiming to secure a spot in the global tournament set to be hosted by Canada, Mexico, and the United the tough task, the coach is also the best placed to pin hopes of winning a qualification berth because the manager has coached three UAE clubs during 10 years of stay in the country. Even Olaroiu has acknowledge he picked up the posting because of his desire to "give back" for his deep-rooted connection to the UAE, both professionally and appointment comes after a successful tenure with Sharjah, where he led the club to victory in the AFC Champions League Two, marking his 14th trophy in the region. "I have a very difficult mission," Olaroiu acknowledged following Sharjah's triumph coming days after losing in the UAE President's Cup final against Shabab Al Ahli, another club he has coached."I know the big responsibility that I have. I have to pay back the hospitality this country has given me and my family. I have learned a lot of things in this country and have made myself a better person with a better vision of life. I have to pay back, which is why I accepted this mission."The UAE's path to World Cup qualification is challenging. Currently third in Group A, they trail group leaders Iran and second-placed Uzbekistan, with two matches remaining. The top two teams from each group earn automatic qualification, while the third and fourth-placed teams advance to further play-off Iran are through and Uzbekistan are four points ahead of UAE, the national team can still upset Uzbekistan whom they play on Thursday evening at Al Nahyan Stadium in Abu Dhabi. Uzbekistan, under coach Timur Kapadze, need only a draw in Abu Dhabi to secure their first-ever World Cup berth. A loss for the UAE would leave them into the grind of potentially two complicated final rounds of play-offs for third- and fourth-placed teams from this Olaroiu remains resolute. "Of course, I have the dream to participate in the World Cup. I will do my best to do that, and I think this fantastic nation deserves it," he stated. "The way this country has developed, the way they have grown up in sport, they deserve to participate in the World Cup. I hope we can do it."The final group match against Kyrgyzstan on June 10 will further determine the UAE's fate. If UAE beat Uzbekistan and the latter lose to Qatar, then even a draw against Kyrgyzstan should see UAE take the automatic second-place berth on better goal Uzbekistan's road can become tougher if they lose to UAE because they will be facing Qatar, who have also changed their coach and gone for the experienced Spanish stalwart Julen Lopetegui. Having replaced compatriot Luis Garcia, Lopetegui responded to a question if Qatar is looking at him for the long-term, by saying: "The long-term vision, for now, is the 5th of June," Lopetegui said to local media. "Then, it will be the 10th of June, that's how football works." Just like Lopetegui, Olaroiu is also looking to focus at the game in hand. Sporting a rare half-grin on his face after a training session at Al Jazira's Mohamed bin Zayed Stadium down the road from the match venue, the coach called upon the fans to come out in large numbers. "It is a very important night for UAE football and we need all your support and, Inshallah, we will bring home the most important result for us," Olaroiu said.
Al Etihad
3 days ago
- Al Etihad
Most global markets rise as traders eye possible Trump-Xi talks
3 June 2025 11:50 HONG KONG (AFP)Most markets rose Tuesday as investors kept tabs on developments in the China-US trade war as speculation swirled that the countries' leaders will hold talks a period of relative calm on tariffs, Donald Trump at the weekend accused Beijing of violating last month's deal to slash huge tit-for-tat levies, and threatened to double tolls on steel and moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping -- possibly this week -- has given investors some hope for a positive oil prices extended Monday's surge on a weak has expressed confidence that a talk with Xi could ease trade tensions."They violated a big part of the agreement we made," he said Friday. "But I'm sure that I'll speak to President Xi, and hopefully we'll work that out."The US president's economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week. US Treasury Secretary Scott Bessent said at the weekend the leaders could speak "very soon".Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development ministerial meeting in Paris on of the gathering, the OECD said it had slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected. It also said the US economy would expand 1.6 percent, from an earlier estimate of 2.2 there has been no movement on the issue, investors in most Asian markets took the opportunity on Tuesday to pick up recently sold shares. Hong Kong gained more than one percent, while Shanghai returned from a long weekend with gains, even as a private survey showed Chinese factory activity shrinking at its fastest pace since September 2022. There were also gains in Sydney, Bangkok, Jakarta and Manila, while London, Paris and Frankfurt opened higher. Tokyo, Singapore, Wellington and Mumbai retreated. Seoul was closed for a presidential election. The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India "in the not too distant future", adding that he was "very optimistic".And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month. Also in focus is Trump's signature "big, beautiful bill" that is headlined by tax cuts slated to add up to $3 trillion to the nation's debt.
