Latest news with #EuropeanUnion-based
Arabian Post
29-07-2025
- Business
- Arabian Post
EU Antitrust Probe Threatens ADNOC-Covestro Deal
Arabian Post Staff -Dubai Abu Dhabi National Oil Company faces significant challenges in its $17.2 billion bid for German chemicals company Covestro after the European Union's competition watchdog launched a full investigation into the acquisition. The deal, struck last October, was poised to be ADNOC's largest ever, as well as one of the most substantial foreign takeovers of a European Union-based company by a Gulf state. However, European regulators are concerned that the acquisition may distort the EU internal market due to potential subsidies granted by the United Arab Emirates to ADNOC, which could provide the state-owned oil giant with an unfair advantage. The European Commission's investigation, which was triggered earlier this week, specifically focuses on the possibility of foreign subsidies that could influence the competitive landscape within the EU. The Commission, which is tasked with safeguarding market competition within the EU, has expressed concerns that ADNOC's acquisition of Covestro could be significantly affected by the financial support ADNOC is receiving from the UAE. ADVERTISEMENT Among the subsidies under scrutiny are an unlimited guarantee provided by the UAE government and a capital injection into Covestro. The latter involves ADNOC committing substantial funding into the German company, which would significantly increase its capital base and, potentially, its market power. The Commission's investigation could ultimately delay or alter the terms of the deal depending on its findings. ADNOC, which has been aggressively expanding its portfolio and seeking new global opportunities, sees Covestro as an attractive addition to its investments, particularly as the German company holds a strong position in the global chemicals market. The chemicals sector is seen as a crucial area for growth, especially in industries like plastics and polyurethane, which have applications across numerous sectors, including automotive, construction, and electronics. By acquiring Covestro, ADNOC would be able to diversify its business beyond oil and gas, thus making it a more integrated player in the global economy. The issue of foreign subsidies in cross-border mergers and acquisitions has gained increasing attention in recent years, particularly with the growing influence of state-backed companies from non-EU countries. In 2020, the European Commission introduced new tools to assess foreign subsidies in mergers and acquisitions, with the aim of protecting the EU's internal market from potential distortions. The ADNOC-Covestro deal is the latest in a series of transactions under this scrutiny. The Commission's probe is particularly significant as it reflects broader concerns within the EU over the impact of state-backed companies from non-EU nations acquiring strategic European assets. Such concerns have been heightened by geopolitical tensions and the growing influence of countries like China, Russia, and the UAE, all of which have state-owned or state-supported companies engaging in high-profile international mergers and acquisitions. While ADNOC has yet to comment on the investigation, the company's bid to acquire Covestro highlights its ambitions to expand beyond the energy sector. ADNOC's foray into chemicals and materials is seen as part of its strategy to hedge against the global shift towards renewable energy and decarbonisation. The company is looking to solidify its place in the post-oil world by investing in value-added industries, thereby ensuring a diversified revenue stream. On the other hand, the European Commission's actions reflect its determination to maintain a level playing field in the market, ensuring that EU companies are not at a disadvantage when competing with state-backed enterprises from outside the bloc. The EU's foreign subsidies regulation, which came into force in 2020, provides the Commission with the authority to intervene in such cases, even when the potential subsidies do not directly involve EU-based companies. As the investigation unfolds, it remains unclear whether the Commission will clear the deal or impose conditions on it. If the deal goes ahead, it could set a significant precedent for future cross-border mergers involving foreign state-backed companies. Conversely, if the deal is blocked or altered significantly, it may send a strong message about the EU's stance on foreign subsidies and the influence of non-EU governments on its internal market.
Kuwait Times
17-07-2025
- Business
- Kuwait Times
Syria aviation sector struggles amid regional turmoil
DAMASCUS: Poor infrastructure, regional conflict and sporadic Zionist airstrikes are holding back more airlines from returning to Syria, industry officials told Reuters, hampering efforts to rebuild a shattered economy after 14 years of civil war. This month, at least 11 foreign airlines are scheduled to fly into Syria, up from just three a year ago, as sanctions are scaled back following the overthrow of long-time leader Bashar Al-Assad in December 2024. These include the world's largest international carrier, Dubai's Emirates, and the first two European Union-based airlines to fly into Syria since 2011: Romania's Dan Air and Greece's Air Mediterranean. But airlines such as Royal Jordanian, FlyDubai, Turkish Airlines and Qatar Airways last month were forced to cancel many of their recently launched flights as airspace across the Middle East closed to civil air traffic due to air and missile attacks involving Zionist entity, the US and Iran. There are dangers closer to home too. Zionist entity carried out strikes against Syrian government forces in southwestern Syria for a second day on Tuesday, vowing to keep the area demilitarized and to protect the Druze minority there. At the same time, airlines are worried about the state of Syria's aviation infrastructure and management of the industry. 'Progress is needed in regulatory oversight, infrastructure investment, and compliance with international safety and operational standards,' industry body the International Air Transport Association said. Major carriers such as Lufthansa and Air France KLM which used to fly to Syria pre-war, have visited Damascus airport to assess the infrastructure and former offices, officials at Damascus airport and Syria's aviation regulator told Reuters. However, both airlines told Reuters they had no current interest in resuming flights. Small Romanian airline Dan Air launched its Bucharest to Damascus route last month. 'What held back operators until now were the logistical and regulatory complexities,' Dan Air CEO Matt Ian David told Reuters, adding that eased sanctions would now make Syria more accessible. Emirates at the end of May resumed flying over Syria for the first time since the civil war, shaving up to an hour off a Dubai to Beirut flight. However, several countries, including Britain and the United States, still advise their airlines to avoid flying over Syria. Europe's aviation regulator EASA says 'there is a risk of both intentional targeting and misidentification of civil aircraft'. Syria completely reopened its airspace on June 24, its civil air authority said. Damascus Airport's two runways were bombed during the civil war, but have been repaired. The airport was also looted during the chaos of Assad's fall. Alaa Sallal, director of public relations at Syria's Civil Aviation Authority, told Reuters a number of airlines had been to inspect security and infrastructure at the airport. 'The airport's construction was dilapidated, the equipment was worn out and some missing,' Sallal said. Radar equipment was lacking, leaving the country reliant on Lebanese or Turkish radar to monitor air traffic, he said. The head of Syria's General Authority for Civil Aviation earlier this month said it wanted to build new airports in Damascus, Aleppo and in the country's central region. But that will take time and money that the war-ravaged country may struggle to find on its own. The mostly Iranian and Iraqi carriers that served Syria through its long conflict have largely stopped flying there, reflecting a new political landscape after Iran- and Russia-backed Assad's overthrow. The flag carriers of Qatar and Turkey, countries that backed Syria's rebels through the war, were the first big airlines to resume flights in January under President Ahmed Al-Sharaa's new leadership. Turkey, a close ally of the new government, has been helping improve Syria's airports, its transport ministry has said. Emirates, which resumes its Dubai-Damascus route from Wednesday for the first time since 2012, said flights would support ties with the United Arab Emirates and help Syria attract investment. Saudi budget carrier flyadeal has said it also wants to start flying to Syria soon, joining fellow Saudi low-cost airline flynas. – Reuters
Yahoo
16-07-2025
- Business
- Yahoo
Syria's aviation comeback struggles amid regional turmoil
Airlines are worried about the state of Syria's aviation infrastructure and management of the industry. Poor infrastructure, regional conflict, and sporadic Israeli airstrikes are holding back more airlines from returning to Syria, industry officials told Reuters, hampering efforts to rebuild a shattered economy after 14 years of civil war. This month, at least 11 foreign airlines are scheduled to fly into Syria, up from just three a year ago, as sanctions are scaled back following the overthrow of long-time leader Bashar al-Assad in December 2024. These include the world's largest international carrier, Dubai's Emirates, and the first two European Union-based airlines to fly into Syria since 2011: Romania's Dan Air and Greece's Air Mediterranean. But airlines such as Royal Jordanian, FlyDubai, Turkish Airlines, and Qatar Airways last month were forced to cancel many of their recently launched flights as airspace across the Middle East closed to civil air traffic due to air and missile attacks involving Israel, the US, and Iran. There are dangers closer to home, too. Israel carried out strikes against Syrian government forces in southwestern Syria for a second day on Tuesday, vowing to keep the area demilitarized and to protect the Druze minority there. At the same time, airlines are worried about the state of Syria's aviation infrastructure and management of the industry. "Progress is needed in regulatory oversight, infrastructure investment, and compliance with international safety and operational standards," industry body the International Air Transport Association said. Major carriers such as Lufthansa and Air France KLM, which used to fly to Syria pre-war, have visited Damascus airport to assess the infrastructure and former offices, officials at Damascus airport and Syria's aviation regulator told Reuters. However, both airlines told Reuters they had no current interest in resuming flights. Small Romanian airline Dan Air launched its Bucharest to Damascus route last month. "What held back operators until now were the logistical and regulatory complexities," Dan Air CEO Matt Ian David told Reuters, adding that eased sanctions would now make Syria more accessible. Emirates at the end of May resumed flying over Syria for the first time since the civil war, shaving up to an hour off a Dubai to Beirut flight. However, several countries, including the United States and Britain, still advise their airlines to avoid flying over Syria. Europe's aviation regulator EASA says, "there is a risk of both intentional targeting and misidentification of civil aircraft." Syria completely reopened its airspace on June 24, its civil air authority said. Damascus Airport's two runways were damaged during the civil war but have since been repaired. The airport was also looted during the chaos of Assad's fall. Alaa Sallal, director of public relations at Syria's Civil Aviation Authority, told Reuters a number of airlines had been to inspect security and infrastructure at the airport. "The airport's construction was dilapidated, the equipment was worn out and some missing," Sallal said. Radar equipment was lacking, leaving the country reliant on Lebanese or Turkish radar to monitor air traffic, he said. The head of Syria's General Authority for Civil Aviation earlier this month said it wanted to build new airports in Damascus, Aleppo, and in the country's central region. But that will take time and money that the war-ravaged country may struggle to find on its own. Airlines to resume flights under al-Sharaa's leadership The mostly Iranian and Iraqi carriers that served Syria through its long conflict have largely stopped flying there, reflecting a new political landscape after Iran- and Russia-backed Assad's overthrow. The flag carriers of Qatar and Turkey, countries that backed Syria's rebels through the war, were the first big airlines to resume flights in January under President Ahmed al-Sharaa's new leadership. Turkey, a close ally of the new government, has been helping improve Syria's airports, its transport ministry has said. Emirates, which resumes its Dubai-Damascus route from Wednesday for the first time since 2012, said flights would support ties with the United Arab Emirates and help Syria attract investment. Saudi budget carrier flyadeal has said it also wants to start flying to Syria soon, joining fellow Saudi low-cost airline flynas. For others, though, there may be less incentive to return as even pre-war Syria was not a major market for non-Middle Eastern carriers. Those that did fly there - Russia's Aeroflot, Air France, Lufthansa's Austrian Airways, LOT Polish, IAG's Iberia, Italy's ITA, Czech Airlines, and China Southern - have not yet returned. Despite the recent ramp-up, the number of international flights serving Syria remains well below pre-war levels. Scheduled flights in July were 58% of what they were in July 2010, Cirium data shows. IATA said the easing of sanctions had opened pathways to improved access to aircraft parts, maintenance services and some commercial transactions. However, visa restrictions on Syrian nationals limited passenger mobility and market growth. Solve the daily Crossword
Reuters
16-07-2025
- Business
- Reuters
Syria's aviation comeback struggles amid regional turmoil
DAMASCUS, July 16 (Reuters) - Poor infrastructure, regional conflict and sporadic Israeli airstrikes are holding back more airlines from returning to Syria, industry officials told Reuters, hampering efforts to rebuild a shattered economy after 14 years of civil war. This month, at least 11 foreign airlines are scheduled to fly into Syria, up from just three a year ago, as sanctions are scaled back following the overthrow of long-time leader Bashar al-Assad in December 2024. These include the world's largest international carrier, Dubai's Emirates, and the first two European Union-based airlines to fly into Syria since 2011: Romania's Dan Air and Greece's Air Mediterranean. But airlines such as Royal Jordanian, FlyDubai, Turkish Airlines ( opens new tab and Qatar Airways last month were forced to cancel many of their recently launched flights as airspace across the Middle East closed to civil air traffic due to air and missile attacks involving Israel, the U.S. and Iran. There are dangers closer to home too. Israel carried out strikes against Syrian government forces in southwestern Syria for a second day on Tuesday, vowing to keep the area demilitarized and to protect the Druze minority there. At the same time, airlines are worried about the state of Syria's aviation infrastructure and management of the industry. "Progress is needed in regulatory oversight, infrastructure investment, and compliance with international safety and operational standards," industry body the International Air Transport Association said. Major carriers such as Lufthansa ( opens new tab and Air France KLM ( opens new tab, which used to fly to Syria pre-war, have visited Damascus airport to assess the infrastructure and former offices, officials at Damascus airport and Syria's aviation regulator told Reuters. However, both airlines told Reuters they had no current interest in resuming flights. Small Romanian airline Dan Air launched its Bucharest to Damascus route last month. "What held back operators until now were the logistical and regulatory complexities," Dan Air CEO Matt Ian David told Reuters, adding that eased sanctions would now make Syria more accessible. Emirates at the end of May resumed flying over Syria for the first time since the civil war, shaving up to an hour off a Dubai to Beirut flight. However, several countries, including Britain and the United States, still advise their airlines to avoid flying over Syria. Europe's aviation regulator EASA says "there is a risk of both intentional targeting and misidentification of civil aircraft". Syria completely reopened its airspace on June 24, its civil air authority said. Damascus Airport's two runways were bombed during the civil war, but have been repaired. The airport was also looted during the chaos of Assad's fall. Alaa Sallal, director of public relations at Syria's Civil Aviation Authority, told Reuters a number of airlines had been to inspect security and infrastructure at the airport. "The airport's construction was dilapidated, the equipment was worn out and some missing," Sallal said. Radar equipment was lacking, leaving the country reliant on Lebanese or Turkish radar to monitor air traffic, he said. The head of Syria's General Authority for Civil Aviation earlier this month said it wanted to build new airports in Damascus, Aleppo and in the country's central region. But that will take time and money that the war-ravaged country may struggle to find on its own. The mostly Iranian and Iraqi carriers that served Syria through its long conflict have largely stopped flying there, reflecting a new political landscape after Iran- and Russia-backed Assad's overthrow. The flag carriers of Qatar and Turkey, countries that backed Syria's rebels through the war, were the first big airlines to resume flights in January under President Ahmed al-Sharaa's new leadership. Turkey, a close ally of the new government, has been helping improve Syria's airports, its transport ministry has said. Emirates, which resumes its Dubai-Damascus route from Wednesday for the first time since 2012, said flights would support ties with the United Arab Emirates and help Syria attract investment. Saudi budget carrier flyadeal has said it also wants to start flying to Syria soon, joining fellow Saudi low-cost airline flynas. For others, though, there may be less incentive to return as even pre-war Syria was not a major market for non-Middle Eastern carriers. Those that did fly there - Russia's Aeroflot, Air France, Lufthansa's Austrian Airways, LOT Polish, IAG's (ICAG.L), opens new tab Iberia, Italy's ITA, Czech Airlines, and China Southern ( opens new tab - have not yet returned. Despite the recent ramp-up, the number of international flights serving Syria remains well below pre-war levels. Scheduled flights in July were 58% of what they were in July 2010, Cirium data shows. IATA said the easing of sanctions had opened pathways to improved access to aircraft parts, maintenance services and some commercial transactions. However, visa restrictions on Syrian nationals limited passenger mobility and market growth.
Business Insider
26-06-2025
- Business
- Business Insider
Mubite Launches First Ever Instant Funding Crypto Prop Trading Platform with Up to 90% Profit Splits
H1 Prague-Based Firm Introduces Three Distinct Evaluation Models, Including Instant Capital Access and Bybit Integration Mubite, a crypto proprietary trading firm, has officially launched its platform, offering traders access to funded accounts up to $200,000 with industry-leading profit splits of up to 90%. The European Union-based company distinguishes itself through flexible funding models and strategic integration with Bybit exchange. The strategic adoption of Bybit as the backbone for crypto prop trading operations is rapidly emerging as the industry's preferred paradigm. H2 Mubite's showing persistent growth Despite being relatively new to the market, Mubite has experienced rapid growth with a 133% month-to-month expansion ratio. The platform addresses growing demand in the crypto prop trading sector by providing three distinct funding pathways: traditional 2-Step Challenge, streamlined 1-Step Challenge, and innovative Instant Funding option that eliminates evaluation periods entirely. 'Traditional prop trading has been limited by rigid structures and unfavorable profit splits,' said Petr Andreas, CEO of Mubite. 'Our platform empowers traders with immediate capital access and lets them retain up to 90% of their profits—significantly higher than the industry standard of 70–80%.' H2 Comprehensive Funding Solutions Mubite's three-tier approach accommodates varying trader preferences and experience levels. The 2-Step Challenge follows traditional risk management protocols, while the 1-Step Challenge offers quicker capital access through investor backing. The Instant Funding model provides immediate trading capital for experienced traders ready to execute strategies without prolonged evaluation. The platform's partnership with Bybit ensures traders benefit from competitive spreads, deep liquidity, and advanced analytical tools. This integration addresses common execution issues faced by crypto traders on less reliable exchanges. H2 Elite Program Mubite crypto proprietary trading firm was established to provide real capital to cryptocurrency traders. We're committed to offering opportunities to those who pass our evaluation, scale up their performance, and earn a professional trading contract with Mubite's proprietary crypto trading subsidiary—based entirely on skill, with no need for fancy degrees or well-off family. H2 Market Positioning and Growth The crypto prop trading sector has experienced substantial growth as traditional financial markets embrace digital assets. Mubite's launch comes amid increasing demand for funded trading programs that offer greater flexibility than conventional models. European Union proven reliability The company's strategic positioning within the European Union's regulatory framework provides traders with additional security and compliance assurance. Mubite's transparent pricing structure and comprehensive educational resources, including detailed FAQ sections and clear withdrawal processes, address common concerns within the trading community. With funded accounts reaching $200,000 and profit retention rates of 90%, Mubite's offering represents a significant advancement in crypto prop trading accessibility. The platform emphasizes transparency through educational content explaining crypto prop trading fundamentals and comprehensive support documentation. Social Proof and Market Validation Since launch, Mubite has demonstrated strong market traction with its 133% month-to-month growth rate, indicating significant trader adoption of the instant funding model. The platform's integration with Bybit, recognized for superior liquidity and execution reliability, provides additional credibility within the crypto trading community. About Mubite Mubite is a crypto proprietary trading firm specializing in funded trading programs for digital asset traders. Founded to address limitations in traditional prop trading structures, the company provides flexible funding solutions through three distinct evaluation models, competitive profit splits up to 90%, and strategic integration with Bybit exchange. Mubite focuses on trader empowerment through transparent pricing, comprehensive educational resources, and advanced risk management tools. The firm operates within European Union regulatory frameworks, ensuring compliance and trader security. Visit official website of the groundbreking crypto proprietary trading firm at This press release contains forward-looking statements about the company's growth and market position. All financial figures and growth metrics are based on current company data and market conditions as of the publication date.
