Latest news with #OliverWyman
Zawya
2 days ago
- Business
- Zawya
Iraq to issue Development Road tenders in packages
Iraq intends to invite bids from international companies in late 2025 for 'The Development Road' the $17 billion mega multimodal project that will link Iraq to Europe via Turkey, an official said on Friday. The Development Road involves the construction of a 1,200-kilometre rail line and a parallel motorway traversing most of Iraq up to Turkey, and will be offered in several packages to contractors as it also comprises 15 industrial and economic zones, said Maytham Safi, information director at Iraq's transport ministry. Safi said in comments published by Iraq's media that the US consultancy firm Oliver Wyman is the economic adviser to the project while designs are carried out by Italy's BTP Infrastrutture. 'The initial designs for the project have been completed and we are now into the detailed design process…..we have made considerable progress in this stage so we can say that the project will be tendered to global companies before the end of this year,' Safi said. The UAE, Qatar and Turkey are partners in the 'Development Road' project, which will cut across 11 Iraqi governorates up to the Northern border with Turkey, from where shipments will travel to and from Europe. Iraq hopes other countries and companies will join the project to secure funding on an investment and revenue-sharing basis. Officials said last year the project, one of the largest of its kind in the Middle East, would be served by the Southern Faw Port, slated to be among the largest 20 container terminals. The port is expected to be commissioned before the end of 2025 while the 'Development Road' is scheduled to be completed in 2029. Iraq, OPEC's second largest oil producer, hopes the project will turn it into a major transit and business hub in the region. (Writing by Nadim Kawach; Editing by Anoop Menon) (
CNBC
3 days ago
- Business
- CNBC
China's Laopu Gold shares fall despite forecast of tripling profits
Shares of Laopu Gold fell to their lowest levels since May 20 after the Chinese jewelry upstart forecasted its net profit for the first half of 2025 would increase between 279% and 288% year over year, or between RMB 2.23 billion and RMB 2.28 billion ($311.11 million to $318.08 million). The stock, which is up 203.07% for the year to date, rose nearly 4% in early trade, but pared back gains as investors locked in their profits. While shares of Laopu Gold are on course for their ninth straight session of decline, they have skyrocketed by more than 2,000% since their listing last year. The Hong Kong-listed company also reported in a filing to the Hong Kong stock exchange on Sunday that its projected revenue for the first half of the year would increase between 241% and 255% from the same period last year. Concerns over rising gold prices and market downgrades in earning expectations have caused the stock to fall from its peak in early July, Morgan Stanley analysts said in a research report on Monday. Citi analysts also attributed the retreat in Laopu's share price to a reset in market expectations and "unwinding fund flow," adding that the stock appears relatively cheap. However, consulting firm Oliver Wyman said that Laopu's earnings are less tied to fluctuations in gold prices, unlike traditional jewelers, due to the designs of its products, which blend ancient craftsmanship with contemporary appeal. The Chinese jewelry brand was founded in 2009 and is popular among younger consumers for its distinctive designs, including ancient coin pendants and lotus motifs. "We believe Laopu's current valuation has become more attractive in the past three weeks despite the company's intact growth story", Nomura analysts said in a report. The Beijing-based company attributed the increase in its top and bottom lines to the brand's expansion online and through offline boutiques. Laopu has boutiques in Shanghai, Shenzhen and Hong Kong, and opened its first overseas store at Singapore's Marina Bay Sands in June. Laopu's success contrasts with more tepid consumer spending in China. Affluent Chinese are more negative on the economy than they were during the pandemic, according to a survey released last week by Oliver Wyman. The report found that many respondents are shifting their spending away from luxury goods toward experiences, such as travel. Similarly, Labubu-maker Pop Mart had issued an upbeat profit forecast for the first half of 2025 earlier this month, but initially dropped on the news. Pop Mart shares are up by 175.74% year-to-date. In contrast, shares of Chinese sportswear company Anta have increased by 17.15% so far this year. The company's said in a filing that it achieved "mid-single digit positive growth" for house brand products and "high-single digit positive growth" for Fila-branded products for the first half of this year.
Gulf Business
3 days ago
- Business
- Gulf Business
Arthur D. Little appoints new insurance expert as partner in Riyadh
Dr. Goetz Kuras/Image: Supplied Dr. Kuras previously served as a senior advisor to the Governor of the General Organization of Social Insurance (GOSI) in Saudi Arabia. In this role, he supported the strategic and operational transformation of GOSI and worked with the board and CEO of the newly formed Insurance Authority in shaping the National Insurance Strategy. His leadership background includes serving as CEO of Medgulf and holding a board director position at an InsurTech firm. On the consulting side, he worked at McKinsey and later at Oliver Wyman, where he led the Insurance practice in Central and Eastern Europe (CEE) and subsequently in the Middle East and North Africa (MENA). His core focus lies in transformation, strategy, and innovation across the insurance, pensions, and social security ecosystem. Martin Rauchenwald, managing partner at ADL, said: 'Driven by digitalization, AI and innovation, the Middle Eastern insurance sector is evolving rapidly to become a more fluid, open ecosystem. In parallel, institutional reforms of the pensions and social security system are actively discussed amongst policy makers. Through his deep experience and understanding, Goetz is perfectly positioned to help clients harness transformation and seize opportunities in this changing environment.' Dr. Goetz Kuras added: 'The boundaries between insurance and other sectors are dissolving. What has been a value chain is becoming a value stack with new business models emerging that combine value chain components across industries, requiring new approaches from market players, new entrants and regulators alike. Working with ADL's expanding financial services practice and my colleagues in other industries, where insurance is complementary and enhancing existing value propositions, I look forward to helping grow our client base and impact in these crucial sectors that are vital for prospering societies and economies.' Dr. Kuras holds a PhD in theoretical physics from the University of Cambridge (UK), as well as Master's degrees from Florida State University (US) and the University of Graz (Austria).
Iraqi News
5 days ago
- Business
- Iraqi News
Iraq's Development Road to include 6 airports and 15 industrial cities
Baghdad ( – Iraq's Ministry of Transport recently unveiled key outcomes from a pivotal meeting led by Prime Minister Mohammed Shia Al-Sudani regarding the ambitious Development Road project. Held last Wednesday, the session brought together the Minister of Transport, the head of the Supreme Committee for Coordination Between Governorates, and various directors-general, advisors, along with a representative from Oliver Wyman, the project's economic consultant. Maytham Al-Safi, Director of Relations and Media for the Ministry of Transport, told the Iraqi News Agency (INA) that discussions around the Development Road project have been continuous. These meetings have involved the Ministry of Transport, other relevant institutions, and both the Italian technical consultant (BTB) and the economic consultant, Oliver Wyman. Delving into last Wednesday's meeting, Al-Safi explained that the Prime Minister stressed a clear commitment to implementing directives, particularly concerning the formation of a committee. This committee will be tasked with determining the final route between Iraq and Turkey, basing its decisions on technical and economic considerations. Furthermore, the Prime Minister emphasized resolving all existing challenges within the project and adhering to its strict timelines. The meeting also featured a presentation by Oliver Wyman on the project's economic and financial model, according to Al-Safi. This presentation, a culmination of previous discussions with the Ministry of Transport, outlined the economic framework to be presented to the Prime Minister, leading to its finalization and preparation for investment offerings. Regarding the project's current status, Al-Safi confirmed that the preliminary design phase has concluded, and significant progress has been made in the detailed design stage. The Ministry aims to present the project to major international companies by the end of the current year. The project will be strategically divided into sections to encourage competition among global firms, ensuring their adherence to international standards for successful implementation. Beyond Iraq's borders, Al-Safi disclosed that several countries are already formal partners in the project, including Turkey, Qatar, and the United Arab Emirates, via signed Memoranda of Understanding. Additionally, another council has been formed, comprising Turkey, Hungary, Serbia, and Bulgaria, representing the European dimension of the initiative. Other nations also aspire to join the project, either in its execution or participation. Al-Safi highlighted recent visits from economic representatives of various embassies in Baghdad to the Ministry of Transport and the Supreme Committee for the Development Road project, including the Chinese economic advisor last year and the Australian and French ambassadors this year. These discussions underscored widespread international interest in the project, recognizing it as a global endeavor with implications beyond Iraq for the entire region and the world. Ultimately, Al-Safi asserted that the Development Road project is poised to create thousands of job opportunities for Iraqis and fundamentally transform Iraq's economic transportation landscape. It is also expected to boost the national economic output, leading to comprehensive Iraqi economic integration, both domestically and internationally. The project's overarching policy aims for seamless connectivity across all sectors. Al-Safi further clarified that the project will integrate three existing major airports—Baghdad, Basra, and Najaf—and will connect to three new airports slated to enter service: Nasiriyah, Karbalaa, and the recently opened Mosul airport. Moreover, the project will link to 15 industrial cities, emphasizing its role beyond mere transit. He concluded by stating that the project is an integrated developmental initiative, benefiting connecting provinces by utilizing their raw materials and generating investment opportunities through local governments, institutions, and ministries.
CNBC
22-07-2025
- Business
- CNBC
China's affluent are as pessimistic about the economy as they were during the Covid-19 pandemic
BEIJING — China's affluent are feeling just as poorly about the economy as they did during the pandemic. That's according to a study of affluent Chinese released this month by consulting firm Oliver Wyman, which found 22% of respondents were negative about the economy when surveyed in May. It just exceeds the 21% seen in October 2022, just before Beijing announced plans to ease its stringent zero-Covid policy. When asked about the five-year horizon, respondents were far less upbeat than they were back in 2022. "That to us is a fundamental shift in mindset," Imke Wouters, partner at Oliver Wyman, told CNBC. "If you think, 'I'm not having a good financial situation now,' your spending, saving patterns will be very different." "The longer this [drags] on, the more negative they become about the long term future and the more cautious they come on spending," Wouters said. These findings come as China recorded a slowdown in retail sales growth, and persistent deflationary pressure as businesses slash prices to compete. Sliding prices in property, which accounts for the majority of household wealth, have also weighed on sentiment. Oliver Wyman's research was conducted from May 16 to 27. The firm has conducted similar surveys over the last three years. The latest study covered 2,000 households with a monthly income of over 30,000 yuan ($4,180). That's a fraction of consumers in China, where the per capita disposable income in urban areas for all of last year was 54,188 yuan. That's far less than the $64,474 reported for the U.S. as of December. Young people (aged 18 to 28) in the affluent income bracket who live in China's largest cities were the most pessimistic of the four age categories, recording the greatest drop in sentiment in May this year from April 2024, the survey showed. The unemployment rate for those aged 16 to 24 has remained in the mid-teens despite the overall jobless rate remaining far lower at around 5%. Survey respondents aged 29 to 44 were the most optimistic, especially when it comes to their five-year outlook. In China, most of the wealth sits with millennials and Gen X, Wouters said, referring to those broadly between the ages of 30 and 60. She attributed their relative optimism to higher levels of accumulated wealth and job stability, as well as the sense that the "good old days" might return — a perspective she suggested might come with age. China's official consumer confidence index has remained depressed since hitting a record low of 85 in November 2022, when China restricted movement in an effort to prevent Covid-19 outbreaks. The latest print was 88 as of May, according to the latest available data from the National Bureau of Statistics, accessed via Wind Information. People in China have become significantly discouraged by perceived "unequal opportunity," which in 2023 became the No. 1 reason respondents believe people are poor, jumping from No. 6 nearly two decades ago. That's according to the latest survey conducted in 2023 by a team of researchers led by Martin King Whyte of Harvard University and Scott Rozelle of Stanford University, who have been monitoring the shifts since 2004. The survey found that across all income brackets, more respondents thought their families' economic situation had declined in 2023 compared with previous years. But despite their negative sentiment on the economy, many affluent Chinese are more keen to travel internationally than they were just before the pandemic. Rather than spending on a luxury product, for example, they would rather "spend on something that can make [them feel] better now," Wouters said. "You just want to enjoy the moment," she said. Oliver Wyman predicts the share of affluent Chinese traveling internationally this year will reach 37%, above the 32% level seen in 2019, before the pandemic. So far, 27% of respondents have already traveled abroad, with 10% more expected to make a trip later this year. Still, affluent Chinese aren't necessarily traveling back to pre-pandemic hot spots such as the United States, the report said, noting that they are sticking closer to home instead. Chinese travel to Malaysia and Japan has already made a full recovery to 2019 levels, Oliver Wyman's analysis showed.
