Good afternoon, friends. It’s shaping up to be a relatively brisk Monday, both at home and abroad.
THE BIG STORIES TODAY
Hassan Allam Utilities launches green logistics parks with Agility: Our friends at Hassan Allam Utilities will build green logistics parks in a joint venture with Agility, according to a press release (pdf). Hassan Allam Holding’s investment and development arm will develop the Yanmu parks, which include storage and distribution warehouses, alongside industrial developer Agility. Yanmu East Park, a 270k sqm storage park, will be complete and operational by 3Q 2023, while Yanmu West Park is expected in 2024. The parks will incorporate sustainable practices into its design, such as solar rooftops, the release said.
HSBC to acquire UK arm of collapsed Silicon Valley Bank for GBP 1: HSBC UK is buying the UK unit of Silicon Valley Bank (SVB) — a major lender to British tech startups — for GBP 1 (no, we’re not missing a mn or bn), according to CNN. “This action has been taken to stabilize SVBUK, ensuring the continuity of banking services, minimizing disruption to the UK technology sector and supporting confidence in the financial system,” a Bank of England statement read. The move comes after ministers and bankers scrambled to find solutions to avoid contagion from the collapse of the US-based bank. The unit’s staff will retain their jobs and SVBUK will remain authorized by UK regulators. “SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC,” Noel Quinn, CEO of HSBC said in a statement cited by CNN.
In a separate move to contain the fallout from SVB’s collapse: US private bank First Republic Bank obtained additional funding through JPMorgan Chase & Co., granting it access to USD 70 bn from multiple sources, Reuters reports.
THE BIG STORY ABROAD
And the Oscar goes to: Everything Everywhere All at Once’s Oscar dominance is front page of the international press today as it took home seven total awards last night, including three of the four big acting awards. Star of the indie film, Michelle Yeoh, became the first Asian woman to earn the award for Best Actress for her portrayal of Evelyn Wang as she juggles family and professional tension and misery across multiple universes. Everything Everywhere has become synonymous with a forward-looking Hollywood, said the Wall Street Journal, rather than a movie industry obsessed with remakes and sequels. Netflix’s World War I epic, All Quiet on the Western Front was the other big earner, taking four awards including best international feature.
Also giving the Oscar’s ink: The Financial Times, Bloomberg, Reuters and the BBC.
HAPPENING NOW- El Sisi + Danish PM host joint presser: President Abdel Fattah El Sisi and Denmark’s Prime Minister Mette Frederikson held a joint press conference earlier today following a meeting (watch runtime 14:25). The two leaders discussed bilateral cooperation in the shipping, transportation, and renewable energy sectors, alongside issues of human rights and illegal migration, El Sisi said. Frederikson is on a three-day visit to Egypt, according to Al Shorouk.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- US authorities have moved to guarantee all deposits held at the collapsed Silicon Valley Bank in emergency measures aimed at preventing contagion and a wider crisis in the banking sector.
- Safi + Wataniya to begin offering prep on Wednesday: The government will start preparing military-owned bottled drinks firm Safi and fuel retailer Wataniya for offering on Wednesday, 15 March.
- Metito + BII launch Africa water investment platform: Dubai-based water and wastewater treatment player Metito and the UK’s development finance institution, British International Investment, yesterday launched an investment platform that will finance projects to improve water security across Africa.
???? CIRCLE YOUR CALENDAR-
Egypt is playing host to PPP MENA Forum: The two-day Public-Private Partnership MENA Forum kicks off at the Nile-Ritz Carlton in Cairo on 19 March, bringing together over 300 regional and international PPP players to discuss new partnership models and projects to advance the region’s socio-economic growth. Discussions held under the patronage of Prime Minister Moustafa Madbouly will include policies for infrastructure projects, private funding for national projects, governance, and best practices.
????️ TOMORROW’S WEATHER- Expect the mercury to peak at 22°C during the day and fall to 11°C in the evening tomorrow as the sun gives way to some clouds throughout the day. Our favorite weather app doesn’t seem to think we’re getting any rainfall tomorrow.