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Standard Chartered’s pre-tax profit jumps to $996mn in Q3

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Standard Chartered, a British multinational bank, has posted almost a billion-dollar pre-tax profit in the third quarter, doubled from a year earlier.
Beating market forecasts, the bank’s pre-tax earnings climbed to $996 million in July-September, from $435 million a year ago. Earlier, 16 analysts estimated a $942 million profit for the bank.
The London-headquartered bank, which earns most of its revenue in Asia, reported on Tuesday credit impairment charges of $107 million compared with $353 million a year earlier.
After taking the helm of Standard Chartered in 2015, chief executive officer Bill Winters focused on restoring growth while creating a portfolio of digital assets in the last few years. He also repaired the bank’s balance sheet, cutting thousands of jobs in his early years.
Standard Chartered’s London-listed shares have underperformed rivals since then, and are up 8 percent this year versus an 18 percent rise for HSBC and 37 percent surge for Barclays.

Announcements

Etihad Airways adds 10 new destinations for 2025

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Etihad Airways, the national airline of the United Arab Emirates, announced the launch of ten new destinations starting in 2025.

The new destinations are Algiers, Atlanta, Chiang Mai, Hanoi, Hong Kong, Krabi, Medan, Phnom Penh, Taipei and Tunis. They will complement Etihad’s previously revealed new destinations for 2025: Prague, Warsaw, and Al Alamein.

Antonoaldo Neves, Etihad’s Chief Executive Officer, said, “Launching ten new destinations in a single day underscores our unwavering commitment to growing our airline with a fantastic route network and world-class, customer-focused service. This incredible milestone would not have been possible without the extraordinary efforts of our team and the ongoing support of our guests.”

Etihad’s expansion is set to bring tens of thousands of new visitors directly to Abu Dhabi, boosting its position as a premier destination for leisure, business, and cultural tourism. The move aligns with the UAE capital’s efforts to attract international travellers and reinforces its reputation as a hub of connectivity, innovation, and hospitality.

“The launch of these ten destinations is supported by our impressive hub, Zayed International Airport, which boasts the ‘wow’ factor and ample space to accommodate our rapid growth, further enhancing the exceptional guest experience,” said Neves. “2025 marks a pivotal year for Etihad, with more than 90 destinations in over 50 countries, a fleet of more than 110 aircraft – including our amazing new A321LRs – welcoming over 20 million guests onboard. Most importantly, it will support us in bringing over a million visitors to Abu Dhabi to enjoy our home.”

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What’s this WhatsApp feature everyone is talking about? Find out now

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WhatsApp has introduced an innovative new feature: voice message transcripts. This addition allows users to convert voice messages into text, making it easier to keep up with conversations no matter where you are or what you’re doing.

The feature is rolling out globally over the next few weeks, initially supporting a few select languages, with plans to expand language options in the coming months. In a blog post, WhatsApp highlighted the personal touch of voice messages, stating, “There’s something special about hearing your loved one’s voice even when you’re far away.” However, the company acknowledged that there are times when listening isn’t feasible, such as being in a noisy environment or receiving a lengthy message that’s difficult to hear.For those moments, WhatsApp now offers voice message transcripts.

These transcripts are generated directly on your device, ensuring that no one else — not even WhatsApp — can access your messages.To activate this feature, go to Settings > Chats > Voice Message Transcripts, where you can toggle transcriptions on or off and select your preferred language. Transcribing a message is simple: long-press the voice message and tap “Transcribe.”WhatsApp expressed enthusiasm about enhancing this experience further, promising to make it even more intuitive and user-friendly.

This update follows the introduction of the Message Drafts feature, which addresses a common issue: forgetting to send unfinished messages. WhatsApp now marks incomplete messages with a clear “Draft” label and moves the chat to the top of your list, ensuring you can quickly find and complete them without searching through multiple conversations.With these updates, WhatsApp continues to innovate and make communication more seamless and efficient for its users worldwide.

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Zimbabwe Partners with T Ten Global to Boost Business Opportunities

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The Government of Zimbabwe has entered into a strategic partnership with T Ten Global Sports to enhance the nation’s global profile and attract significant foreign investment. This initiative aligns with President Emmerson Mnangagwa’s vision of showcasing Zimbabwe as ‘Open for Business’ and leverages international platforms to highlight the country’s substantial economic potential.

With a viewership exceeding 500 million on television and OTT platforms, and a social media reach of 2.5 billion across 100 countries, T Ten’s cricket leagues offer Zimbabwe an unparalleled opportunity to promote its investment prospects. The partnership will officially be launched at the 2024 Abu Dhabi T10 in Abu Dhabi, positioning Zimbabwe as a premier destination for international business.

Speaking on the partnership, Zimbabwe President Emmerson Mnangagwa said“Zimbabwe is open for business, and this partnership with T Ten Global Sports is a testament to our commitment to engaging with the world. Through T Ten’s extensive reach, we will showcase Zimbabwe as a thriving hub for investment and innovation. This collaboration marks a significant step forward in building our nation’s global reputation and economic future.”

Under President Mnangagwa’s leadership, Zimbabwe has experienced notable economic growth. In 2023, Zimbabwe’s GDP was valued at $26.54 billion, reflecting a 4.5% growth rate from the previous year. The nation has also attracted significant investments across various sectors including the beverage industry, mining sector, real estate and infrastructure, renewable energy and agriculture modernization.

Varun Beverages, the bottling partner of PepsiCo, has invested over $40 million, creating employment opportunities and bolstering the manufacturing sector.  Zimbabwe is endowed with vast mineral resources, including lithium, platinum, gold, and diamonds. Investments from companies such as Zhejiang Huayou Cobalt and Prospect Resources are positioning Zimbabwe as a key player in the global green energy revolution.

UAE-based conglomerate Mulk International is developing the $500 million Zim Cyber City in Mount Hampden, Harare. This state-of-the-art mixed-use development is set to transform Zimbabwe’s real estate landscape, offering high-end residential and commercial spaces. Collaborations with international firms are underway to harness Zimbabwe’s abundant solar and hydropower resources, supporting sustainable energy solutions and reducing reliance on non-renewable sources. Partnerships with global agribusinesses have enhanced Zimbabwe’s agricultural output, ensuring food security and creating export opportunities.

Shaji Ul Mulk, Chairman of T Ten Global Sports further said“We are honored to partner with Zimbabwe to deliver this transformative vision. Through T Ten’s five global leagues, we will ensure that Zimbabwe’s message reaches key markets, connecting the nation with influential investors and creating new opportunities for growth and collaboration.”

There are numerous unparalleled opportunities for global investors in Zimbabwe across various sectors. The country is home to vast reserves of lithium, platinum, gold, nickel, and rare earth minerals, essential for the global renewable energy and technology industries. With a growing industrial base and favorable policies, Zimbabwe provides opportunities in food processing, automotive assembly, and consumer goods production.

Abundant sunshine and river systems make Zimbabwe ideal for large-scale solar and hydropower projects, attracting renewable energy investors globally. Rapid urbanization and modernization efforts create lucrative opportunities in construction, transport, and logistics.

Paul Tungwarara, Special Presidential Investment Advisor, UAE further said, “This partnership reflects Zimbabwe’s forward-looking strategy for international outreach. By leveraging T Ten’s global media presence, we will amplify the message that Zimbabwe is ready for business and global partnerships. It has been a privilege to contribute to this historic initiative.”

Through its collaboration with T Ten Global, Zimbabwe will gain exposure across the five cricket leagues’ (Abu Dhabi T10, US Masters T10, Lanka T10 Super League, African T10, Sri Lanka T10) influential markets. It allows the nation to engage audiences in the Middle East and Asia, and also target North America’s business leaders. The partnership further helps Zimbabwe in strengthening their presence in South Asia’s thriving markets and highlighting Zimbabwe’s leadership in Africa.

This partnership represents a bold step toward economic reform, global engagement, and solidifying Zimbabwe’s position as a premier investment destination.

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