George Soros
Soros Fund Management reduced its holdings in Big Tech stocks before January’s market tumult, while disclosing a $2 billion stake in electric pickup maker Rivian Automotive.
George Soros’s investment company slashed its stake in the Invesco QQQ Trust Series 1, the biggest exchange-traded fund tracking the technology-heavy Nasdaq 100.
It held only $9.4 million at the end of December, down from $356.2m at the end of the third quarter, according to a regulatory filing on February 11. It also trimmed positions in Amazon and Google owner Alphabet.
The New York-based company disclosed it held more than $2bn in shares of Rivian, which went public in November, and revealed a new $13.3m holding in exercise bike maker Peloton Interactive.
The value of its US equity portfolio jumped by $1.2bn to $6.5bn, thanks in part to its stake in medical records systems provider Cerner. Those shares jumped more than 31 per cent in the fourth quarter after Oracle agreed to acquire Cerner in December.
The billionaire philanthropist’s investment company manages more than $28bn, including public and private equity.
Mr Soros, 91, has used his fortune to fund groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundations.
He has poured billions into his philanthropic efforts and most of his company’s assets now belong to the foundations rather than to the Soros family. His personal wealth is estimated at $7.5bn, according to the Bloomberg Billionaires Index.
Money managers overseeing more than $100m in US equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on US exchanges. It is one of the few places to gain insight into how hedge funds and some large family offices invest.
Lawrence Stroll
Aston Martin Lagonda Global Holdings chairman Lawrence Stroll gives himself high marks for the turnaround he has overseen so far.
His next orders of business: figure out how to speed up the process of hand-building what he calls the most complex car ever and paying down debt.
Speaking at the recent unveiling of the AMR22, Aston Martin’s Formula One car for the coming season, the billionaire Canadian, who came to the British company’s rescue in early 2020, talked up the car maker’s progress in paring inventory and improving its cash position, which he said should help bring down interest costs in the coming years.
“I will be renegotiating the bonds at a more favourable rate, probably, and taking some cash to pay down” part of the debt, Mr Stroll said. “This company will be cash-flow positive in 2023.”
In addition to injecting much-needed cash, Mr Stroll forged closer ties with Germany’s Mercedes-Benz to put Aston Martin on steadier footing in the midst of the pandemic. In mid-2020, he hired Tobias Moers, who previously led Mercedes’s AMG performance-car business, as chief executive.
At the end of the third quarter, Aston Martin had net debt of £809m ($1.1bn) and expected interest costs of £165m in 2021, it said in November.
A year ago, the company raised $98.5m in senior secured notes due in 2025 with a 10.5 per cent coupon. These notes come with a four-year call protection, meaning refinancing the senior debt will come with a penalty.
Aston Martin may buy back some of the more expensive mezzanine bonds once the company generates cash, Mr Stroll said, ruling out the need for any further capital raising.
“We don’t need any more money at all,” he said. “Let me be crystal-clear, black-and-white: we do not need money.”
While Aston Martin battled issues with complexity that delayed the initial assembly of its £2.4m Valkyrie supercars, Mr Stroll said the project is now on track after technicians from his Formula One team were parachuted in to help.
“Everything has been resolved, but they are taking a little longer to build than initially established,” he said of the sold-out cars. Not a single customer had asked for their deposit back, he said.
Last month, Aston Martin issued a warning that fourth-quarter earnings would take a hit after the company delivered fewer of the supercars than anticipated.
“The only thing I have disappointed on since I got here is the number of Valkyries that we said we were going to deliver last year, versus what we did,” Mr Stroll said.
Carl Icahn
Billionaire investor Carl Icahn is confident that his revamped tender offer for Southwest Gas Holdings will succeed.
Changes made to his $4.2bn deal to acquire Southwest Gas shares should help sidestep any potential regulatory obstacles to the transaction, Mr Icahn said. His comments echo those made three weeks ago, when the activist investor outlined his retooled plan in a letter to shareholders.
“We are making that tender offer and we believe it will be successful,” Mr Icahn said in an interview on February 16. “We think we have met every condition you need for that tender offer.”
You have got a board that is basically a do-nothing kind of board
Carl Icahn,
billionaire investor
In October, Mr Icahn offered to acquire the shares in Southwest Gas that he does not already own for $75 apiece. He also sought to nominate 10 directors to replace the board, arguing that significant change was needed to improve the company’s performance.
He has been critical of Southwest Gas’s decision to buy Questar Pipelines and, in particular, the equity and equity-linked securities it plans to issue to help finance the deal.
“You have got a board that is basically a do-nothing kind of board,” Mr Icahn said.
Last month, Mr Icahn said he planned to agree to vote only 24.9 per cent of the shares tendered in an updated offer, which he said would eliminate the risk that regulators in Nevada, Arizona and California would block him from taking control of the Las Vegas-based utility.
The board of Southwest Gas has unanimously rejected Mr Icahn’s offer, arguing that it undervalues the company, is not in the best interest of its shareholders and still raises regulatory issues.
Vladimir Potanin
Russia’s second-richest man believes tokens and a digital rouble initiative will give the country’s crypto-sceptical central bank a way to promote new technology without the risks associated with currencies such as Bitcoin.
Billionaire Vladimir Potanin is an investor in Atomyze, which uses blockchain to turn real assets ranging from metal to homes into tokens that can be easily exchanged. This month, the company’s Russian unit received a licence allowing the platform to issue digital assets and offer trading.
“Unlike some cryptocurrencies, platforms like Atomyze offer consumers high-quality and secure digital goods and may squeeze unreliable products out from the market,” Mr Potanin said.
Mr Potanin’s position echoes the Bank of Russia, which supports the development of digital financial assets while advocating a complete ban on mining and trading cryptocurrencies that it says pose a threat to the country’s financial system.
The government backs regulating and taxing digital currencies while President Vladimir Putin has called on authorities to find a compromise.
The development of digital assets, tokenisation and the central bank’s digital rouble programme may make the debate over cryptocurrencies irrelevant, according to Mr Potanin, who has a net worth of $31.3bn, according to the Bloomberg Billionaires Index.
Regulators fear cryptocurrencies and stablecoins because they are uncontrolled currency emissions, while a digital asset or token is similar to a contract giving customers the opportunity to buy a product or service in a digital form using blockchain, an online ledger that tracks and verifies every transaction or change, he said
“Metal coins were replaced by paper money, and then transactions became cashless,” Mr Potanin said. “Digital financial assets are just the next stage.”
Mr Potanin’s Interros holding helped to set up Atomyze two years ago as it sought a way to make trading metals more efficient.
He is the biggest shareholder in MMC Norilsk Nickel, the world’s largest producer of refined nickel and palladium, which has been offering metals-linked tokens to industrial clients and via exchange-traded commodities on several European exchanges since 2020.
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Abu Dhabi Equestrian Club race card
5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYodawy%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarim%20Khashaba%2C%20Sherief%20El-Feky%20and%20Yasser%20AbdelGawad%3Cstrong%3E%3Cbr%3ESector%3A%20%3C%2Fstrong%3EHealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%2424.5%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAlgebra%20Ventures%2C%20Global%20Ventures%2C%20MEVP%20and%20Delivery%20Hero%20Ventures%2C%20among%20others%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20500%3Cbr%3E%3C%2Fp%3E%0A
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
UAE currency: the story behind the money in your pockets
Moving%20Out%202
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SMG%20Studio%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Team17%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20CarbonSifr%3Cbr%3EStarted%3A%202022%3Cbr%3EBased%3A%20Dubai%3Cbr%3EFounders%3A%20Onur%20Elgun%2C%20Mustafa%20Bosca%20and%20Muhammed%20Yildirim%3Cbr%3ESector%3A%20Climate%20tech%3Cbr%3EInvestment%20stage%3A%20%241%20million%20raised%20in%20seed%20funding%3Cbr%3E%3C%2Fp%3E%0A
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
TV (UAE time);
OSN Sports: from 10am
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
