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Barclays eyes Saudi re-entry amid capital markets boom – sources tell Reuters

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Barclays eyes Saudi re-entry amid capital markets boom – sources tell Reuters

DUBAI/JERUSALEM: A consortium led by Abu Dhabi state holding agency ADQ is in superior negotiations to amass a controlling stake in Israeli monetary agency Phoenix Group for greater than $800 million, a regulatory submitting confirmed, in accordance with Reuters.

US non-public funding companies Centerbridge Companions and Gallatin Level Capital, which maintain 33.4 % of the Israeli firm, are in talks to promote about 25 percent-30 % of the corporate primarily based on a worth of 9.2 billion shekels ($2.7 billion) to the Abu Dhabi funds, the 2 US funding companies mentioned within the regulatory submitting in Tel Aviv.

Phoenix’s CEO and chairman would additionally purchase 1 percent-2 % of the corporate, the submitting mentioned.

“The transaction will probably be topic to regulatory approvals, which can embrace a management allow from Israel’s Capital Market, Insurance coverage and Financial savings Authority,” Centerbridge and Gallatin mentioned within the assertion.

Some 58 % of Phoenix’s shares would stay traded on the Tel Aviv Inventory Alternate.

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ADQ is shopping for Centerbridge’s stake in Phoenix, in a non-binding deal, which can take months to finish to obtain regulatory and shareholder approvals, a supply aware of the deal mentioned.

ADQ declined to remark.

The UAE grew to become the primary Gulf state to normalize relations with Israel beneath a US-brokered normalization settlement, dubbed the “Abraham Accords,” in 2020.

Phoenix Group, one of many largest monetary corporations in Israel with a market capitalization of round $2.8 billion, is a supplier of multi-line insurance coverage, asset administration, funding and monetary companies.

Its Tel Aviv-listed shares have been down 3.1 % in afternoon buying and selling and are down 7.4 % this 12 months. However they gained 65 % in 2021 after double-digit beneficial properties within the prior two years.

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The supply aware of the deal mentioned ADQ had been doing intensive due diligence for months and that since Emirati buyers are complete, “they wouldn’t signal in the event that they thought the probabilities are low.”

ADQ is shopping for into the Phoenix title, and the rationale is that it might probably make return on its funding, the supply mentioned, which has been enabled by the Israel-UAE normalization and which is anticipated to result in extra offers.

“Since Gallatin and Centerbridge entered Phoenix a number of years in the past, Phoenix has turn out to be extra worldwide,” the supply mentioned, including that it was doubtless that Centerbridge would have been seeking to promote quickly.

Non-public fairness companies typically search to exit their investments 5 to seven years after shopping for them.

“Phoenix has benefited from a powerful partnership over the previous a number of years amongst administration and staff, native board members and controlling shareholders,” Lee Sachs, Co-Founder and Managing Accomplice of Gallatin Level informed Reuters.

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“Every has labored tirelessly and in the identical route to continuously convey worth to the corporate’s prospects and different stakeholders.” 

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Elon Musk says he's committed to still be Tesla's CEO in 5 years' time

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Elon Musk says he's committed to still be Tesla's CEO in 5 years' time

DUBAI, United Arab Emirates (AP) — Billionaire Elon Musk said Tuesday he’s committed to being CEO of Tesla in five years’ time as the automaker faced intense consumer and stockprice pressure over his work with President Donald Trump’s government.

The question came as Musk made a video appearance at the Qatar Economic Forum hosted by Bloomberg after Musk recently traveled to Doha as part of Trump’s Mideast trip last week.

A moderator asked: “Do you see yourself and are you committed to still being the chief executive of Tesla in five years’ time?”

Musk responded: “Yes.”

The moderator pushed further: “No doubt about that at all?”

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Musk added, chuckling: “I can’t be still here if I’m dead.”

Tesla has faced intense pressure as Musk worked with Trump as part of its self-described Department of Government Efficiency effort, particularly amid its campaign of cuts across the U.S. federal government.

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Trump hostage envoy dismisses report of Israel abandonment threat as 'fake news'

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Trump hostage envoy dismisses report of Israel abandonment threat as 'fake news'

FIRST ON FOX: In an exclusive interview with Fox News Digital at the annual Jerusalem Post Conference in New York, Special Envoy for Hostage Response Adam Boehler responded to a Washington Post report that claimed President Donald Trump threatened to abandon Israel unless the war ended as “fake news.” 

“That sounds like fake news to me,” he said. “I think the president has maintained a very high degree of support for Israel.” He added, “He may be saying, ‘Hey, listen, let’s try to end the war,’ he might speak strongly, but I think American president, in particular, this president’s support, President Trump’s support for Israel is ironclad.”

Separately, U.S. Ambassador to Israel Mike Huckabee also rejected the claim. In an interview with Israel’s Ynet, he said, “Their reporting is nonsense. They need to listen to what the President says – not what some uninformed ‘source’ pretends to know.’”

ISRAELI AMBASSADOR LASHES OUT AT UN OFFICIAL, CONDEMNS UK, FRANCE, CANADA STATEMENT ON AID

United States Special Envoy for Hostage Response Adam Boehler spoke at The Annual Jerusalem Post Conference in New York City on Monday, May 19, when he said a deal to return Israeli hostages is “closer than we ever were.” (Credit: Marc Israel Sellem/The Jerusalem Post)

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Boehler emphasized that the U.S. government’s primary focus remains on securing the release of the 58 hostages still held by Hamas. “I think there’s obviously continued back and forth. The President made it very clear that he wants something to come to conclusion.”

“I know that he and Steve [Witkoff] are working very hard right now to try to bring that home. So, a very fluid situation, but our primary focus is number one, the hostages, and number two, Israel’s security,” he said.

On the humanitarian crisis in Gaza, Boehler addressed the recent development of opening borders to allow aid trucks into Gaza after two months of a blockade. He also discussed the new U.S.-backed mechanism that could potentially replace the United Nations Relief and Works Agency for Palestine Refugees (UNRWA). 

“Perhaps there needs to be a replacement for UNRWA. We’ve had a lot of issues with the U.N. And if this works, if it gets food to the Palestinian people who need it, then I greatly favor it,” Boehler said.

Later, in an interview on stage at the Jerusalem Post conference, Boehler recalled the tense moments surrounding the release of American-Israeli soldier Edan Alexander. “It’s an unbelievable moment. It was an unbelievable moment on Sunday. The whole time, we couldn’t sleep. It was exciting, nerve-wracking. We watched pretty much real-time. We were waiting for Steve Witkoff to come. We were waiting the whole time for the Red Cross. When the helicopter landed, we saw it on TV. That first phone call was unbelievable. It was right on Mother’s Day when we went over. It had a lot of meaning — for me, Steve, and everybody.”

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ISRAEL TURNS TABLES ON UN OFFICIAL CLAIMING ‘GENOCIDE’ IN GAZA WITH BASIC QUESTIONS

Adam Boehler and Steve Witkoff with the families of hostages

U.S. Special Envoy Adam Boehler and U.S. Special Envoy to the Middle East Steve Witkoff met with the families of hostages for nearly two hours in Tel Aviv on Tuesday. (Paulina Patimer)

As for the timeframe for the hostage deal, Boehler expressed cautious optimism: “I think it’s getting closer and closer to making a deal here. If Hamas wants to come forward and make a legitimate offer, they’re willing to stand by and release hostages, we’re always open to that.” 

He also credited the recent Israeli ground operations for increasing pressure on Hamas, saying, “I do think we’re closer than we ever were. Part of that is because of the movement of Israel and the IDF on the ground.”

Finally, addressing the recent joint statement from the leaders of the United Kingdom, France and Canada, which condemned Israel’s military operations in Gaza and called for an immediate ceasefire, Boehler responded firmly. “The United States has always been a fervent supporter of Israel. If I were a European country, I’d be particularly sensitive in how I criticize Israel.”

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EU reaches initial deal to lift economic sanctions on Syria: Reports

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EU reaches initial deal to lift economic sanctions on Syria: Reports

DEVELOPING STORY,

Sanctions were levied during the rule of Bashar al-Assad, who was toppled in December.

European Union countries have given a green light to lifting economic sanctions on Syria in a bid to help the war-torn country recover after the ouster of Bashar al-Assad, according to diplomats speaking to news agencies.

Ambassadors from the EU’s 27 member states struck a preliminary agreement for the move, which should be formally unveiled by foreign ministers meeting in Brussels later on Tuesday, diplomats said, noting that the final decision is up to ministers.

This follows an announcement by the United States last week that it is lifting sanctions on Damascus.

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Reporting from the EU headquarters, Al Jazeera’s Hashem Ahelbarra described the reported agreement to lift the sanctions as a “really significant” development.

“It’s first of all an acknowledgement that the EU recognises the authority which is operating now in Syria, and that there need to be more financial transactions to pave the way for the creation of financial stability and improve the living standards of the people in Syria,” he said.

Sanctions were levied during the rule of al-Assad in 2012 and 2013 and concern the transport, energy and the banking sectors, Ahelbarra said.

The country’s new leadership has urged the West to ease the restrictions to help Syria recover from years of despotic rule and civil war.

EU diplomats told the AFP news agency the agreement should see sanctions cutting Syrian banks off from the global system and freezing central bank assets lifted.

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But diplomats said the bloc was intending to impose new individual sanctions on those responsible for stirring ethnic tensions, following deadly attacks targeting the Alawite minority.

Other measures targeting the al-Assad regime and prohibiting the sale of weapons or equipment that could be used to repress civilians were set to remain in place.

The latest move from the EU comes after its first step in February, suspending some sanctions on key Syrian economic sectors.

Officials said those measures could be reimposed if Syria’s new leaders break promises to respect the rights of minorities and move towards democracy.

This is a developing story, more to come…

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