{"id":577288,"date":"2022-11-16T04:00:00","date_gmt":"2022-11-16T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess\/"},"modified":"2022-11-16T04:00:00","modified_gmt":"2022-11-16T04:00:00","slug":"empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess\/","title":{"rendered":"Empower climbs 2.3% on trading debut + Wow, is FTX a mess\u2026"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong> Empower rises on Dubai debut:<\/strong> Shares of Dubai\u2019s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. The company recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62b5496d-bf12-4a6c-86f3-bdfc53a5f41f\">raised AED 2.7 bn (USD 724 mn)<\/a> in an IPO that saw huge demand from investors.<\/p>\n<p><strong>As many as 1 mn people want their money back from FTX:<\/strong> Regulators across the world are now investigating the collapse of crypto exchange FTX, which said in court filings yesterday that it could have as many as 1 mn creditors, the <a href=\"https:\/\/www.ft.com\/content\/6a0ea717-b57e-44de-abf3-054523855172\">Financial Times<\/a> reports. \u201cDozens of federal, state and international regulatory agencies\u201d are in contact with the company in a search for answers to what caused its collapse. This is still a huge story in the international business press: <a href=\"https:\/\/www.reuters.com\/technology\/ftx-officials-contact-with-us-regulators-filing-2022-11-15\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ftx-founder-sam-bankman-fried-attempts-to-raise-fresh-cash-despite-bankruptcy-11668520573?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-15\/ftx-bankruptcy-crypto-billionaires-with-huge-losses-spurn-sam-bankman-fried?srnd=premium-uk&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/11\/15\/how-sam-bankman-frieds-ftx-alameda-empire-vanished-overnight.html\">CNBC<\/a>.<\/p>\n<p><strong>Crypto lender BlockFi could be the next domino to fall<\/strong>, according to the <a href=\"https:\/\/www.wsj.com\/articles\/blockfi-prepares-for-potential-bankruptcy-as-crypto-contagion-spreads-11668534824\">Wall Street Journal<\/a>, which reported yesterday that it is preparing to file for bankruptcy. The company has admitted having \u201csignificant exposure\u201d to FTX and last week halted withdrawals to contain a liquidity crisis.<\/p>\n<p><strong>ALSO WORTH NOTING-<\/strong><\/p>\n<ul>\n<li><strong>Buffett goes big on TSMC:<\/strong> Warren Buffett\u2019s Berkshire Hathaway acquired a USD 4.1 bn stake in major Taiwanese chipmaker giant TSMC, marking the company\u2019s biggest new investment in 3Q 2022. (<a href=\"https:\/\/www.ft.com\/content\/6d4bb1f4-270a-46bd-8069-81148b636647\">Financial Times<\/a>)<\/li>\n<li><strong>M&A Watch:<\/strong> Cosmetics giant Est\u00e9e Lauder is on course for its biggest-ever acquisition after it agreed to buy Tom Ford for around USD 2.8 bn. (<a href=\"https:\/\/www.wsj.com\/articles\/estee-lauder-to-buy-tom-ford-in-2-8-billion-deal-11668547715\">Wall Street Journal<\/a>)<\/li>\n<li><strong>US-based multinational retailer Walmart announced a USD 20 bn share <\/strong><strong>buyback program <\/strong>and upgraded its earnings forecast amid resilient demand for groceries despite price hikes. (<a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/walmart-expects-smaller-drop-annual-profit-announces-20-bln-share-buyback-2022-11-15\/\">Reuters<\/a>)<\/li>\n<li><strong>Japan\u2019s<\/strong> <strong>economy sees surprise contraction in 3Q 2022:<\/strong> GDP fell by 1.2% on the back of soaring import bills as the JPY fell to its lowest in decades. (<a href=\"https:\/\/www.ft.com\/content\/1b55437b-64b5-4bdd-8b2e-6e9fb2a4c94b\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>12,137<\/p>\n<\/td>\n<td>\n<p>0.00% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.41<\/p>\n<\/td>\n<td>\n<p>Sell 24.50<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.43<\/p>\n<\/td>\n<td>\n<p>Sell 24.48<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,097<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,503<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +24.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,374<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,992<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -16.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,369<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,915.1<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 93.74<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.16<\/p>\n<\/td>\n<td>\n<p>+3.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,781.50<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 16,888<\/p>\n<\/td>\n<td>\n<p>+3.2% (YTD: -63.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 was flat at yesterday\u2019s close<\/strong> on turnover of EGP 593.89 mn (48.2% below the 90-day average). Local investors were net buyers. The index is up 1.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Rameda (+3.2%), Ibnsina Pharma (+2.5%) and Orascom Construction (+2.2%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-2.6%), Ezz Steel (-1.8%) and EFG Hermes (-1.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Empower rises on Dubai debut: Shares of Dubai\u2019s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. The company recently raised AED 2.7 bn (USD 724 mn) in an IPO that saw huge demand from investors. As many as 1 mn people want their money back from FTX: Regulators [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3756,344,9980,72,119,6368,78,7128,122,645,6388,90,236],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577288","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-berkshire-hathaway","tag-cryptocurrency","tag-empower","tag-enterpriseam","tag-financial-markets","tag-ftx","tag-ipo-watch","tag-ma-watch","tag-planet-finance","tag-semiconductors","tag-tsmc","tag-uae","tag-warren-buffett","wpautop","entry"],"acf":{"mongo_id":"cef0ce3b-fe25-49ca-9690-487030d8add0","is_powered_by":true,"section_story_id":"aef37a1a-35f2-49e2-bbad-108fa35b4e1c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[577268],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Empower climbs 2.3% on trading debut + Wow, is FTX a mess\u2026 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empower climbs 2.3% on trading debut + Wow, is FTX a mess\u2026\" \/>\n<meta property=\"og:description\" content=\"Empower rises on Dubai debut: Shares of Dubai\u2019s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. 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The company recently raised AED 2.7 bn (USD 724 mn) in an IPO that saw huge demand from investors. 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