Dubai — Microsoft and Abu Dhabi’s G42 on Wednesday announced a 200MW expansion of data centre capacity in the United Arab Emirates as part of a more than $15bn investment commitment by the US tech giant in the Gulf country.
The expansion will be delivered through Khazna Data Centres, a unit of G42, and it is expected to start coming online before the end of next year, the two firms said in a joint statement, without providing further details.
Microsoft said this week its investment in the UAE will reach $7.3bn between 2023 and the end of this year, with a further $7.9bn earmarked for 2026-2029. Reuters
Congo issues $670m Eurobond after 20 years
European Union flags are seen outside the EU Commission headquarters in Brussels, Belgium. (REUTERS/ FRANCOIS LENOIR)
London — The Republic of Congo issued a $670m Eurobond, its first in nearly two decades, according to a statement released on Wednesday.
The Central African oil producer has been working to ease its debt strains and servicing costs and said the proceeds of the bond will be used to refinance part of the domestic market debt maturing between November 2025 and February 2026.
“This operation illustrates the new Congolese momentum: that of a country combining fiscal discipline, exemplary governance and ambition,” finance minister Christian Yoka said in a statement.
The bond will carry a 9.875% coupon and mature in November 2032. Reuters
Bio-Techne shares fall 10% amid China market slump
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Bengaluru — Biotech firm Bio-Techne missed its first-quarter revenue estimates on Wednesday, hurt by sluggish demand for its products amid a soft biotech funding environment in China.
Shares of the Minneapolis, Minnesota-based company, which develops products used in medical research, drug development and diagnostics, were down nearly 10% premarket following the results.
“During the quarter, we observed encouraging signs of stabilisation in our US academic end-market and continued strength from large pharmaceutical customers, while funding headwinds persisted for emerging biotech companies,” CEO Kim Kelderman said. Reuters
Protests greet Shein’s first permanent store in Paris
The Shein logo is seen inside a pop-up store in Johannesburg. (Sisipho Skweyiya)
Paris — Protesters bearing “Shame on Shein” placards gathered outside a Paris department store on Wednesday, hours before the opening of the online fast-fashion retailer’s first-ever permanent shop amid fierce criticism of its low-cost business model.
Dozens of shoppers also lined up outside the 19th-century BHV department store in the Marais district before Shein’s opening at 1pm local time as several riot police officers brought in to shield the store looked on.
Shein’s store has caused uproar among lawmakers across party lines and politicians, including Paris mayor Anne Hidalgo, as well as retailers who say that Shein’s business model has an unfair advantage and has eroded French high streets. Reuters
US port fees to raise automaker shipping costs
Stockholm — Automakers transporting their cars to the US could face $200 to $300 per vehicle in additional costs, the CEO of car carrier Wallenius Wilhelmsen told Reuters on Wednesday, as the company seeks to pass on new US port fees to customers.
Higher-than-expected US port fees on foreign-built ships took effect in mid-October as part of a trade dispute between China and the US. That prompted Wallenius Wilhelmsen, which operates “roll-on/roll-off” carriers that ship cars and heavy machinery worldwide, to withdraw its financial outlook.
“We’re clear that this bill is an additional cost we’ve been given and that we need to pass on to our customers,” chief executive Lasse Kristoffersen said. Reuters
Consumers brace for tax hikes as budget warning looms
London — British consumers are bracing for higher taxes from the upcoming budget, and the finance minister’s recent warning of shared pain to come risks weighing on key Christmas demand, the boss of retailer Marks & Spencer said on Wednesday.
In the speech on Tuesday, finance minister Rachel Reeves signalled that the Labour government could break a pre-election pledge not to raise one of the three major taxes and said, “We will all have to contribute” at the November 26 budget.
Consumers are now bracing for a fresh hit to their spending power from tax rises, compounding worries over the cost of living following years of high inflation, and prompting business leaders to amplify their warnings. Reuters
