Latest news with #TomaszJanowski
CTV News
16-07-2025
- Business
- CTV News
Universal's $775 million Downtown bid faces EU antitrust investigation, sources say
BRUSSELS — Universal Music Group unit Virgin Music Group's US$775 million acquisition of Downtown Music faces a full-scale EU antitrust investigation on concerns about its impact on competition, three people with direct knowledge of the matter said. Virgin Music announced the deal last December, triggering criticism from a wide swathe of European independent labels. Virgin had until Tuesday to offer remedies to address regulatory worries during the deal's review but did not provide them, according to an update on the European Commission website. The Commission, which acts as the EU competition enforcer, declined to comment. Its preliminary review of the deal ends on July 22. It will kick off its full-scale, four-month investigation following that, the people, who asked to remain anonymous due to the sensitivity of the matter, said. A Virgin Music spokesperson declined to comment on the potential antitrust investigation, saying that the Commission has not announced a decision. The company will continue to work constructively with the Commission and 'address the willful misrepresentation of market data by self-interested parties who represent a tiny fraction of the thousands of independent labels that make up the broader independent community globally,' the spokesperson said. He said the initial projected timeframe of the second half of 2025 to close the deal remains unchanged. Universal is the world's biggest music company, while Downtown owns a major music publisher and a number of other businesses that help musicians collect royalties. European independent music label group Impala, the European Composer and Songwriter Alliance (ECSA) and the Worldwide Independent Network have urged the EU antitrust watchdog to examine the deal and to even block it if necessary. They said the acquisition would further entrench Universal's position across European music markets and strengthen its control over market access for independent labels. (Reporting by Foo Yun CheeEditing by Tomasz Janowski and Sharon Singleton)
Zawya
15-07-2025
- Business
- Zawya
Morocco's economic growth to slow to 4% in 2026, statistics agency says
Morocco's economic growth is likely to slow down to 4% next year from 4.4% expected this year, the official statistics agency HCP said on Tuesday, citing global trade uncertainties. The forecast was based on assumptions of an average wheat harvest and a drop in foreign demand for Moroccan goods, the statistics agency said in a report. "The fragmentation of international trade and persistent uncertainties are expected to weigh on the growth of trade in goods and services, thereby limiting the recovery of foreign demand directed at Morocco," it said. Domestic demand continues to drive imports, contributing to the widening of the current account deficit seen at 1.9% of gross domestic product in 2026, up from 1.8% in 2025, the statistics agency said. The fiscal deficit would narrow to 3.4% of GDP in 2026, from 3.6% this year, as higher tax revenue offset increased government spending, it said. (Reporting by Ahmed Eljechtimi Editing by Tomasz Janowski)
Zawya
12-06-2025
- Business
- Zawya
Binance says it is now available to Syrian residents
RELATED TOPICS SYRIA CRYPTOCURRENCY Crypto currency exchange Binance on Thursday said it has granted full access to Binance products and services to Syrian residents. (Reporting by Devika Nair in Bengaluru Editing by Tomasz Janowski)
Zawya
05-05-2025
- Business
- Zawya
Egypt's MNT-Halan sells $50mln in local corporate bonds
Egyptian microfinance lending and payments company MNT-Halan sold 2.5 billion Egyptian pounds ($49.4 million) in corporate bonds to finance further growth of its Egyptian loan book, it said in a statement on Monday. The bonds were sold to institutional lenders, the company added. MNT-Halan, Egypt's first unicorn, or privately held venture capital company worth more than $1 billion, expanded outside Egypt last year with the purchase of Turkish micro-leasing company Tam Finans. The company says it has disbursed more than $11 billion in loans both inside and outside of Egypt. ($1 = 50.6300 Egyptian pounds) (Reporting by Patrick Werr Editing by Tomasz Janowski)
Zawya
17-04-2025
- Business
- Zawya
Morocco's Akdital to open two hospitals in Saudi Arabia worth $200mln
Moroccan clinic operator Akdital said on Thursday it has signed a deal to set up two hospitals in Ryadh and Jeddah in Saudi Arabia for a total investment of $200 million. The deal was signed with Saudi real estate develoers Wataniyah Business Real Estate and Namaya, in line with Saudi Arabia's 2030 health strategy, the company said in a statement. The investment in the hospitals, which are due for completion by 2027, marks the first overseas expansion for the Casablanca-listed Akdital, which operates 36 hospitals across Morocco. (Reporting by Ahmed Eljechtimi Editing by Tomasz Janowski)
