FILE PHOTO: The logo of the French bank Societe Generale is seen on the Chassagne and Alicate towers by architects Michel Andrault, Pierre Parat et Nicolas Ayoub at the bank's headquarters June 1, 2017 at La Defense business and financial district in Puteaux near Paris, France. REUTERS/Charles Platiau/File Photo                     GLOBAL BUSINESS WEEK AHEAD    SEARCH GLOBAL BUSINESS 31 JUL FOR ALL IMAGES
Societe Generale headquarters in Puteaux near Paris. The bank is to start a new operation in the city ahead of Brexit. Reuters

French lender SocGen to open Paris hub ahead of Brexit



Societe Generale is opening a Paris hub this month to clear derivatives in the European Union in the latest sign of euro business moving from Britain to the bloc ahead of Brexit.

The French bank said the new unit would join several clearing houses, including the London Stock Exchange's LCH in Paris and Deutsche Boerse's Eurex Clearing in Frankfurt.

Customers were asking for their trades at the bank to be cleared in the EU, a SocGen spokeswoman said. LCH will be used for clearing credit default swaps, and Eurex will clear interest rate swaps (IRS), she said.

The French bank currently uses clearing houses in London, and also has clearing services in New York and Hong Kong, Reuters said.

The bank did not specify how many people it would be hiring to staff this new offer, nor whether it would be relocating employees from London to Paris.

Clearing in euro-denominated transactions has become a political battleground since Britain voted to leave the EU.

_________________

Read more:

EU court rules the United Kingdom can revoke Brexit

Theresa May warns of ‘uncharted waters’ if Brexit deal isn’t passed

_________________

It unclear what sort of trading relationship Britain will have with the EU after March, though Brussels has said it would allow EU market participants to continue using clearers in London if Britain crashed out of the bloc without an agreed exit deal.

"Societe Generale works with clients daily on listed derivatives and OTC [over-the-counter] clearing by adapting its offering to their changing needs within the current uncertain regulatory environment," said Christophe Lattuada, global head of prime services.

LCH's London arm clears over 90 per cent of euro-denominated IRS, and policymakers in the bloc want chunks of this moved to the continent after Brexit.

French central bank governor Francois Villeroy de Galhau said last month the clearing of euro denominated repurchase agreements was already moving from London to Paris.

"More generally, we would like to see the development in Paris of an enhanced and extended clearing services offering in the area of interest rate derivatives," Mr Villeroy said.

LCH in Paris has no licence to clear interest rate derivatives, meaning SocGen will have to use Eurex in Frankfurt for these contracts.

SocGen has said it would relocate or hire as many as 300 staff in continental Europe, mainly in Paris, because of the Brexit.

The news comes as Britain's economy lost speed in the three months to October, reflecting lower car sales and factory stoppages due to weaker demand that business groups blamed on uncertainty about Brexit. Gross domestic product growth slowed to 0.4 per cent, from a strong 0.6 per cent in the third quarter of 2018. Monday's data confirmed that the economy's strength over the summer represented something of a blip, caused by a boost to consumer spending from an unusually warm summer.

"The latest GDP data is further evidence that the drag effect of persistent Brexit uncertainty and the significant cost pressures faced by consumers and businesses is taking its toll on the UK economy," said Suren Thiru, head of economics at the British Chambers of Commerce.

Recent private-sector business surveys have suggested the economy is slowing sharply in the face of uncertainty about the terms on which Britain will leave the European Union. The surveys have shown that fourth-quarter economic growth could be as weak as 0.1 per cent. If May loses Tuesday's vote, the options for Brexit range from Britain facing major customs barriers when it leaves the EU in March to fresh national elections or a second referendum on leaving the EU.

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now 

Plan to boost public schools

A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.

It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.

Aspects of the school model will be extended to international private schools, the education minister has previously suggested.

Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Brief scoreline:

Manchester United 1

Mata 11'

Chelsea 1

Alonso 43'

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Abu Dhabi GP weekend schedule

Friday

First practice, 1pm 
Second practice, 5pm

Saturday

Final practice, 2pm
Qualifying, 5pm

Sunday

Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm

UAE SQUAD

Jemma Eley, Maria Michailidou, Molly Fuller, Chloe Andrews (of Dubai College), Eliza Petricola, Holly Guerin, Yasmin Craig, Caitlin Gowdy (Dubai English Speaking College), Claire Janssen, Cristiana Morall (Jumeirah English Speaking School), Tessa Mies (Jebel Ali School), Mila Morgan (Cranleigh Abu Dhabi).

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

VERSTAPPEN'S FIRSTS

Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)

Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.

The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.

The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.

Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.

The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.

Ramez Gab Min El Akher

Creator: Ramez Galal

Starring: Ramez Galal

Streaming on: MBC Shahid

Rating: 2.5/5

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

Company Profile

Name: Raha
Started: 2022
Based: Kuwait/Saudi
Industry: Tech Logistics
Funding: $14 million
Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166

The Color Purple

Director: Blitz Bazawule
Starring: Fantasia Barrino, Taraji P Henson, Danielle Brooks, Colman Domingo
Rating: 4/5

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

COMPANY PROFILE:

Name: Envision
Started: 2017
Founders: Karthik Mahadevan and Karthik Kannan
Based: The Netherlands
Sector: Technology/Assistive Technology
Initial investment: $1.5 million
Current number of staff: 20
Investment stage: Seed
Investors: 4impact, ABN Amro, Impact Ventures and group of angels

The Baghdad Clock

Shahad Al Rawi, Oneworld

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

SERIE A FIXTURES

Friday Sassuolo v Torino (Kick-off 10.45pm UAE)

Saturday Atalanta v Sampdoria (5pm),

Genoa v Inter Milan (8pm),

Lazio v Bologna (10.45pm)

Sunday Cagliari v Crotone (3.30pm) 

Benevento v Napoli (6pm) 

Parma v Spezia (6pm)

 Fiorentina v Udinese (9pm)

Juventus v Hellas Verona (11.45pm)

Monday AC Milan v AS Roma (11.45pm)

Top 10 most competitive economies

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway

FROM THE ASHES

Director: Khalid Fahad

Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar

Rating: 3/5

UAE currency: the story behind the money in your pockets

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week