Goldman Sachs emerged as the top adviser on merger and acquisitions by deal value in the first half of 2020, with 113 deals worth $205.9 billion (Dh756bn), though the Covid-19 pandemic muted deal activity globally.
JP Morgan came in second place with 105 deals worth $178.9bn, followed by Morgan Stanley with 92 deals valued at $170.8bn, Bank of America with 86 deals at $130bn and Citi with 63 transactions valued at $99bn to round off the top five financial advisers on M&A by deal value, according to GlobalData.
"The Covid-19 outbreak impacted deal making during H1 2020 with 15 of the top 20 advisers (by total deal value) witnessing decline in advised deal value in H1 2020 compared with H1 2019," Aurojyoti Bose, financial deals analyst at GlobalData, said. “Nevertheless, Goldman Sachs was the only adviser that managed to cross the $200bn mark in H1 2020 outpacing the majority of its peers by a great margin. It was the firm’s advice on some big-ticket deals that helped it top the list."
Globally, deal activity remained subdued during in the first half of the year on the back of volatile market conditions due to Covid-19 outbreak. In the first six months of 2020, the value of deals announced dropped 44.7 per cent year-on-year to $1.024 trillion in H1 2020. The number of deals also fell 15.1 per cent to 24,698, according to GlobalData’s Financial Deals Database.
Ernst & Young emerged as the top M&A financial adviser in the first half of 2020 by deal volume, according to GlobalData. The firm advised on 137 deals worth $30.6bn. Goldman Sachs occupied the second position with 113 deals worth $205.9bn followed by Rothschild & Co with 110 deals worth $82.4bn.
Ernst & Young "was among the very few firms that managed to showcase growth in advised deal volume as well as value in H1 2020 compared with H1 2019," Mr Bose said. “In contrast, 16 of the top 20 advisers (by total deals volume) witnessed decline in advised deal volume in H1 2020 compared with H1 2019.”
Globally, the coronavirus pandemic has infected more than 11 million people and killed more than 525,000, according to Johns Hopkins University, which tracks the pandemic. About 5.86 million people have recovered.
The International Monetary Fund projects the global economy will contract by 4.9 per cent this year, 1.9 percentage points below its April forecast, due to a worsening economic fallout from the pandemic. It expects the world economy to rebound by 5.4 per cent next year.
Rival data provider Refinitiv also named Goldman Sachs as the top M&A financial adviser in its review of deal activity in the first half of 2020 last week. It said the bank commanded a 22 per cent share of the market, ahead of Morgan Stanley with 19 per cent and Citi with 16.9 per cent. Its data showed a 41 per cent year-on-year decline in deal value.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
More on animal trafficking
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi
Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
