Tag Archives: QA

Airbus and Qatar Airways settle bitter A350 jet row

PARIS, Feb 1 (Reuters) – Airbus (AIR.PA) and Qatar Airways have settled a dispute over grounded A350 jets, the companies said on Wednesday, averting a potentially damaging UK court trial after a blistering 18-month feud that tore the lid off the global jet market.

The “amicable and mutually agreeable settlement” ends a $2 billion row over surface damage on the long-haul jets. The spat led to the withdrawal of billions of dollars’ worth of jet deals by Airbus and prompted Qatar to increase purchases from Boeing.

The cancelled orders for 23 undelivered A350s and 50 smaller A321neos have been restored under the new deal, which is also expected to see Airbus pay several hundred million dollars to the Gulf carrier, while winning a reprieve from other claims.

Financial details were not publicly disclosed.

The companies said neither admitted liability. Both pledged to drop claims and “move forward and work together as partners”.

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The deal heads off what amounted to an unprecedented public divorce trial between heavyweights in the normally tight-knit and secretive $150 billion jet industry.

The two sides had piled up combined claims and counter-claims worth about $2 billion ahead of the June trial.

French Finance Minister Bruno Le Maire welcomed the deal, which came in the wake of increasing political involvement amid close ties between France, where Airbus is based, and Qatar.

“It is the culmination of significant joint efforts. It is excellent news for the French aerospace industry,” he said.

Airbus shares closed up 1% before the announcement.

Qatar Airways had taken the unusual step of publicly challenging the world’s largest planemaker over safety after paint cracks exposed gaps in a sub-layer of lightning protection on its new-generation A350 carbon-composite jets.

Airbus had acknowledged quality flaws but, backed by European regulators, had insisted that the jets were safe and accused the airline of exaggerating flaws to win compensation.

DAMAGES

Supported by a growing army of lawyers, both sides repeatedly bickered in preliminary hearings over access to documents, to the growing frustration of a judge forced to order co-operation.

Analysts said the deal would allow both sides to feel vindicated, with Qatar Airways winning damages and recognition that the problem lay outside the manual and therefore required a new repair, and Airbus standing its ground on safety and spared the difficult task of finding a home for cancelled A350s.

Qatar will get the in-demand A321neos needed to plan its growth, albeit three years later than expected, in 2026. Airbus’ decision to revoke that order, separate from the disputed A350 contract, had been criticised by global airlines group IATA.

Airbus said it had done its best to avoid pushing Qatar too far back in the queue, though some experts question whether it could have met the earlier schedule because of supply problems.

The settlement is also expected to stop the clock ticking on a claim for grounding compensation that had been growing by $6 million a day, triggered by a clause agreed upon after the repainting of a jet for the World Cup revealed significant surface damage.

Originally valued at $200,000 per day per plane, Airbus’ theoretical liability was ratcheting upwards by a total of $250,000 an hour for 30 jets – or $2 billion a year – by the time the deal was struck, based on court filings. Neither side commented on settlement details.

Airbus said it would now work with the airline and regulators to provide the necessary “repair solution” and return Qatar’s 30 grounded planes to the air.

Confirmation of a settlement came after Reuters reported a deal could arrive as early as Wednesday. In 2021, a Reuters investigation revealed other airlines had been affected by A350 skin degradation, all of whom said it was “cosmetic”.

The dispute has focused attention on the design of modern carbon-fibre jets, which do not interact as smoothly with paint as traditional metal ones, and shed light on industrial methods.

Additional reporting by Leigh Thomas, Michel Rose
Editing by David Goodman, Diane Craft and Gerry Doyle

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Morocco airline cancels World Cup fans flights, citing Qatar restrictions

RABAT, Dec 14 (Reuters) – Morocco’s national airline said it was cancelling all flights it had scheduled for Wednesday to carry fans to Doha for the World Cup semi-final, citing what it said was a decision by Qatari authorities.

“Following the latest restrictions imposed by the Qatari authorities, Royal Air Maroc regrets to inform customers of the cancellation of their flights operated by Qatar Airways,” the airline said in an emailed statement.

The Qatari government’s international media office did not immediately respond to requests for comment.

Royal Air Maroc had previously said it would lay on 30 additional flights to help fans get to Qatar for Wednesday night’s semi-final game against France but on Tuesday a source at a RAM travel agency said only 14 flights had been scheduled.

The cancellation of Wednesday’s seven scheduled flights means RAM was only able to fly the seven flights on Tuesday, leaving fans who had already booked match tickets or hotel rooms unable to travel.

RAM said it would reimburse air tickets and apologised to customers.

The RAM spokesperson did not immediately respond to Reuters request for comment. Qatar Airways did not immediately respond to Reuters request for comment.

Reporting by Ahmed Eljechtimi; Additional reporting by Andrew Mills; Writing by Angus McDowall; Editing by Andrew Heavens

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European Parliament kicks out VP Kaili over Qatar graft scandal

  • Kaili was one of four people arrested in Belgium
  • Greek politician’s lawyer says she denies wrongdoing
  • Police uncovered cash in raids, some in suitcase in hotel
  • European Parliament’s role as bloc’s moral compass at risk

STRASBOURG, Dec 13 (Reuters) – The European Parliament removed Greek MEP Eva Kaili as a vice president of the assembly on Tuesday after she was accused of accepting bribes from Qatar in one of the biggest graft scandals to hit Brussels.

Kaili has denied any wrongdoing, but European lawmakers have moved rapidly to isolate her, worrying that the Belgian investigation will badly dent the assembly’s efforts to present itself as a sound moral compass in a troubled world.

“There will be no sweeping under the carpet. Our internal investigation will look at what has happened and how our systems can be made more watertight,” European Parliament President Roberta Metsola said as 625 MEPs voted to deprive Kaili of her VP role, with only one voting against and two abstaining.

Kaili, who is in police detention, was one of 14 vice presidents in the parliament.

Belgian prosecutors charged her and three Italians at the weekend of taking part in a criminal organisation, money laundering and corruption.

A source close to the investigation has said they are believed to have pocketed money from World Cup host Qatar. The Gulf state has denied any wrong doing.

Police have raided numerous buildings in Brussels, including parliament offices and 19 homes, discovering around 1.5 million euros ($1.58 million), some of it stashed in a suitcase in a hotel room, a source close to the investigation said.

Kaili’s lawyer in Greece, Michalis Dimitrakopoulos, said on Tuesday that she was innocent. “She has nothing to do with financing from Qatar, nothing, explicitly and unequivocally,” he told Open TV in a first public comment.

Several MEPs nonetheless called for the 44-year-old Socialist politician to quit the assembly altogether.

“Given the extent of the corruption scandal, it is the least we could expect of her,” said MEP Manon Aubry, who co-chairs the Left group.

Ali bin Samikh Al Marri, Qatar’s minister of labour, speaks with Greece’s Eva Kaili, vice president of the European Parliament, during a meeting in Qatar, October 31, 2022 in this social media handout image. Twitter/Ministry of Labour – State of Qatar via REUTERS

CORRUPTION

Countries which have faced criticism from the assembly said it had lost the moral high ground.

“From now on the European Parliament will not be able to speak about corruption in a credible manner,” Hungary Foreign Minister Peter Szijjarto wrote on Facebook.

Belgian prosecutors said they had suspected for more than four months that a Gulf state was trying to buy influence in Brussels. Although no state was publicly named by prosecutors, a source with knowledge of the case said it was Qatar.

None of the four people charged have been formally identified, but their names were rapidly leaked to the press.

According to a source familiar with the case, the other accused are former EU lawmaker Pier Antonio Panzeri, Kaili’s partner Francesco Giorgi, who is a parliamentary assistant, and Niccolo Figa-Talamanca, secretary-general of a human rights campaign group.

There were no replies to calls and emails made by Reuters to their respective offices or homes.

Kaili was among a stable of young aspiring Greek politicians who emerged in the debilitating debt crisis which swept Greece from 2010 to 2015. The Greek socialist PASOK party has said it will expel her from its ranks.

In a speech in the European Parliament on Nov. 21, at the start of the month-long World Cup, she lashed out at Qatar’s detractors and hailed the energy-rich Gulf state as “a frontrunner in labour rights.”

Qatar has faced fierce criticism of its human rights record in the run up to the World Cup, including its treatment of migrant workers.

Additional reporting by Phil Blenkinsop, Karolina Tagaris, Clement Rossignol, Max Schwarz, Lefteris Papadimas, Michele Kambas, Alan Charlish, Giselda Vagnoni; Writing by Ingrid Melander; Editing by Edmund Blair and Crispian Balmer

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Qatar graft probe damages European Parliament, EU ministers say

  • Corruption scandal targets European Parliament
  • Four arrested and charged after homes raided
  • Qatar denies allegations it bribed top officials

BRUSSELS, Dec 12 (Reuters) – The European Union’s credibility is at stake, EU foreign ministers warned on Monday, following allegations Qatar lavished cash and gifts on European Parliament officials to influence decision-making.

Greece on Monday froze the assets of a key suspect in the case, Eva Kaili, a vice president in the European Parliament and one of four people arrested and charged in Belgium at the weekend, a source with knowledge of the matter said.

Kaili’s office did not respond to a request for a comment. Qatar has denied any wrongdoing.

Belgian prosecutors searched 16 houses and seized 600,000 euros ($631,800) in Brussels on Friday as part of the probe.

The four unnamed suspects have been charged with “participation in a criminal organisation, money laundering and corruption,” prosecutors said in a statement on Sunday.

The European Parliament said at the weekend it had suspended Kaili from her duties, while the Greek socialist PASOK party announced it was expelling her from its ranks.

According to sources familiar with the case, the three other accused are all Italian citizens — former EU lawmaker Pier Antonio Panzeri, general secretary of the International Trade Union Confederation Luca Visentini, and Kaili’s partner Francesco Giorgi, who is a parliamentary assistant.

There were no replies to calls and emails made by Reuters to their respective offices or homes in Belgium.

“This is an unbelievable incident which has to be cleared up completely with the full force of law,” German Foreign Minister Annalena Baerbock said as she arrived for a regular meeting with her EU counterparts in Brussels.

“This is about the credibility of Europe.”

Irish Foreign Affairs Minister Simon Coveney echoed her concern. “It is damaging. We need to get to the bottom of it.”

Belgian prosecutors said they had suspected for months that a Gulf state was trying to buy influence in Brussels.

A source with knowledge of the case said the state was Qatar. A Qatari official denied at the weekend accusations of possible misconduct.

“Any association of the Qatari government with the reported claims is baseless and gravely misinformed,” the official said.

BACKING QATAR

The investigation comes as World Cup host Qatar is in the global spotlight, amid criticism of its human rights record, including its treatment of migrant workers.

In a speech in the European Parliament on Nov. 21, at the start of the month-long soccer tournament, Kaili lashed out at Qatar’s detractors and hailed the energy-rich Gulf State as “a frontrunner in labour rights”.

“They committed to a vision by choice and they opened to the world. Still some here are calling to discriminate them. They bully them and they accuse everyone that talks to them or engages (with them) of corruption,” Kaili said.

The scandal is particularly awkward for the parliament, which has seen itself as a moral compass in Brussels, seeking tighter rules on the environment or on corporations, issuing resolutions critical of human rights abuses across the globe and taking EU governments to task.

As they arrived at Monday’s EU meeting, ministers were quick to condemn the alleged corruption.

“It is absolutely unacceptable, any kind of corruption,” said Czech Foreign Minister Jan Lipavsky.

“Qatar is an important partner for the energy of the EU,” he noted, while adding: “Of course the relation between the EU and Qatar needs to be built on a set of policies including human rights and labor rights.”

Some European diplomats told Reuters last month that pressure to maintain good ties with Qatar was increasing as the continent headed towards a winter of energy shortages because of the Russian invasion of Ukraine.

The European Parliament was due to vote this week on a proposal to extend visa-free travel to the EU for Kuwait, Qatar, Oman and Ecuador. Some lawmakers have suggested the vote should be postponed. Others have called for a debate on the corruption scandal.

The parliament was scheduled to start it plenary session in Strasbourg at 5 p.m. (1600 GMT), with many members making the trip from Brussels in the morning.

Reporting by Phil Blenkinsop in Brussels and Lefteris Papadimas in Athens; Additional reporting by Sudip Kar-Gupta, Bart Meijer, Charlotte Van Campenhout and Angeliki Koutantou; Writing by Ingrid Melander; Editing by Crispian Balmer

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U.S. Soccer briefly removed emblem from Iran flag to show support for protesters

AL RAYYAN, Qatar, Nov 27 (Reuters) – The United States Soccer Federation temporarily displayed Iran’s national flag on social media without the emblem of the Islamic Republic as a show of solidarity with protesters in Iran ahead of the two teams’ World Cup clash on Tuesday.

A now-deleted graphic of the Group B standings posted on Saturday across U.S. Soccer’s official Twitter, Instagram and Facebook accounts displayed the Iranian flag only bearing its green, white and red colours.

Iran has been gripped by protests since 22-year-old Mahsa Amini’s death in September while in police custody after she was arrested for flouting the country’s strict Islamic dress code.

The intent of the posts was to show “support for the women in Iran fighting for basic human rights”, U.S. Soccer media officer Michael Kammarman told a news conference on Sunday. Players were not consulted on the decision to alter the flag.

“We didn’t know anything about the posts but we are supporters of women’s rights, we always have been,” U.S. defender Walker Zimmerman said.

“We’re focused a lot on Tuesday and the sporting side as well… but at the same time we’re firm believers in women’s rights and support them.

“And we know that it’s a lot of difficulties and a lot of heartbreak and in a very disturbing time.”

The banner on U.S. Soccer’s Twitter page was also changed on Saturday to feature the flag without the emblem. It was changed back 24 hours later to the banner they had been using during the tournament.

Soccer Football – FIFA World Cup Qatar 2022 – United States Training – Al Gharafa SC Stadium, Al Rayyan, Qatar – November 27, 2022 General view of U.S. team members during training REUTERS/Suhaib Salem

Iran’s state-affiliated Tasnim News Agency said the Iranian Football Federation will file a complaint against U.S. Soccer to the FIFA Ethics Committee for “disrespecting the national flag” of the Islamic Republic.

Iranian leaders have accused the United States and other foreign adversaries of fomenting the protests in which Iranians from all walks of life have mounted one of the boldest challenges to the theocracy since the 1979 Islamic Revolution.

Washington has imposed sanctions on Iranian officials over the crackdown on protesters. Activist news agency HRANA said 450 protesters had been killed as of Nov. 26, including 63 minors, and over 18,000 have been arrested.

Iran’s players declined to sing the national anthem in their first game against England in an apparent show of solidarity with protesters. They sang quietly on Friday before their 2-0 win over Wales, where boos and jeers were heard from Iran supporters.

“We can’t speak for them and their message. We know that they’re all emotional,” Zimmerman said. “They’re all going through things right now, they’re human. Again, we empathise with that human emotion and completely feel for them.”

The United States and Iran will face off in a decisive Group B clash with their place at the World Cup on the line, in a match which was already freighted by decades of enmity between the nations.

With England sitting top of Group B with four points and facing bottom side Wales in their final group game on Tuesday, the Iran-U.S. contest will determine which team goes through to the last 16.

Their eagerly awaited meeting is a rematch of the 1998 World Cup group stage contest – which Iran won 2-1 – when relations between the two nations had also been hostile.

Reporting by Hritika Sharma; Editing by Angus MacSwan

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Iranian fans savour victory but wrangle over protests

AL RAYYAN, Qatar, Nov 25 (Reuters) – Iran’s national soccer team sang during the playing of their national anthem at their second World Cup match against Wales on Friday having refrained from doing so in their opening game earlier this week in apparent support for protesters back home.

Loud jeers were heard from Iranian supporters as the anthem played, with the team singing quietly before going on to win 2-0, prompting euphoric celebrations outside the stadium where government supporters tried to drown out chants by its opponents after the game.

Ahead of the match, several fans said security had prevented them or friends from taking symbols of support for the protesters into the stadium. One said he was detained. Another said security forces made him take off a T-shirt declaring “Women, Life, Freedom” – a slogan of the protests.

In the stadium, a woman held aloft a soccer jersey with “Mahsa Amini – 22” printed on the back and blood red tears painted beneath her eyes – commemorating the woman whose death in police custody ignited the protests more than two months ago.

Iranian authorities have responded with deadly force to suppress the protests calling for the downfall of the Islamic Republic, one of the boldest challenges to Iran’s clerical rulers since the 1979 Islamic revolution.

After the match, jubilant Iranians danced and cheered as they streamed out of the ground.

A few wore T-shirts commemorating Amini, who was arrested for allegedly flouting Iran’s strict dress codes, or held banners declaring “Women, Life, Freedom”.

Fans waving the official Iranian flag tried to drown them out with their own chants.

One of them stepped in front of a group of women with WOMEN LIFE FREEDOM on their shirts and began chanting over them. He was wearing a T-shirt printed with a picture of Iranian Supreme Leader Ayatollah Ali Khamenei and Qassem Soleimani, a powerful Iranian general who was killed by a U.S. drone strike in 2020.

The win sets up a decisive match against the United States on Tuesday.

Iranian President Ebrahim Raisi, part of a hardline establishment that has condemned the protests as riots fomented by Iran’s enemies, praised the team for “bringing the sweetness of victory to the people of our country”.

In contrast to Monday, when Iranian state television cut away from the broadcast while the anthem was playing, Iranian state media reported the players had sung on Friday, and showed footage of pro-government fans in the stadium.

State TV showed people celebrating on streets of several cities across Iran.

Ahead of the World Cup, protesters had taken heart from apparent shows of support from a number of Iran’s national teams which refrained from singing the national anthem.

On Monday, ahead of their opening game against England, the players had been solemn and silent as the anthem was played.

Iranian fans were in good spirits as the game approached, with big cheers around the stadium as their players emerged from the tunnel for warm-ups, emitting a roar as star striker Sardar Azmoun, who has spoken in support of the protest movement, was announced in the starting lineup.

Team Melli, as the soccer team is known, have traditionally been a huge source of national pride in Iran, but they have found themselves caught up in politics in the World Cup run-up, with anticipation over whether they would use soccer’s showpiece event as a platform to get behind the protesters.

‘BEST MOMENT OF MY LIFE’

Ahead of the match, a man wearing a jersey declaring “Women, Life, Freedom” was escorted into the stadium by security officers, a Reuters witness said.

Reuters could not immediately confirm why the man was being accompanied by three security officers in blue.

A spokesperson for the organising supreme committee referred Reuters to FIFA and Qatar’s list of prohibited items, but without saying which prohibited item he was carrying.

The rules ban items with “political, offensive, or discriminatory messages”.

The media liaison at the stadium for world governing body FIFA did not immediately respond to a request for comment, while the stadium media manager was not aware of the incidents but would respond later.

Payam Saljoughian, 36, a U.S.-based lawyer, said security forces had made him and his father take off “Women, Life, Freedom” shirts but his two siblings and mother were not told to remove theirs. “It was the best moment of my life – despite everything,” he told Reuters.

Iranian-American fan Shayan Khosravani, 30, told Reuters he had been detained by stadium security 10 minutes before kick-off.

He said he had been detained after he was told to put pro-protest materials away, which he did. But he was wearing a “free Iran” shirt.

Additional reporting by Dubai newsroom; Writing by Tom Perry; Editing by Toby Chopra, Gareth Jones, William Maclean

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No alcohol sales permitted at Qatar’s World Cup stadium sites

DOHA Nov 18 (Reuters) – Alcoholic beer will not be sold at Qatar’s World Cup stadiums, world soccer governing body FIFA said on Friday, a last minute reversal which raised questions among some supporters about the host country’s ability to deliver on promises to fans.

The announcement comes two days before Sunday’s kickoff of the World Cup, the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in public.

“Following discussions between host country authorities and FIFA, a decision has been made to focus the sale of alcoholic beverages on the FIFA Fan Festival, other fan destinations and licensed venues, removing sales points of beer from Qatar’s FIFA World Cup 2022 stadium perimeters,” a FIFA spokesperson said in a statement.

England’s Football Supporters’ Association said the decision raises concerns about Qatar’s ability to fulfil its promises to visiting fans on “accommodation, transport or cultural issues.”

For years, Qatar’s tournament organisers have said that alcohol would be widely accessible to fans at the tournament.

“Some fans like a beer at the match, and some don’t, but the real issue is the last-minute U-turn which speaks to a wider problem — the total lack of communication and clarity from the organising committee towards supporters,” the association said in a statement on Twitter.

Qatar, the smallest country to host a World Cup, is bracing for the expected arrival of 1.2 million fans during the month long tournament, more than a third of the Gulf Arab state’s 3 million population.

Budweiser, a major World Cup sponsor, owned by beer maker AB InBev, was to exclusively sell alcoholic beer within the ticketed perimeter surrounding each of the eight stadiums three hours before and one hour after each game.

“Some of the planned stadium activations cannot move forward due to circumstances beyond our control,” AB InBev said in a statement.

Someone at the company had summed the situation up in a pithier fashion. “Well, this is awkward…” read a post on Budweiser’s official Twitter account. The comment, subsequently deleted, was broadcast as a screengrab by the BBC.

Budweiser has been a World Cup sponsor since 1985, the year before the event was held in Mexico. For 2022, it has launched its biggest ever campaign, with activities for Budweiser and other brands in more than 70 markets and at 1.2 million bars, restaurants and retail outlets.

The World Cup typically boosts beer consumption and the Belgium-based maker of brands such as Stella Artois and Corona clearly want to profit from the millions of dollars it pays to be a sponsor.

However, it has said those profits will come less from consumption at the event’s location but from fans watching on television.

“Tournament organisers appreciate AB InBev’s understanding and continuous support to our joint commitment to cater for everyone during the FIFA World Cup,” the statement said.

LONG-TERM NEGOTIATIONS

The stadium reversal comes after long-term negotiations between FIFA president Gianni Infantino, Budweiser, and executives from Qatar’s Supreme Committee for Delivery and Legacy (SC), which is organising the World Cup, a source with knowledge of the negotiations told Reuters on condition of anonymity.

The SC did not respond to Reuters’ request for comment and FIFA did not confirm Infantino’s involvement.

“A larger number of fans are attending from across the Middle East and South Asia, where alcohol doesn’t play such a large role in the culture,” the source said.

“The thinking was that, for many fans, the presence of alcohol would not create an enjoyable experience.”

Alcohol will continue to flow freely inside stadium VIP suites, which FIFA’s website advertises as offering a selection of beers, Champagne, sommelier-selected wines, and premium spirits.

Budweiser will sell its non-alcoholic beer throughout the stadium precincts for $8.25 per half-litre, the statement said.

Questions have swirled around the role alcohol would play at this year’s World Cup since Qatar won hosting rights in 2010. While not a “dry” state like neighbouring Saudi Arabia, consuming alcohol in public places is illegal in Qatar.

Visitors cannot bring alcohol into Qatar, even from the airport’s duty free section, and most cannot buy alcohol at the country’s only liquor store. Alcohol is sold in bars at some hotels, where beer costs around $15 per half-litre.

Budweiser will still sell alcoholic beer at the main FIFA Fan Fest in central Doha, the source said, where it is offered for about $14 per half-litre. Alcohol will also be sold in some other fan zones whereas others are alcohol-free.

“Fans can decide where they want to go without feeling uncomfortable. At stadiums, this was previously not the case,” the source said.

Reporting by Andrew Mills in Doha with contributions from Philip Blenkinsop in Brussels and Manasi Pathak in Doha; Writing by Andrew Mills; Editing by Jan Harvey and Christian Radnedge

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Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it.

The Swiss lender outlined on Thursday what its chairman Axel Lehmann dubbed a “blueprint for success”, after it racked up an unexpected 4 billion Swiss franc loss in the third quarter of the year.

The announcement followed torrid weeks for the bank and fell flat with investors. Its stock, which has plumbed record lows in recent weeks, dropped about 14 percent in early trading, valuing the embattled bank around 11 billion francs.

Credit Suisse said clients pulled funds in recent weeks at a pace that saw the lender breach some regulatory requirements for liquidity, underscoring the impact on its business of wild market swings and a social media storm.

The group added that it was stable throughout.

Analysts gave the announcement a lukewarm welcome. Vontobel’s Andreas Venditti said the bank was embarking on a “lengthy process to restore credibility”.

“Resolute execution and no further missteps will be key and it will take time until results will begin to show,” he said.

The turnaround plan has many elements, from cutting jobs to refocusing on banking for the wealthy.

It will cut 2,700 jobs or 5% of its workforce by the end of this year, and ultimately reduce its workforce by roughly 9,000 to about 43,000 by the end of 2025.

The Swiss bank said it also aims to separate out its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets.

The bank envisions selling a stake but keeping roughly 50% in the new business, said one person familiar with the issue. It is also exploring the possibility of an initial public offering, another source familiar with the matter said.

Saudi National Bank, majority-owned by the government of Saudi Arabia, said it will invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank.

The move bolsters Saudi influence in one of Switzerland’s best-known banks. Olayan Group, one of the biggest Saudi family-owned conglomerates, with a multibillion dollar investment portfolio, also owns a 5% stake in the bank.

The Qatar Investment Authority – which owns about 5% of the Swiss bank – declined to comment on whether it plans to buy any shares.

Credit Suisse said it will create a capital release unit to wind down non-strategic, higher-risk businesses, while announcing plans to sell a large part of its securitised products business to an investor group led by Apollo.

The bank will also wind down some trading businesses in emerging markets and equities.

Its heavy loss in the third quarter was due in large part to write-offs linked to its investment banking overhaul, including adjustments for lost tax credits.

JPMorgan analysts said that “question marks remain” over the restructuring of investment banking, adding that the share sale would also weigh on the stock.

The latest revamp, aiming to overcome the bank’s worst crisis in its history, is the third attempt in recent years by successive CEOs to turn the group around.

Reuters Graphics Reuters Graphics

Once a symbol for Swiss reliability, the bank’s reputation has been tarnished by a series of scandals, including an unprecedented prosecution at home involving laundering money for a criminal gang.

The bank had been rushing to raise money and free up capital by selling assets, keen to limit how much cash it would have to raise from investors to fund its overhaul, handle its legacy litigation costs and retain a cushion for rough markets ahead.

Credit Suisse needs to revamp after a series of costly and morale-sapping blunders that triggered a wholesale change of management.

In refocusing away from risky investment banking to banking for the globe’s rich, Credit Suisse is following in the footsteps of its bigger Swiss rival, UBS.

The UBS turnaround succeeded in large part because of a flood of freshly printed money from the world’s central banks to reignite the economy during the financial crisis.

Credit Suisse, on the other hand, is attempting to refocus its business in a world facing war, an energy crisis, rocketing inflation and an economic slide.

Last year, the bank took a $5.5 billion loss from the unravelling of U.S. investment firm Archegos and had to freeze $10 billion worth of supply chain finance funds linked to insolvent British financier Greensill, highlighting risk-management failings.

Its deepening problems even put it on the radar of day traders earlier this month, when a frenzy of wild speculation about its health sent its stock price into a tailspin to a record low.

($1 = 0.9858 Swiss francs)

Additional reporting by Michael Shields in Zurich and Yousef Saba in Dubai; Writing by John O’Donnell; Editing by Edmund Klamann

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Gulf states demand Netflix pull content deemed offensive

Signage at the Netflix booth is seen on the convention floor at Comic-Con International in San Diego, California, U.S., July 21, 2022. REUTERS/Bing Guan/File Photo

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DUBAI, Sept 6 (Reuters) – Gulf Arab states have demanded that U.S. streaming giant Netflix (NFLX.O) remove content deemed offensive to “Islamic and societal values” in the region, Saudi Arabia’s media regulator said on Tuesday.

It did not specify the content, but mentioned that it included content aimed at children. Saudi state-run Al Ekhbariya TV, in a programme discussing the issue, showed blurred out animation clips that appeared to show two girls embracing.

The Riyadh-based General Commission for Audiovisual Media statement said the content violated media regulations in the Gulf Cooperation Council, which groups Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Qatar and Kuwait.

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If Netflix continued to broadcast the content then “necessary legal measures will be taken”, it said, without elaborating.

Netflix did not immediately respond to a Reuters request for comment.

The UAE issued a similarly worded statement regarding Netflix content on Tuesday, saying it would follow up on what the platform broadcasts in coming days and “assess its commitment to broadcasting controls” in the country.

Same-sex relationships are criminalised in many Muslim-majority nations and films featuring such relationships have in the past been banned by regulators in those countries, while others with profanity or illicit drug use are sometimes censored.

The UAE and other Muslim states earlier this year banned Walt Disney-Pixar’s animated feature film “Lightyear” from screening in cinemas because it features characters in a same-sex relationship. read more

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Reporting by Aziz El Yaakoubi in Riyadh and Alexander Cornwell in Dubai; Writing by Ghaida Ghantous; Editing by Rosalba O’Brien

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Kingdom Hearts Dark Road Translated Tetsuya Nomura Q&A – Kingdom Hearts News

Question 1: In past titles, we saw a different-looking Young Xehanort than the one in the Destiny Islands cutscene (seen in Birth by Sleep)…is there an explanation for that?

Nomura: Dark Road shows the correct model. At the time of the production of [Birth by Sleep], the appearance of a young man was prepared, but the appearance of a boy was not because of budgetary constraints when it came to 3D modeling.

Question 2: Are there going to be any further patches to Dark Road after this?

Nomura: Yes. We’ve identified instances where the incorrect background is shown during combat. Furthermore, we’ve also identified where the Player with Xehanort’s cutscene will not display as they should during some unique circumstances. I apologize for these bugs, and we will be releasing a Version 5.0.1 patch in the future to address those.

Question 3: The “Why did Xehanort become bald” reason was…honestly unexpected.

Nomura: Yes, it was not a matter of great importance. I just wanted to clarify that he had “shaved” because I noticed that it had been misunderstood as a common theory that he had just lost his hair. Otherwise, it is not a big problem that the Queen of Hearts did not remember Xehanort. That’s just the way she is.

Question 4: In Dark Road, several of the Emblem Heartless make an appearance. But we thought that they would only appear later in the series.

Nomura: The reason for their appearance in these past worlds will be explained in Missing-Link.

Question 5: Who was the blue-robed figure seen in the epilogue of Dark Road?

Nomura: It’s the Player. Or, to be more specific, it’s the vessel where the Player’s heart has started its “second lifetime” on. Therefore, whenever someone disappears, it’s not that they’re entirely gone. Rather, their heart has been retrieved by another person.

Question 6: Is the Scala ad Caelum in Dark Road and the one in Missing-Link one and the same?

Nomura: Correct. The reason why there is such a difference in atmosphere is due to the fact that Scala ad Caelum is positioned as a multi-layered city, with a new city being built on top of the old one.

Question 7: Xehanort’s full descent into darkness wasn’t fully explained, was it?

Nomura: There might’ve been some missing spots, but I believe I managed to depict the beginning of his entrance into the path of darkness really well.

Question 8: “Ooh, I really liked this classmate/upper classmate! Will he or she be in future stories?”

Nomura: Regrettably, while I wish I could’ve further explored their character development, I was unable to do so, or the story would get insanely extensive. Most of the characters will probably not appear in future stories, but if the opportunity arises, I would love to depict them in other forms of media.

Question 9: Could you explain more about the “Destiny is so cruel…” line by Master Odin?

Nomura: Naturally, Master Odin also had a master to mentor him. Said master entrusted Odin with a mission, which actually ties in with the identity of the blue-robed individual.

Question 10: Xehanort appears with a figure who we assume to be his mother. Is that…Skuld?

Nomura: That is incorrect. However, she is related to Skuld in some way. The next title, Missing-Link, will have “bloodlines” as one of the story’s main points.

Question 11: Dark Road reveals details about Xehanort’s lineage and bloodline, with some mentions about the “First Master’s Bloodline,” but what about Eraqus? Are the two of them related by blood?

Nomura: My apologies. I cannot answer that, as it will be explained in Missing-Link.

Question 12: Speaking of Missing-Link, could you share any further information about that?

Nomura: We are currently in the preparation of the closed beta test. Unfortunately, I am still unable to give a more precise time as to “when” it will happen, but there are plans to rename the Kingdom Hearts Union Cross [social media] accounts into Missing-Link accounts, so I urge you to follow them.

Question 13. Lastly, will Xehanort appear in future titles?

Nomura: Just because the “Dark Seeker’s Saga” is now concluded does not necessarily mean Xehanort will never appear again in future titles. If the opportunity arises, then…

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