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Russian ruble holds steady at 96 against the US dollar ahead of tax payments


The Russian ruble steadied near 96 to the dollar on Tuesday, trading in a narrow band, supported by upcoming tax payments and high oil prices.
At 0710 GMT, the ruble was 0.2 percent stronger against the dollar at 96.10 and had gained 0.3 percent to trade at 101.69 versus the euro. It had firmed 0.1 percent against the yuan to 13.13.
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Month-end tax payments, that usually see exporters convert foreign currency revenues to pay local liabilities, support the ruble, but the currency can slide early in the month once the period has passed.
The ruble has also now lost the temporary support of higher sales of foreign currency than usual by the central bank, which was selling around 21.4 billion rubles of yuan a day until the start of this week.
“At the end of the week, when the tax period ends, there is a high likelihood of the resumption of the national currency’s smooth devaluation,” said Alor Broker’s Alexei Antonov.
Brent crude oil, a global benchmark for Russia’s main export, was down 1.1 percent at $92.23 a barrel.
Russian stock indexes were lower.
The dollar denominated RTS index was down 0.5 percent to 992.5 points.

The ruble based MOEX Russian index was 0.6 percent lower at 3,028.8 points.
Read more:

Russia intends to boost the weakening ruble
Russian ruble steady after Tuesday’s rate hike
Russia’s central bank jacks up rates to 12 percent to support battered ruble

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Chery Tiggo 7 Pro Max: A Global Sensation of Power, Elegance, and Innovation in the Competitive SUV Arena

In the intensely competitive automotive landscape, the Chery Tiggo series continues to make
waves globally, serving as a pivotal force in Cherys overall development. The Tiggo 7 Pro Max, as the flagship SUV model, has garnered widespread acclaim for its strength, becoming the
preferred choice among discerning users. This SUV, a harmonious blend of mechanical prowess and striking aesthetics, embodies Chery’s latest family-style design concept. Its front face features a distinctive six-sided diamond-shaped grille, adorned with bright stars that evoke the brilliance of diamonds. The blackened grid details echo the black lattice matrix LED headlights with a unique dynamic steering design, setting it apart in its class. The T-shaped crystal-transparent LED front fog lamps and an exclusive side mark on the front fender add a touch of elegance and instant recognition. Moving seamlessly to the profile, the Tiggo 7 Pro Maxs powerful stance is characterized by horizontal and square upper waistlines and dynamic round lower waistlines. This design imparts a sense of speed and strength, enhanced by the sky-dome floating roof design that raises the visual height laterally. Complementing this, the vehicle is equipped with 18-inch super-large sports wheels, catering to the driving aspirations of younger consumers while effectively
managing tire noise for an enhanced driving experience. At the rear, the integrated crescent-shaped LED taillight stretches horizontally, presenting an advanced technological aesthetic. The roof-mounted integrated load-bearing glare luggage rack, with rhythmic pulsating lights, not only adds a touch of youthful vigor when illuminated but also underscores the Tiggo 7 Pro Max’s commitment to both form and function. Behind this refined appearance lies Chery’s latest technology, elevating the Tiggo 7 Pro Maxs strength and capabilities. Every aspect has been meticulously improved, from power and space to technology and safety. This infusion of innovation and confidence propels the Tiggo 7 Pro Max to the forefront of the global SUV market, securing its position as a leader with not just leading sales figures but also widespread praise from users worldwide. Excitingly, from December 2023, the Tiggo 7 Pro Max will be available in the UAE, starting at AED 82,500, offering enthusiasts in the region the opportunity to experience firsthand the pinnacle of Chery’s automotive excellence.

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Al Wathba National Insurance Company Brings New CEO on Board

Al Wathba National Insurance Company (AWNIC) announced a major shift in its leadership, with the appointment of Mr. Frederik Bisbjerg as the new Chief Executive Officer, effective November 13, 2023. Mr. Bisbjerg succeeds Mr. Bassam Chilmeran, who has aptly led the company for over two decades, will take on a strategic advisory role on the Board upon his retirement.
A renowned figure in the insurance sector, Mr. Bisbjerg has a proven record of substantial expertise and leadership in digital transformation—a key element that aligns with AWNICs strategic growth plan, which received unanimous support from the Board of Directors. Mr. Bisbjerg’s appointment marks a continuation of AWNIC’s commitment to industry leadership and
innovation. The company looks forward to advancing its mission under his leadership, striving to set new benchmarks for the insurance sector.
Commenting the appointment, Mr. Bisbjerg said: “AWNIC is a very solid company with an enormous potential to grow and actively change the face of the insurance industry in the UAE – I am looking forward to working with my colleagues and the industry to create the future of insurance together”. Born in Denmark, Frederik Bisbjerg boasts a vast expertise in digital transformation and business model innovation in the insurance industry. With a career in the Middle East since 2013, Frederik exemplifies dynamic leadership and strategic vision.
Prior to joining AWNIC, Mr. Bisbjerg held significant positions spanning major organizations like AXA Global Healthcare and The Digital Insurer. As Head of MENA and Digital Transformation specialist at Digital Insurer, he was a founding member of the world’s first mini-MBA in Digital Insurance. He also served as Senior Vice President of Digital Transformation amp Innovation at Daman National Health Insurance Company, where he spearheaded the company’s digital transformation initiatives, establishing a digital-first flexible and resilient insurance company. He served as Executive Vice President for Qatar Insurance Group (QIC), the largest composite insurer in the MENA region and one of the largest insurers in Asia. Mr. Bisbjerg is an acclaimed speaker, particularly in the realms of the future of insurance, business innovation and digital adoption. He is also the author of  “Insurance _Next,”a practical guide on the
post-Covid-19 insurance transformation guide.

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AIT Worldwide Logistics plans to increase global footprint with Lubbers Logistics Group acquisition

AIT Worldwide Logistics, a leading provider of global supply chain solutions, has entered into a binding purchase agreement to acquire Lubbers Logistics Group, a European logistics company specializing in high-value, complex, and time-sensitive transport services. The purchase will serve as a significant milestone for AIT as the company continues to expand its global reach and enhance its offerings in road transportation, freight forwarding, and project cargo logistics, particularly in the energy sector. Over the past century, Lubbers, headquartered in Schoonebeek, Netherlands, has established itself as a leading provider of top-tier transportation solutions for high-value segments,
specializing in road transport, project cargo and global freight forwarding services. With more
than 377 employees working across nine road transport hubs and nine freight locations, Lubbers
boasts an extensive network of strategically located facilities throughout Europe.
“Lubbers robust one-stop shop approach and their long-standing relationships with industry-
leading customers make them an excellent fit for AIT,” said AIT’s Chief Business Officer, Greg
Weigel. “We see significant potential for their broad network by growing freight forwarding
operations and energy sector expertise to further enhance AIT’s world-class customer
experience. We’re also excited to boost our end-to-end solutions with middle mile service in
Europe as a counterpart to our recently launched U.S. Middle Mile Network.”
Lubbers network will add 18 new offices to AIT’s existing global network of more than 125
locations, while expanding AIT’s footprint to four new countries: Denmark, Norway, Romania
and Turkey. Lubbers also has facilities in Germany, Italy and the United Kingdom.
“Joining forces with AIT Worldwide Logistics is a strategic move that will allow us to continue
providing exceptional service to our clients while expanding our reach on a global scale,” said
Lubbers’ CEO, Gary Roche. “AITs strong track record and commitment to customer service
align with our values, and we look forward to a bright future together.”
“We are looking forward to welcoming Lubbers to the AIT network,” said AIT’s Chairman and
CEO, Vaughn Moore. “This deal will enhance our position in Europe and bolster our presence in
the energy sector, allowing us to better serve current customers while creating new opportunities.
Lubbers’ customer-centric approach to business, as well as their reputation for excellent quality
aligns perfectly with AIT’s culture.”

AIT;s acquisition of Lubbers is expected to be finalized by the end of 2023 and will be subject to
obtaining customary regulatory approvals. Terms have not been disclosed.
Kirkland & Ellis LLP and NautaDutilh N.V. are both serving as legal counsel to AIT on the
acquisition. Nielen Schuman B.V. is serving as the financial advisor to Lubbers. Loyens & Loeff N.V. is serving as legal counsel to Lubbers.

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