Category: 3. Business

• The EBRD launches its first investment in Iraq
• US$ 100 million trade finance extended to National Bank of Iraq
• Financing to boost trade finance access for MSMEs and strengthen integration with international markets

The European Bank for Reconstruction and Development (EBRD) has launched its first investment in Iraq, providing a US$ 100 million trade finance facility to the National Bank of Iraq (NBI), the country’s largest private bank.

This new trade finance limit will contribute to boosting the country’s import and export activities. It will support the NBI’s trade finance operations by issuing guarantees to confirming banks and offering cash advances for imports, exports and the local distribution of goods under the EBRD’s Trade Facilitation Programme (TFP).

The facility will also promote greater trade integration in Iraq by extending guarantees and credit lines to mitigate political and commercial payment risks associated with international transactions undertaken by partner banks in the economies where the EBRD works.

The investment will improve access to finance for micro, small and medium-sized enterprises (MSMEs) and facilitate intra-regional trade. It will also help the NBI diversify its correspondent banking relationships and strengthen trade finance links with other EBRD countries of operation.

EBRD Head of Iraq, Catarina Bjorlin Hansen, said: “We are proud to sign our first investment in Iraq and to partner with the National Bank of Iraq. This facility represents a major milestone in supporting the country’s economy by expanding access to trade finance, fostering integration with international markets and strengthening the resilience of local businesses. We look forward to playing a key role in building robust financial institutions and promoting sustainable economic growth in Iraq.”

Ayman Abu Dhaim, CEO of the National Bank of Iraq, said: “This partnership with the EBRD marks a pivotal milestone in NBI’s growth journey and in Iraq’s broader financial landscape. Through this facility, we aim to strengthen the flow of trade, empower Iraqi businesses, especially MSMEs, and open new channels that connect Iraq to global markets with greater confidence and stability. It reflects our continued commitment to driving economic development and supporting Iraq’s integration into the regional and international economy.”

The EBRD TFP was launched in 1999 with the aim of promoting international trade between the economies in the Bank’s regions, in the form of guarantees and short-term loans to selected participating banks and factoring companies.

The NBI is the largest private bank in Iraq and a universal bank with activities in retail, SME and corporate banking, trade finance, and treasury services. Established in 1995, it is majority-owned by the Capital Bank of Jordan, an EBRD client since 2015.

The EBRD began operations in Iraq in September 2025, focusing on the private sector to unlock access to finance, promote local businesses and foster sustainable, long-term growth, contributing to the transformation of the country’s economy.

 

Barakat, Maher & Partners, in association with Clyde & Co, has successfully advised Edita Food Industries, SAE, on the delisting of its Global Depository Receipts (GDRs) from the London Stock Exchange (LSE) and the subsequent conversion of the GDRs into local shares on the Egyptian Stock Exchange (EGX).

This complex and multidimensional transaction required coordinated work across two jurisdictions and two stock exchanges, namely the London Stock Exchange and the Egyptian Stock Exchange, as well as close collaboration with the Bank of New York, Milan (BNYM) the depository bank. We are proud to have partnered with the exceptional legal team of Edita Food Industries, led by Lobna Khater, Chief Legal Officer and Government Affairs, on this strategic milestone, which is a highly effective collaboration that played a pivotal role in the timely completion of this delisting.

This high-profile transaction was successfully completed through the joint efforts between our Cairo and UK offices, reflecting our integrated cross-border capabilities in the Capital Market sector and underscoring our firm’s capability to execute complex multijurisdictional mandates with precision.

The transaction was led by Mostafa Elsakaa, Partner and Head of Capital Market in our Cairo office, and Andrew Chadwick, M&A and Corporate Finance Solicitor and Legal Director in our London office, with the support of Mohamed ElHossamy, Associate. 

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Two years since opening our Cairo office, our team has established itself as a transactional powerhouse, advising local and international businesses across a wide range of sectors. We have successfully handled complex M&A transactions, including advising on the first merger in Egypt’s private sector insurance industry, as well as handling private equity, anti-trust, competition, regulatory and corporate matters. Our teams expertise also extends to joint ventures (JVs), restructurings, separations and carve-outs, together with initial public offerings (IPOs) and securitization deals including four closings for Capital for Securitization on the mortgage portfolio of Bedaya, the fourth issuance valued at EGP 1,637,000,000 on 26 March 2025, the third issuance valued at  EGP 1,780,500,000 on 25 December 2024 and the first two issuances, valued at EGP 843 million on 29 December 2023 and EGP 1,415,500,000 on 10 October 2024. As well as closing the successful securitization deal, Capital for Securitization on the microfinance portfolio of Erada Microfinance valued at EGP 718 million in January 2025. 

Google Gemini 3, on the other hand, integrates seamlessly with Google’s ecosystem, making it the go-to for users relying on Google Workspace, VS Code, or Google Cloud. Its multimodal capabilities and “Deep Think” mode make it perfect for advanced problem-solving and development.

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A spokesperson for the council said: “We’re saddened to learn that Bonners will be leaving the Covered Market after many years as a valued trader.

“Bonners has been an important part of the market’s character since around 1952, and we wish the owners and staff all the very best for the future.”

Oxford’s Covered Market was first opened in the 18th century as a market for meat, fish, poultry, vegetables and herbs.

But Bonners was the only remaining greengrocer based in the building.

The council’s spokesperson continued: “Bonners’ departure will create the only available space, and we will try to find a new greengrocer to complement the market’s vibrant mix of traders.”

The change has been prompted by a major update to the timetable on the East Coast Main Line, the busy route between London, Leeds, York, Newcastle and Edinburgh.

EMR, external and LNER, external trains share part of the route, including a section between Grantham and Peterborough. There is also a bottleneck near Newark caused by a flat crossing where London to Edinburgh and Nottingham to Lincoln lines pass over each other, limiting the number of trains allowed to pass.

The timings of almost all LNER trains calling at Newark Northgate in Nottinghamshire will change.

There will be more trains to London, Doncaster, Wakefield, Leeds and Bradford Forster Square, with faster journey times, it was confirmed.

There will be hourly direct trains to Leeds and Edinburgh all day, seven days a week.

Further up the line, the timing of LNER and Hull Trains services calling at Retford will change. There will be slightly more LNER trains stopping on weekdays but fewer on Sundays.

A request to push back the delivery of a long-awaited local centre and shops in a new housing estate has been turned down.

More than 1,300 homes at Stanton Cross in Wellingborough, Northamptonshire have been occupied since construction began in May 2018.

That should have triggered a legally binding promise from developers to add the amenities once the 1,200th home had been sold.

But Stanton Cross Developments sought permission from North Northamptonshire Council to delay building the shops until there were 2,000 homes, despite objections from residents.

Planners unanimously rejected the request, the local Democracy Reporting Service said.

On Nov. 1, the Asian Community Development Council (ACDC) debuted its Trade School Readiness Boot Camp at the College of Southern Nevada to assist more than 100 Asian American, Native Hawaiian and Pacific Islander (AANHPI) students and parents in evaluating vocational school options and provide guidance on pursuing skill sets in students’ chosen fields.

Funding from Sands Cares enabled ACDC to host the first-time event, which has been a long-term goal of the organization as part of its quest to serve a greater number of youth in career planning. Sands’ support for this event complements the company’s funding for ACDC’s College Readiness Boot Camp, which has been held annually since 2015.

“The Trade School Boot Camp has been our goal for a very long time, and we’re grateful that Sands saw value in providing insights into trade and vocational career opportunities for youth in our community,” ACDC CEO and founder Vida Lin said. “We want to help all youth realize their goals, and the knowledge and tools presented at the boot camp will give a greater number of community members the opportunity to pursue successful careers.”

ACDC kicked off the boot camp with remarks from Lin, who outlined the breadth of opportunities available through trade schools.

“We want you to have choices,” Lin told attendees. “We want you to discover careers that are hands-on, high-paying, and meaningful – careers where you can use your talent, build something real and go home proud of what you accomplished. Your success does not need to look like anyone else’s. I want you to choose a future that brings you joy, not just tired feet. We are proud to be here with you today, and even more excited for everything you will become.”

The first session featured a panel discussion with representatives from The Culinary Academy;  CSN’s heating, ventilation and air conditioning (HVAC) program; the NateOvation Institute of OSHA Safety, Welding, Forklift and Electrician School; and Nevada Partners, a nonprofit organization that offers comprehensive services in housing, education, health and career development. The discussion covered insights into specific trades as well as information on obtaining certifications and credentials.

Following the panel, a series of guest speakers covered career and financial planning. Herbie Walker, founder of Walker College Consultants, spoke about financial aid and the Federal Student Aid (FAFSA) process and forms. Mae Calilung, a home mortgage sales consultant with Wells Fargo, discussed personal banking basics and financial literacy topics. Finally, Roselyn Noriega of EmployNV, the state’s largest job database, outlined workforce opportunities.

Sands has supported ACDC’s youth programs for the past two years, along with providing funding for the organization’s API Language Link service since 2021 and the HAPI Medical Center since in 2022. Sands increased its youth program contribution in 2025 to enable ACDC to launch the trade school boot camp.

“The trade school boot camp is a natural fit with our commitment to workforce development and economic empowerment, particularly as a hospitality company,” Ron Reese, senior vice president of global communications and global affairs, said. “Our industry is built on trade and vocational jobs, so this new boot camp aligns perfectly with our goal to help build a strong and capable workforce in hospitality as well as in our region.”

Sands’ support for ACDC’s youth development programs addresses the company’s priorities on education and building the workforce of the future. To learn more about the Sands Cares community engagement program, visit https://www.sands.com/responsibility.

To learn more about the Asian Community Development Council, visit https://acdcnv.org/.

The TBCRC-056 Trial was designed to evaluate a chemotherapy-free neoadjuvant regimen combining the PARP inhibitor niraparib with the anti–PD-1 antibody dostarlimab in patients with germline BRCA1/2 or PALB2–mutated, HER2-negative breast cancer.

Germline BRCA1/2 and PALB2 mutations define a biologically distinct subset of breast cancer characterized by homologous recombination deficiency and sensitivity to PARP inhibition. PARP inhibitors have an established role in the management of germline BRCA-mutated breast cancer, and when used as neoadjuvant monotherapy, pathologic complete response (pCR) rates approaching 50% have been reported in triple-negative breast cancer (TNBC).

Preclinical data further suggest synergy between PARP inhibition and immunotherapy, with PARP inhibitors activating the cGAS–STING pathway, promoting CD8+ T-cell recruitment and potentially sensitizing tumors to immune checkpoint blockade. While combinations of PARP inhibitors and anti–PD-1/PD-L1 agents have not improved outcomes in the metastatic setting, this strategy may have greater impact in earlier, less immunosuppressed disease.

Study Design and Methods

TBCRC-056 is a prospective, multicenter, investigator-initiated phase II study with three arms. Arms A and B enrolled patients with stage I–III TNBC (tumor size ≥1.0 cm, ER <10%, HER2-negative) harboring germline BRCA1/2 or PALB2 mutations, while Arm C was an exploratory cohort for ER-positive disease.

Patients in the TNBC cohorts were randomized to one of two treatment strategies.

• Arm A received upfront niraparib plus dostarlimab for 18 weeks.
• Arm B received a 3-week lead-in of niraparib monotherapy followed by the addition of dostarlimab for a total of 15 weeks.

Niraparib was administered orally at 200 mg daily, and dostarlimab was given intravenously at 500 mg every three weeks. After completion of neoadjuvant therapy, patients proceeded to surgery or crossed over to receive additional preoperative systemic therapy if indicated. Mandatory tumor biopsies were obtained at baseline and at cycle 2 day 1 to assess stromal tumor-infiltrating lymphocytes (sTILs).

The primary objectives were to evaluate the pCR rate with preoperative niraparib and dostarlimab and to assess changes in stromal TILs from baseline to cycle 2.

Patient Characteristics and Treatment Exposure

A total of 46 patients with TNBC were enrolled into Arms A and B between January 2021 and February 2025 across eight TBCRC sites. The median age was 39 years, with approximately half of patients presenting with stage II disease and 24% having node-positive disease. Germline BRCA1 mutations were present in 83% of patients, and BRCA2 mutations in 17%.

Treatment exposure was high, with 82.6% of patients completing the target number of cycles of both dostarlimab and niraparib. The mean number of cycles received was 5.1 for dostarlimab and 5.7 for niraparib. Eleven patients (23.9%) received additional neoadjuvant therapy prior to surgery.

Results

At surgery, 23 of 46 patients (50%) achieved a pCR (RCB-0), meeting the primary efficacy endpoint of the study. pCR rates were identical in Arms A and B. When residual cancer burden was evaluated, an RCB-0/I rate of 60% was observed, with RCB-II or III in 40% of patients. pCR rates were similar between patients with BRCA1 and BRCA2 mutations.

Immune Correlates and sTILs Analysis

Thirty-seven patients had evaluable paired baseline and cycle 2 biopsies for stromal TIL assessment. Exposure to therapy led to a significant increase in sTILs at 3 weeks, fulfilling the second primary endpoint. The mean increase in sTILs was 11.4% in Arm A (upfront combination; p=0.009) and 22.7% in Arm B (niraparib lead-in; p=0.0003). Representative histologic examples demonstrated both modest and marked increases in immune infiltration, with some tumors increasing from <1% to 5% sTILs and others from 15% to 85%.

Baseline sTILs were evaluable in 45 patients, with a median baseline score of 10%. When analyzed as a continuous variable, higher baseline sTILs were significantly associated with pCR or RCB-0/I at surgery. In contrast, change in sTILs from baseline to cycle 2, baseline PD-L1 expression, and baseline ER status were not associated with pathologic response.

The safety profile was consistent with the known toxicities of niraparib and dostarlimab. Six patients (13%) discontinued all protocol therapy early, including three due to toxicity and three due to inadequate response or disease progression. Treatment-related adverse events occurring in ≥10% of patients included anemia, fatigue, hypertension, hypothyroidism, neutropenia, rash, and headache. Grade 3 or higher events were infrequent, and one grade 4 neutropenia was reported.

Conclusions and Clinical Implications

In patients with germline BRCA-mutated stage I–III TNBC, 18 weeks of a non-chemotherapy neoadjuvant regimen with niraparib plus dostarlimab, with or without a PARP inhibitor lead-in, met both primary endpoints of the TBCRC-056 study. The regimen achieved a pCR rate of 50%, an RCB-0/I rate of 60%, and induced early increases in stromal TILs after one cycle of therapy. The contribution of immunotherapy beyond PARP inhibition in this setting remains unclear. Higher baseline sTILs were associated with pathologic response, and ongoing correlative studies aim to further define the tumor microenvironment changes associated with this approach.

 

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Delivery Hero has defended its under-fire chief executive after the German food group responded to shareholder pressure over its falling share price by exploring a sale of assets.

Chair Kristin Skogen Lund told the Financial Times that “despite headwinds” the company’s performance “remained strong”, even after its share price had fallen 30 per cent over the past 12 months to wipe about €1.5bn off its market capitalisation.

“We share the frustration that that’s not reflected in the share price and we’re committed to trying to do something about that,” she said.

Earlier this week, Skogen Lund wrote to investors to announce the company was reviewing its strategy and would consider options such as “best-owner evaluations”, “partnerships” and “capital market transactions”. The group’s shares rose more than 13 per cent in the days after the announcement, but then pared back some of the gains.

The letter — co-authored by the company’s chief executive and founder, Niklas Östberg — came weeks after reports that disgruntled shareholders were pushing its leadership to look at divestments.

Delivery Hero operates in 70 countries worldwide and counts brands such as Talabat, Glovo and Foodpanda among its portfolio of companies, but has faced stiff competition, particularly in the Middle East from competitors such as China’s Meituan.

Asked if she felt the Östberg was the right person to continue leading the group, Skogen Lund said “[yes] because Niklas founded this company and he knows it in and out”.

“We think that the company now needs stability and the opportunity to keep focusing on improving that operational performance in the hope that will eventually be better reflected in the share price,” she added.

Skogen Lund said the company’s market performance had “probably been influenced” by a number of external factors, including the “Prosus situation”, which she admitted was “not resolved yet”.

In August, Amsterdam-based Prosus, which is Delivery Hero’s largest shareholder, agreed to sell down its 27 per cent stake to “single figures” to appease Brussels competition authorities reviewing its €4.1bn takeover of Delivery Hero rival Just Eat Takeaway.

Prosus was evaluating options on how to conduct the sale of its shares, said a person familiar with the matter, which must be completed by August 2026.

Other headwinds Skogen Lund cited included a €329mn EU fine in June on Delivery Hero, alongside its Spanish subsidiary Glovo, for taking part in an “online food delivery cartel”.

At the time, the company said the settlement enabled “stakeholders to move on swiftly”, and reiterated its “commitment to continuing a culture of compliance throughout its organisation”.

Skogen Lund said she wanted to “kill a myth” that the board did not want to participate in the strategic review, adding management will “do what it takes to improve how that value is reflected in the share price”.