Financial Highlights from the Recent Week You Should Know About:
- WEALTH MANAGEMENT: Clients trying to move money out of Dubai to Asia
Asian clients are ​starting to (or planning to) move money out of Dubai back to Hong Kong & Singapore​ due to the on-going conflict in the Middle-East.
Many high-net-worth clients had moved money to Dubai as attracted many wealthy Asian clients over the last few years, but with the current conflict, it has shattered their confidence and clients are moving money back to hubs such as Hong Kong and Singapore. - SUPPLY CHAIN: Iran war is choking supply chains
With the closure of the Straight of Hormuz, the focus has been on supply of oil and energy.
However, other products such as food and textiles are also ​suffering logistical nightmares​ now and could put inflationary pressure on food prices too. - AI IN BANKING/FINANCE/LAW: Canadian AI startups are shining
Canada is a hotbed for AI legal startups. One such startup, ​Spellbook, just received $54.7 million​ line of credit from RBC’s innovation division.
The startup will look to shop around to acquire other smaller AI legal startups with their new line of credit.
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