00:00Dubai's largest bank, Emirates NBD, has agreed to acquire Turkish lender Deniz Bank for the
00:08sum of $2.75 billion. That has been revised down from an amount agreed upon last May of
00:15$3.2 billion because of depreciations in the Turkish lira.
00:20Emirates NBD will acquire Deniz Bank from the Russian group Spear Bank and they say
00:26that it will be an attractive proposition for them because Turkey has a young, underbanked
00:31population of over 80 million people. Emirates NBD currently has around $136 billion in assets
00:39under its management, whilst Deniz Bank has around $37 billion.
00:43In other news, a whole host of cryptocurrencies are surging following Bitcoin's positive
00:49performances yesterday after many, many months of being dormant. One Reuters report suggested
00:55that a private individual had acquired upwards of $100 million in Bitcoin, sending the price
01:03rocketing up to close to $5,000, where it now sits. In line with this, other cryptocurrencies
01:09such as Ethereum and Ripple also posted major gains yesterday, their first for many, many months.
01:17And lastly, in response to environmental concerns,
01:20Ikea is expected to begin renting some of its furniture, including desks and chairs,
01:26as opposed to selling it. The world's largest furniture group has previously said that it was
01:30investigating leasing furniture, but now it has provided more details on that, saying that it is
01:37a way for Ikea to begin to deliver and execute on their transformation strategy of being a more
01:43environmental company. That's all from us today. You can find the latest headlines on gulfnews.com.
01:48I'm Ed Clouds and we'll be back tomorrow with more news. Thanks very much for watching.
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