BUSINESS NEWS | Federer – Backed Sports Shoe Maker On Preparing For IPO, Swiss Paper Says

PRAGUE, CZECH REPUBLIC – SEPTEMBER 23: Roger Federer and Rafael Nadal of Team Europe react during there doubles match against Jack Sock and Sam Querrey of Team World on Day 2 of the Laver Cup on September 23, 2017 in Prague, Czech Republic. The Laver Cup consists of six European players competing against their counterparts from the rest of the World. Europe will be captained by Bjorn Borg and John McEnroe will captain the Rest of the World team. The event runs from 22-24 September. (Photo by Julian Finney/Getty Images for Laver Cup)

VIENNA – Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, is in the early stages of preparing for a stock exchange listing in summer or autumn of next year, newspaper NZZ am Sonntag reported.

The Zurich – based company, founded 10 years ago, says it has  special sole technology that is soft on impact and firm on the rebound, and it has been growing fast. It announced in November that Federer was ‘co-owner’. He has also helped advertise the brand and it has named a limited-edition sneaker after him.

On values itself at almost 2 billion francs ($2.1 billion), NZZ said, based on companies registry data showing that when the firm carried out a capital increase in February its share price was 8,884 francs and roughly 217,000 are in issue.

The company has made the first preparation for an IPO and they are still ‘at an early stage’, NZZ said, citing several independent but anonymous sources.

On was not immediately available for comment. NZZ said the company and Federed decline to comment for its article.


SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

MILAN – – The start of the Formula One season has been delayed after the Australian Grand Prix was postponed from March to November because of the COVID-19 pandemic.The Australian race in Melbourne has been rescheduled from March 21 to November 21. The Chinese GP has also been delayed but no new date has been … Continue reading SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

AL ULA – – Saudi Arabia’s Crown Prince Mohammed bin Salman says major investment opportunities in Saudi Arabia will amount to six trillion dollars over the next ten years, including 3 trillion dollars in investments in new projects, within the framework of the opportunities provided by Vision 2030, reported Saudi Press Agency. Saudi Arabia’s Crown … Continue reading BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

RIYADH – – Saudi Arabia warned on Wednesday its citizens against travel without prior approval to 12 countries where the coronavirus pandemic is still not under control.The Interior Ministry said the countries were Libya, Syria, Lebanon, Yemen, Iran, Turkey, Somalia, Armenia, Congo, Afghanistan, Venezuela and Belarus.It added that the same permission applies to other countries … Continue reading TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

ROYALS | Oman Sultan’s Eldest Son Dhi Yazan To Succeed Him, Becoming First Crown Prince

RIYADH – – Oman’s Sultan Haitham will be succeeded by his eldest son Dhi Yazan, according to a new basic law published on Tuesday that creates a new position of crown prince and established succession from ruler to the eldest son. Sultan Haitham bin Tariq Al-Said has announced plans for the constitutional change on Monday, … Continue reading ROYALS | Oman Sultan’s Eldest Son Dhi Yazan To Succeed Him, Becoming First Crown Prince

SOCIAL MEDIA | YouTube Suspends Trump’s Channel After Violating Policy On Inciting Violence

Alphabet Inc.’s YouTube said on Tuesday it has suspended Donald Trump’s channel as it violated policies for inciting violence after last week’s assault on the U.S. Capitol by the president’s supporters. Online platforms and social media companies are distancing themselves from, and taking action against, those that encouraged or engaged in the violence in Washington, … Continue reading SOCIAL MEDIA | YouTube Suspends Trump’s Channel After Violating Policy On Inciting Violence

BREAKING NEWS | Saudi Crown Prince Congratulates Romanian PM, On Winning President, Parliament Confidence

RIYADH – – HRH Prince Mohammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulations to Prime Minister of Romanian Florin Citu on obtaining the confidence of the Romanian President as well as the parliament for the office of the prime minister.  HRH … Continue reading BREAKING NEWS | Saudi Crown Prince Congratulates Romanian PM, On Winning President, Parliament Confidence

BREAKING NEWS | Saudi King Congratulates Romanian PM, on Winning President, Parliament Confidence

RIYADH — The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud sent a cable of congratulations to the Romanian Prime Minister Florin Citu, on obtaining the confidence of His Excellency Romanian President as well as the parliament for the office of the Prime Minister. In his cable, the King expressed sincere … Continue reading BREAKING NEWS | Saudi King Congratulates Romanian PM, on Winning President, Parliament Confidence

BREAKING NEWS | Saudi Arabia Welcomes Washington’s Designation Of Houthis As Terrorist

RIYADH – – Saudi Arabia welcomed on Monday the American admiration’s decision to designate the Iran – backed Houthi militias and their leaders as terrorist. In a statement, the Foreign Ministry said the move is in line with the ‘demands of the legitimate Yemeni government to rein in the Houthis over their violations that have … Continue reading BREAKING NEWS | Saudi Arabia Welcomes Washington’s Designation Of Houthis As Terrorist

NEWS ALERT | Oman To Get Its First Crown Prince In Constitutional Overhaul

MILAN – – Oman’s sultan announced on Monday  a constitutional shakeup that includes the appointment of crown price for the first time and new rules on how parliament will work, state media said. A new basic law issued by Sultan Haitham Bin Tariq al – Said also emphasizes the role of the state in guaranteeing … Continue reading NEWS ALERT | Oman To Get Its First Crown Prince In Constitutional Overhaul

BREAKING NEWS | Saudi Crown Prince Receives Italian FM in AlUla

AL ULA – – Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, received in AlUla on Sunday Italian Foreign Minister Luigi Di Maio. Talks focused on bilateral relations and the promising opportunities to develop them in all fields. They also tackled regional and international dedvelopments. The meeting was attended by Saudi … Continue reading BREAKING NEWS | Saudi Crown Prince Receives Italian FM in AlUla

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