<ul>
<li data-start="50" data-end="736">ADNOC and Austria&rsquo;s OMV will merge their stakes in Borouge plc and Borealis AG to create Borouge Group International, which will acquire NOVA Chemicals for AED49.2B ($13.4B). With Borouge 4, the new entity will be valued at AED220B+ ($60B+), making it the world&rsquo;s fourth-largest polyolefins producer. Headquartered in Vienna and Abu Dhabi, Borouge Group International will be jointly owned by ADNOC and OMV, with OMV injecting &euro;1.6B (AED6.1B) to balance its share. The company aims for AED1.8B in annual synergies and will drive dividend growthfor Borouge plc shareholders, who will own a stake in the newly ADX-listed company.</li>
</ul>
<ul>
<li data-start="738" data-end="1253">ADNOC CEO Dr. Sultan Al Jaber called the deal a "transformative milestone" in ADNOC&rsquo;s chemicals strategy, expanding its global presence and reinforcing Abu Dhabi&rsquo;s leadership in the sector. The agreement strengthens ADNOC and OMV&rsquo;s 25-year partnership, positioning the new entity for long-term growth. Upon completion, ADNOC&rsquo;s stake will transfer to XRG, its $80B international energy investment arm launched in 2024, which focuses on gas, chemicals, low-carbon fuels, and energy infrastructure.</li>
</ul>

$60B Energy Merger

<ul>
<li>Cadillac's new Escalade IQL, set to launch in mid-2025, will be the longest SUV in production, measuring 228.5 inches. This model extends the length of the existing Escalade IQ by 4.2 inches, enhancing cargo space and passenger comfort, particularly in the third row, which gains additional legroom and headroom. The IQL maintains the same battery capacity as the IQ, promising a range of 460 miles on a full charge, and features a boxier design for improved storage capacity.</li>
</ul>
<ul>
<li>The Escalade IQL will start at $132,695 and will be produced at GM's Factory Zero plant in Detroit. This strategic move aligns with Cadillac's vision to expand its electric vehicle lineup and cater to the growing demand for luxury electric SUVs. The IQL's introduction is part of a broader trend in the automotive industry towards larger, more spacious electric vehicles, positioning Cadillac to compete effectively against rivals in the luxury EV market.</li>
</ul>

Largest Electric SUV

<ul>
<li>Qualcomm has unveiled its latest high-end modem, the X85, which CEO Cristiano Amon claims will create a significant performance gap compared to Apple's newly launched C1 modem in the iPhone 16e. The X85 modem incorporates advanced AI technology, enhancing its ability to maintain performance even in weaker signal conditions. This development positions Qualcomm favorably in the competitive landscape of smartphone modems, especially as Apple transitions to in-house modem production after acquiring Intel's modem business.</li>
</ul>
<ul>
<li>Amon emphasized that the X85 modem's capabilities will set a 'huge delta' between premium Android devices and iOS devices, potentially influencing consumer preferences. As Qualcomm anticipates not supplying Apple with modems by 2027, the company is focusing on leveraging AI advancements to maintain its market leadership. The growing importance of modems in the age of AI underscores Qualcomm's strategic positioning in the industry, especially as it continues to innovate in 5G technology.</li>
</ul>

Modem Edge

<ul>
<li>Saudi Aramco announced a significant reduction in its expected dividend payouts for 2025, projecting total distributions of approximately $85 billion, down from $124 billion in 2024. This decision follows a 12% decline in the company's net profit, which fell to $106.2 billion in 2024 from $121.3 billion in 2023, primarily due to lower oil and gas prices. The reduction in dividends is expected to exert additional pressure on Saudi Arabia's budget deficit, as the government relies heavily on these payouts for funding its economic transformation plans.</li>
</ul>
<ul>
<li>The cut in dividends marks a pivotal shift for Aramco, which has historically been a cornerstone of the Saudi economy and a major source of revenue for the government. The company is now facing increased financial pressures, including a net debt position for the first time, as it balances hefty dividend obligations with substantial investment commitments. Analysts predict that the reduced cash flow may limit Aramco's ability to provide additional performance-linked dividends, further complicating its financial strategy amid fluctuating oil prices.</li>
</ul>

Dividend Cut

<ul>
<li data-start="42" data-end="312">Gold climbed 0.8% to $2,914.45 an ounce after the U.S. imposed tariffs on Canada, Mexico, and China, triggering swift retaliations. Beijing&rsquo;s 15% duties on U.S. farm goods fueled safe-haven demand, pushing bullion higher after its first weekly decline of 2025.</li>
</ul>
<ul>
<li data-start="314" data-end="575">Gold had hit a record $2,955 on Feb. 24 but dipped due to profit-taking. Investors are now pricing in Fed rate cuts as weak U.S. data signals economic slowdown, further boosting gold&rsquo;s appeal. Goldman Sachs sees prices reaching $3,300by year-end Silver and palladium gained, while platinum remained steady. The Bloomberg Dollar Spot Index fell 0.2%.</li>
</ul>

Safe Haven

<ul>
<li>Nvidia's stock fell 8.7% to its lowest closing price since September, driven by reports that its Blackwell AI chips are being smuggled into China through third-party resellers, violating U.S. export controls. This decline follows a broader trend of Nvidia shares dropping over 12% in the past week, raising concerns about the company's ability to control its supply chain and comply with regulatory restrictions. The situation is exacerbated by ongoing investigations into Nvidia's customers, Dell and Super Micro, for potential violations related to these shipments.</li>
</ul>
<ul>
<li>The market reaction reflects growing investor anxiety regarding Nvidia's future sales in China, especially as the Biden administration's export controls continue to tighten. Analysts suggest that Nvidia's argument of not being accountable for resellers may not hold up under increasing scrutiny. Additionally, the company's recent earnings report indicated strong revenue from Blackwell products, but the potential for further restrictions could significantly impact Nvidia's market position and financial performance moving forward.</li>
</ul>

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