Freight Investor Services, the international freight brokerage, is to move most of its dry-cargo freight forward agreements (FFA) desk from London to Dubai.
The company is a leader in the freight industry and offers full brokerage services, market intelligence and trade execution for dry freight and commodity swaps as well as providing physical ship and cargo services.
The move, scheduled for next month, is meant to allow the FIS dry cargo trading desk to start doing business with Asian dry bulk customers much earlier in the day than their London base permits, said the FIS founder John Banaszkiewicz, the man once dubbed London's richest broker.
He told the international shipping journal Tradewinds that the move was part of FIS's diversification into new commodities for swaps, such as iron ore, scrap metals, coking coal and bunkering.
Dubai was selected because of its cost and tax advantages over locating in Singapore.
"It is quite a big move for us," he said. "We are the largest player in the market, and we are trying to get ready for when the freight market turns.
"The Dubai office complements our global network, providing 24-hour coverage alongside our key centres in New York, London, Singapore and Shanghai and helping to bridge the time zone between Asia and Europe.
"Dubai and the wider region is buzzing again."
Ten members of the desk transfer to Dubai, while five traders will remain in London.
Since 2002, FIS has been instrumental in developing the FFA market into a multibillion dollar business and has posted sustained growth in each year of its operation.
Its network of trading associates and branch offices offer coverage of derivative and physical shipping markets in the United States, China, Singapore, India and South Korea.
dblack@thenational.ae
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Mohammed bin Zayed Majlis
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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Cinco in numbers
Dh3.7 million
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The number, in kilograms, that Swarovski’s wedding gown weighed.
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Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
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Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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