Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: Team DD is on the ground in Davos this week. If you\u2019re in town and have tips, gossip or fondue recommendations, reach out to Arash Massoudi (arash.massoudi@ft.com) and Ortenca Aliaj (ortenca.aliaj@ft.com).And a scoop: London-based fintech Monzo is at odds over where to pursue a long-awaited market listing, with the digital bank\u2019s chief executive pushing consideration of a US initial public offering while the board favours the UK market.In today\u2019s newsletter:Corporate America salutes TrumpSantander considers selling its UK retail bankShareholders kick out Telef\u00f3nica chairBillionaires welcome Trump presidencyThe FT mused just a week ago whether corporate America was going Maga. Now we have a definitive answer: Yes, big time.While most corporate executives and Wall Street dealmakers descend on the glitzy gathering at Davos this time of year, Donald Trump\u2019s inauguration day has given the annual get-together for billionaires some serious competition.If you\u2019re an executive interested in currying favour with the new president, you better have secured yourself a seat at the inauguration. Or at least a ticket to one of Monday night\u2019s three inauguration balls.Here were some of the most notable executives in the crowd gathered at the Capitol\u2019s rotunda: Meta\u2019s Mark Zuckerberg, Amazon\u2019s Jeff Bezos, Tesla\u2019s Elon Musk, Apple\u2019s Tim Cook, Google\u2019s Sundar Pichai, OpenAI\u2019s Sam Altman, TikTok\u2019s Shou Zi Chew and Uber\u2019s Dara Khosrowshahi.There were also powerful foreign captains of industry, including France\u2019s Bernard Arnault of LVMH and India\u2019s richest man Mukesh Ambani of Reliance Group.Woke and DEI are out. Zuckerberg\u2019s desire for \u201cmasculine energy\u201d is in. And from what we hear, there has been no shortage of celebration, even if some of the executives are grimacing between sips of their dirty martinis.The party started on Sunday night with an event hosted at the opulent Caf\u00e9 Riggs, which was co-sponsored by Uber and X.To be sure, the moneymaking has begun. While the stock market was closed on Monday for a separate federal holiday, the crypto market traded on, and bitcoin reached a new high.Trump and his wife Melania wasted no time in launching their own crypto coins in recent days, called $TRUMP and $MELANIA. At its peak, Trump\u2019s coin reached a $14bn value.Attendees at Davos were fixated on the new coins, reports DD\u2019s Arash Massoudi, as the World Economic Forum\u2019s own week-long event commenced and executives kept one eye trained back across the Atlantic.The vibe in Washington? \u201cProsperous,\u201d James Fishback, who attended the inauguration activities on Monday and is co-founder of financial firm Azoria Partners, told DD.The way corporate America will try to ingratiate itself with Trump by supporting his enterprises and the companies backed by his family \u2014 particularly those of his kids Eric Trump and Donald Trump Jr as well as his son-in-law Jared Kushner \u2014 will come under scrutiny.DD\u2019s already reached out to ethics lawyers, and we\u2019ll soon report back.Exactly a century ago, then Republican president Calvin Coolidge uttered the famous adage, later often boiled down to: \u201cThe business of America is business.\u201dToday, the business of America appears to be showing up, with a big smile, to support Trump.The great European bank shake-up continuesAfter Santander agreed to buy former building society Abbey National in 2004 for \u00a39bn, the group\u2019s then chair Emilio Bot\u00edn said the tie-up would \u201c\u2018reinforce our pan-European franchise\u201d.At the time, it was the largest cross-border banking deal ever attempted in Europe. It gave the Spanish lender a sizeable footprint on Britain\u2019s high street, helping to transform the group into a serious multinational player.However, two decades later, Santander is considering exiting the UK\u2019s retail banking market amid frustrations with the unit\u2019s low returns relative to other markets and its high cost base, DD\u2019s Ortenca Aliaj and the FT\u2019s Simon Foy report.One former executive told the FT that the wider group had also grown frustrated with the UK\u2019s ringfencing regime, which requires lenders with more than \u00a325bn in deposits to formally separate consumer operations from their investment banking arms.The UK government is in the process of raising the ringfencing threshold to \u00a335bn.The former executive said it had \u201calways been a possibility\u201d that Ana Bot\u00edn, Emilio\u2019s daughter and executive chair of Santander, would decide to sell the ringfenced bank as a result of these frustrations.It wasn\u2019t immediately clear who might be interested in buying the unit, which employs 21,000 staff in the UK and has 14mn customers.Analysts at Citigroup said Santander could get \u20ac10.7bn for the UK business if it was sold at 0.7 times book value, which was the multiple Nationwide paid for Virgin Money last year. If it was sold at 1 times book value, it would be worth as much as \u20ac15.3bn, Citi said.Santander said: \u201cThe UK is a core market for Santander and this has not changed.\u201dSeparately, the saga between Andrea Orcel\u2019s UniCredit and Germany\u2019s Commerzbank continues, with the latter exploring plans to axe thousands of jobs as it seeks to fend off the Italian lender\u2019s unwanted advances.The cuts are expected to be unveiled to the workers\u2019 council in the coming weeks. One person familiar with the matter told the FT the figure was likely to be \u201cin the low thousands\u201d.Executive drama at Spain\u2019s Telef\u00f3nicaWhen Saudi Arabian telecoms group STC took a surprise stake in Telef\u00f3nica, the big question was whether a clash was looming between the Spanish government and the kingdom.Nobody expected what happened at the weekend: they joined forces to oust Telef\u00f3nica\u2019s chair.The drama is a salutary lesson for others watching Gulf groups acquire big stakes in European companies.Jos\u00e9 Mar\u00eda \u00c1lvarez-Pallete, Telef\u00f3nica\u2019s now-departed executive chair, discovered he was a goner after being called to a meeting on Friday afternoon at the office of Spanish Prime Minister Pedro S\u00e1nchez, reports the FT\u2019s Barney Jopson.S\u00e1nchez himself wasn\u2019t there, but his officials were involved because STC\u2019s 2023 purchase of a 4.9 per cent stake in Telef\u00f3nica \u2014 and its ongoing plan to raise it to 9.9 per cent \u2014 prompted Spain to buy 10 per cent via a state holding company as a counterweight.In a similar vein, the investment arm of the Caixa Foundation, which is close to the government and tied to the lender CaixaBank, raised its stake to 10 per cent. Its chief was at the Friday meeting, but didn\u2019t instigate the firing of \u00c1lvarez-Pallete.Instead, when Telef\u00f3nica announced on Saturday that \u201csome shareholders have expressed the desire to embark on a new stage in the executive chairmanship\u201d it was referring to the Spanish government and STC, which is majority-owned by Saudi Arabia\u2019s sovereign wealth fund.Their chosen replacement is Marc Murtra from defence group Indra.An STC representative was at the fateful Friday meeting, according to Spanish media. STC declined to comment.Spain\u2019s conservative opposition leader attacked S\u00e1nchez, saying: \u201cnot content with colonising public institutions, he is now colonising private companies\u201d.With Telef\u00f3nica\u2019s shares languishing on Friday nearly 50 per cent below their level when \u00c1lvarez-Pallete started in 2016, it wasn\u2019t hard to find a reason for change.But with the shares falling nearly 3 per cent on Monday, is replacing the chair enough?Job movesGoldman Sachs has named Dirk Lievens co-chair of the bank\u2019s global financial institutions group (FIG), alongside John Mahoney, according to a memo seen by DD. The bank also named Stephen Considine and Mathieu Munuera as co-heads of FIG in Emea.White & Case has hired Dan Reavill as a partner for the firm\u2019s technology group in London. He joins from Travers Smith, where he led the technology and commercial transactions department.M&G has named Marcello Arona as the chief financial officer of its asset management business. He previously worked for Axa Investment Managers UK as chief executive.Bain Capital has promoted Ivano Sessa to co-head of European private equity, a source tells DD. He will lead the group alongside Stuart Gent.Smart reads$2 for $1 MicroStrategy is in the business of buying bitcoin, the Wall Street Journal writes. Its popularity has led to a bizarre reality: its shares are worth more than twice all of the bitcoin it owns.Avoided apps Half a million Americans joined Chinese social media app RedNote last week as the US government ban of TikTok loomed, the New York Times reports. Why aren\u2019t more people using China\u2019s social media sites?The great flip-flop A cohort of corporate executives are bending their long-held values and political beliefs to fall in line behind Trump\u2019s agenda, Bloomberg reports. It begs the question: \u201cWhich time were you lying?\u201dNews round-upHedge fund managers pocket almost half of investment gains as fees (FT)What next for Glencore after failed Rio Tinto merger talks? (FT)Apple hit by Belgian probe over \u2018blood minerals\u2019 from Congo (FT)Trump-backed crypto venture to extend token sales after raising $1bn (FT)Investors in clean energy funds backtrack as rates and Donald Trump cloud outlook (FT)International hedge funds and private equity pump more money into Lloyd\u2019s vehicle (FT)Broadcom chief eyes AI opportunity after confronting VMware backlash (FT)KPMG probed by UK accounting watchdog over Entain audit (FT)<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: Team DD is on the ground in Davos this week. If you\u2019re in town and have tips, gossip or fondue recommendations, reach out to Arash Massoudi (arash.massoudi@ft.com) and Ortenca Aliaj (ortenca.aliaj@ft.com).And a scoop: London-based fintech Monzo is at odds over<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-174366","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/174366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=174366"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/174366\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=174366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=174366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=174366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}