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Enthusiast Gaming faces CEO, board challenge from investment firm Greywood – The Washington Post

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Greywood Investments, an investment firm with a significant stake in the publicly traded esports and gaming media company Enthusiast Gaming, announced a campaign to replace Enthusiast’s CEO and board members Tuesday.

Toronto-based Enthusiast Gaming owns a number of video game focused publications and brands, including Destructoid, Upcomer and Addicting Games. The esports organization Luminosity Gaming, which fields rosters in the Overwatch and Call of Duty esports leagues as well as in “Valorant,” is also a subsidiary of Enthusiast. On its website, the company boasts that it reaches an audience of over 300 million gamers each month. The company’s share price dropped below $2 Tuesday.

In a letter addressed to Enthusiast’s board of directors, which includes NFL cornerback Richard Sherman, Greywood’s representatives expressed disappointment in the company’s declining fortunes.

“The frustrating part for shareholders is that the Company does in fact possess extremely talented personnel developing and/or implementing notable strategies,” reads Greywood’s letter. “We believe Enthusiast should have a market value of US$1-2 billion, not the anemic US$250-300 million market value under the current leadership.”

Enthusiast Gaming did not immediately respond to a request for comment.

Report: At TSM and Blitz, staff describes toxic workplace and volatile CEO

In their letter, Greywood identifies itself as the largest shareholder in Enthusiast, having acquired approximately 9.3 percent of the company’s outstanding shares at the cost of over $30 million. Greywood’s website describes the firm as one that “seeks to work constructively with portfolio companies and other stakeholders to actively support and assist management in developing and realizing the company’s full potential.”

Last fall, according to the letter, the firm reached out to Enthusiast to express “grave concerns” about the company’s direction; in response, the firm said it received “a terse, generic, disingenuous and dismissive email.”

Across the first five months of 2022, Greywood acquired increasingly large stakes in Enthusiast. In January, the firm made two filings with the Securities and Exchange Commission marking that it had acquired 7 percent of total shares, then bumping that stake up to 8 percent just weeks later. In those filings, Greywood describes itself as an investment manager for a company called Vantage Trading, which holds the vast majority of Greywood’s 9.3 percent stake in Enthusiast.

In the letter, the group outlines an “Upgrade Enthusiast” campaign, the primary pillar of which is to replace Adrian Montgomery, the company’s current CEO. Greywood also notes its intention to nominate a selection of “highly qualified and interested” candidates at a shareholder meeting in June.

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Investment Outlook: What's In Store For Rest Of 2022? – Forbes

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It’s already been quite a year for investors. Since the start of 2022, the US S&P 500 stock index has plunged by more than 20%, officially taking it into ‘bear market’ territory.

In the UK, the FT-SE 100 index of leading companies can thank the fact that it is composed largely of ‘old economy’ stocks – commodities, energy, financials – for its relatively modest 3% decline

Wherever investors look, however, economic fear is in the driving seat thanks to the combination of post-pandemic global inflation, rising interest rates, extensive lockdowns in China and the war in Ukraine.

None of these events were on investors’ radar this time last year – a stark reminder of how quickly economic and geo-political circumstances can change and affect our savings and investments.

As we move into the second half of 2022, the UK is being stalked by the threat of stagflation. The prospect of a full-blown recession is not out of the question.

Against this gloomy backdrop, we’ve asked commentators to share their thoughts on what investors can learn from events in the first part of this year and how they can position themselves for the remainder of the year.


Brian Byrnes Head of Personal Finance, Moneybox

It’s been a tough first half of the year for investors, but there are some lessons we can take and reasons to be positive.

A key reminder should be the unpredictability of markets. ‘Value’ stocks [companies under-appreciated by the market] weren’t predicted to outperform ‘growth’ stocks [businesses expected to grow at a quicker than average rate], inflation was predicted to be “transitory,” and few predicted the UK market to outperform the US.

As investors, we should learn not to try and predict such movements and certainly not try and invest on the back of such predictions. Instead, we should aim to build our own personal financial plan based on factors within our control. 

For example, if, as investors, we can keep a sensible amount in cash savings, use our available tax wrappers [such as individual savings accounts] efficiently, and invest regularly into long-term diversified portfolios, the unpredictable nature of markets has less of an impact on us than it does for those investing for short-term gain. 

It’s also important, if possible, to keep our regular investments active as we are getting much more for our money than we were six months ago.


Annabel Brodie-Smith Communications Director, Association of Investment Companies

It’s been a challenging year for investors as prices rise and the terrible war in Ukraine has given inflation another unwanted boost.  Many experts are predicting that inflation will remain high while the economy looks close to recession.

 In these tough conditions, it’s important investors have a diversified portfolio, take a long-term view and, if in doubt, they should talk to a financial adviser.

Investors don’t need to rely solely on shares, but can also consider other relatively resilient assets such as infrastructure and renewable energy, which can be accessed through listed investment companies.

There are also a number of investment companies which aim to preserve investors’ capital by investing in a range of assets including inflation-linked bonds, gold, and carefully selected equities. These can add some defensive ballast to investors’ portfolios.

Income will be a high priority for some investors in this difficult environment. Some property investment companies deliver income which is contractually linked to inflation through indexing or upward-only rent reviews, providing some comfort to income seekers when inflation is rapidly rising. 

Of course, dividends are not guaranteed and property would suffer from a prolonged downturn or if lockdowns returned. In general, investment companies have a strong track record of delivering income in difficult times, because they can hold back some of the income they receive from their portfolios to boost dividends when times are tough.

There are seven investment companies that have increased their dividends each year for fifty years or more, and 19 that have increased their dividends every year for over 20 years, known as the dividend heroes.

Investment companies have important features which can help investors when prices are rising and the economy is suffering. They provide permanent capital and are listed on the stock exchange, allowing investors to buy and sell their shares easily on the stock market. This means managers can take a long-term view of their portfolio and are never forced sellers.


Rob Morgan Chief Investment Analyst, Charles Stanley

Falling markets are one of the biggest challenges faced by investors. But these testing periods are an inevitable part of investing. In the long term, they can also present good opportunities to acquire assets as others despondently sell.

Bear markets blow excess froth and complacency away. Highly priced assets with overly optimistic projections built-in come back down to earth. More resilient, diversified portfolios do, inevitably, take a hit. But they live to fight another day and harness the next bull market.

It is generally wise to stand your ground and resist the urge to trade choppy or volatile markets.

Selling out involves two decisions: selling and then rebuying – and it is fiendishly difficult to time these actions correctly. What’s more, you’ll stop the flow of income from dividends and interest from your investments. Over the long term, dividends are an important source of return.

If the bear market is a wake-up call that your portfolio wasn’t sufficiently diversified, then consider taking measured action to ensure you have a better balance going forward. Blending investments with different characteristics and styles is often more useful than relying on geographical diversification.

For instance, more value-focused or dividend-oriented strategies offer something different to those whose portfolios have become dominated by growth companies.

Portfolio construction is important. But time is your best friend, so don’t underestimate the power of even modest investments early on in life. You don’t have to shoot for the moon. In fact, a more measured and disciplined approach is likely to be more sustainable and reliable over the longer term than chasing the latest fad or fashion.

Don’t stop the investment habit at just the wrong moment. Remember, when markets go down it can be a good time to accumulate.

Dips in the market, particularly in the early years, could even work to your advantage provided you have committed to investing for a lengthy period.

If your chosen investment has become cheaper to accumulate it means your investment buys more shares or units to keep for the long term.


Graham Bishop Chief Investment Officer, Handelsbanken Wealth & Asset Management

Financial markets are in the process of digesting a regime change at central banks, creating some volatility, and it can be very difficult to hold one’s nerve during such turbulence.

However, staying invested throughout a range of market conditions, rather than attempting to ‘time’ markets to perfection by moving in and out, is usually the best course of action.

History has shown that it takes time for markets to calm, but that these periods usually prove to be temporary.

With volatility comes opportunity, and we believe that bond markets are starting to offer some value again. Yields have risen, and we are seeing selective opportunities in a range of areas, from high-yielding Asian debt to short-dated UK government bonds.

With investors understandably preoccupied by fears of economic slowdown, we think they could be undervaluing critical areas of the stock market.

The share prices of small and mid-sized US companies have been harshly penalised: they appear to have been priced for impending severe economic recession, which we do not believe is likely.

Unduly overlooked areas like this can offer the potential for attractive future returns.


Alice Haine Personal Finance Analyst, Bestinvest

The markets may appear a little too topsy-turvey for the appetites of more nervous retail investors, but while some might be tempted to panic, sell their holdings and flee the market altogether – crystallising their losses in the process – the best strategy is to do the exact opposite.

Investing when markets are down makes sense if you adopt a long-term view of at least five years or more.

For those worried by the current volatility, waiting for the bear market to end to scoop up investments at bargain prices is not a wise idea, either, as again there is no crystal ball to tell you when the market has bit the bottom.

That’s why taking a long-term view is the best strategy because time in the markets, rather than timing the markets is the secret to riding out the daily ups and downs. Plus, by staying invested, you avoid missing the ‘good days’ when share prices can increase significantly.

The best approach for the rest of 2022 and beyond is to drip feed in smaller amounts either monthly or quarterly no matter what the price is at the time. That not only makes you disciplined about investing on a regular basis, but also minimises risk by ensuring you invest during the lows, when equity prices are cheaper, as well as the highs.

This strategy takes advantage of pound-cost averaging, which cushions some of the effects of volatility by averaging out the price you pay – making your investment costs lower over the long-term and, hopefully, the likelihood of securing decent returns much higher.

It also removes the emotion that is often tied to investing, meaning you can focus on life’s other priorities rather than panicking over the state of your portfolio.


Matthew Roche Associate Investment Director, Killik & Co

Markets have demonstrated their capacity for turbulence in 2022. Such turmoil is often as a result of emotion-over-reason and sentiment-over-analysis of company fundamentals. Many investors have taken fright and sold up.

Markets always have the capacity to move lower. Alas, no one rings a bell at the bottom. It is therefore vital that investors maintain a cash buffer for emergencies and plan major outlays well in advance.

If investors ringfence cash for these purposes, the money they are investing can genuinely be thought of as ‘life-time’ savings. As such, there should be no reason to be a forced seller in a bear market. Doing so would mean turning ‘paper’ losses into ‘actual’ losses. 

We are focusing on a number of long-term growth themes including:

  • Climate change incorporating energy renewal, energy and management businesses.
  • Demographics & consumer preferences – such as changing consumer habits and innovation in healthcare.
  • Infrastructure renewal – physical infrastructure and resource scarcity.
  • Technological advancement – cloud, data, AI, digital transformation, ecommerce and electronic payments.

Scott Spencer Investment Manager, Multi-Manager Team, Columbia Threadneedle Investments

An investment theme that will serve retail UK investors well is to know that valuations are important once again.

The recent market bubble reflected the changes to the economy during the Covid-19 pandemic. Even now, it is difficult to discern whether the shift to working-from-home was temporary and will tail off as lockdowns end, or whether it marks a permanent change.

What do we know in the aftermath of this market bubble? Well, that some, but not all, cryptocurrencies are pointless and so have no value outside the enthusiasm that they generate.

Also, that large US technology companies – which are strong businesses that will continue to generate profits and growth for years to come – are better value after their fall.

The bubble saw a detachment of the market from fundamentals. The rise of inflation and increase of interest rates has meant that profits in the future are less valuable.

After the bubble, in a time of inflation and rising interest rates, it is crucial to ensure that investment is based on fundamentals. To be able to calculate valuations, the company must have assets and sales and profits and pay dividends to shareholders.

We remain mindful however, that we will see a weakening economic backdrop translate into a weaker environment for corporate earnings and, as we move into recession, it seems likely defaults will pick up.

So, we are moving cautiously. Equity and bond markets look set to remain volatile, but we will continue to see strong reversals from time to time as markets trend lower.

In the short term, market attention will soon turn to the Q2 earnings season and the focus will be on signs of earnings slowing. So far in this sell off, market prices have moved lower, but earnings expectations remain stubbornly high.

For the moment we remain cautious until we have a little more visibility on the outlook for growth, earnings and rates, something that may require a little patience.


Simon Gergel Fund Manager, Merchants Trust

In times of economic uncertainty and volatile stock markets it is best to focus on the medium to long term and try to avoid making decisions based upon short term news-flow and market noise.

We try to identify soundly-financed companies that we expect to emerge from current uncertainties with a strong, enduring business. We will look to buy these, if short- term volatility has left them trading at a significant discount to their future intrinsic value. 

At the moment some of the best value is evident in the house building, retail and consumer sectors. That said, it is important to understand individual business models and risks.


Thomas Gehlen Market Strategist, Kleinwort Hambros

During these times, we rely on three main themes. Firstly, rather than following media-driven sentiment, trust the data. Inflation shows signs of peaking and monetary policy, while tightening, still remains loose by historical standards, so a severe recession is not our base case. Avoid panic and rash decision-making.

Secondly, maximise diversification. Throughout the cheap money era [when central banks globally deployed vast swathes of quantitative easing akin to printing money], it paid off to simply concentrate investment in equity growth trackers.

Given the heightened uncertainty, diversification has come back into focus. This includes traditional safe havens such as gold and government bonds, but also riskier yet less correlated asset classes such as commodities, hedge funds or infrastructure.

Lastly, remain flexible: we currently prefer a neutral stance on risk assets and some cash reserves to enable a rapid response should market conditions worsen or, indeed, turn for the better.


Dan Boardman-Weston CEO & CIO, BRI Wealth Management

The circumstances that have led us to this uncertainty may be novel, but uncertainty itself is not.

During times like this, it’s important to recognise the role emotion can play in investing as well as recognising it is also the first step in taking advantage of it.

Fear, desperation, panic, capitulation, despondency and depression are all emotions that we may feel about the markets over the coming period. Calm, rational thinking is essential, however, and it gives the patient and logical investor opportunities to generate attractive long-term returns.

Markets are likely to remain volatile over the coming months and so it makes sense to try and strike a balance between ‘offence’ and ‘defence’.

By ‘offence’, I mean that if investors are sitting on cash balances, then gradually investing some of that into the market would make sense over the coming months. So, too, does looking at relative value opportunities between and within asset classes.

For example, the FTSE 100 is down barely 1% this year due to its exposure to oil, mining and banks, whereas the FTSE 250 has declined nearly 20%. If that trend persists, then recycling capital from one area to the other could provide long-term opportunities.


Graham Bentley CIO, Avellemy

Unusually, even lower-risk investors have suffered because their ‘safe haven’ investments such as gilts and corporate bonds have suffered double-digit falls this year. Additionally, many investors in this situation are taking regular fixed withdrawals from diminishing pension portfolios and cannot ‘buy the bottom’ with new money.  

That said, good companies don’t stop being good just because their prices fall. Equities go up over the long term, and it is better to buy them when they’ve fallen a lot.

Investors and their financial advisers might want to consider discussing a counter-intuitive strategy with their clients, for example, increasing equity exposure to protect their portfolios.


Jason Xavier Head of EMEA Capital Markets, Franklin Templeton

Recent events, such as the pandemic and the war in Ukraine, highlight the need for liquidity [a measure of the ease with which an asset or security can be converted into ready cash] in investment portfolios.

In addition to the low costs and transparency benefits of exchange-traded funds (ETFs), investors are increasingly embracing their liquidity, too.

The robustness of the ETF eco-system has allowed investors to navigate these uncertain times as it has during past instances of market stress and will continue to serve investors as the economic backdrop remains challenging.


Adrian Gosden Investment Director UK Equities, GAM Investments 

The outlook for investing in complex. Interest rates need to rise to bring inflation under control. Investors fear this may induce a recession.

Given this outlook, investors should concentrate on investing in equities that can deliver a robust and growing dividend. This will ensure you receive an income stream that has a good chance of keeping pace with inflation.

The UK market has a good income stream from dividends at the moment, but also has the advantage of significant corporate activity and share buybacks. This means you have a good chance of benefiting from more than just the dividend in 2022 and into 2023.


Mike Stimpson Partner, Saltus 

The overall message to investors is “keep calm”. We are most likely passing through the worst period of market worries. Employment is high and wages are rising. Recent price falls have thrown up great opportunities as an enormous amount of bad news is now ‘in the price’.

We are also passing through the peak of inflation over the next three to four months. The pressure will start easing towards the end of 2022 and this will help markets find their feet. Keep thinking long term and, if you can, keep saving in ISAs and pensions. This is a good time to buy assets after their falls year-to-date.

Market volatility is a fact of life and it isn’t going to change but the good news is that the flipside of volatility is opportunity. A professional asset manager, with a global reach, can scour the world using market volatility to pick up great assets at good prices.

This is exactly what we are doing adding to everything from US small companies to gold.


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The 19th Ritossa Family Office Investment Summit in Monaco Celebrates "Connecting Minds & Investing for a Better Future" – Yahoo Finance

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MONACO, July 1, 2022 /PRNewswire/ — The 19th Ritossa Family Office Investment Summit, held under the High Patronage of H.S.H. Prince Albert II of Monaco, brought together dignitaries of the world’s leading families this week to discuss how to invest for a better future.

H.R.H. Prince Michel de Yougoslavie, Monaco; Sir Anthony Ritossa, Chairman of Ritossa Family Office & Host of Ritossa Global Family Office Investment Summits; Markus Lehner, Principal of the MARKUS LEHNER ORGANISATION (PRNewsfoto/Ritossa Family Office)

H.R.H. Prince Michel de Yougoslavie, Monaco; Sir Anthony Ritossa, Chairman of Ritossa Family Office & Host of Ritossa Global Family Office Investment Summits; Markus Lehner, Principal of the MARKUS LEHNER ORGANISATION (PRNewsfoto/Ritossa Family Office)

Global leaders, entrepreneurs, prestigious family offices, private investors, Sheikhs, royal families, and leading businesses from 55+ countries representing more than $4.5 trillion convened with a powerful sense of purpose. The closed-door event’s theme “Connecting Minds & Investing for a Better Future” featured discussion and debate regarding how to make our world a better place. Previous Summits have raised $2.8US billion in investments for leading global start-ups, entrepreneurs, funds, and philanthropic endeavors and early indications are that the Monaco event will be a similar great success.

“Global family offices are committed to investing for the greater good of mankind and believe that those who wield economic power must do everything within their power to serve as a pioneering global forum for action. I’m incredibly grateful that the Summit was held under the High Patronage of H.S.H. Prince Albert II of Monaco and deeply appreciate H.R.H. Prince Michel de Yougoslavie, H.R.H. Prince AbdulAziz Bin Faisal AlSaud, and our Summit Chairman – Markus Lehner, as well as every member of our “family of family offices,” and all the entrepreneurs who attended and contributed thought leadership insights,” said Sir Anthony Ritossa, Chairman of Ritossa Family Office & Host of Ritossa Global Family Office Investment Summits, UAE.

“It is an honour and a pleasure to be the 19th Ritossa Family Office Investment Summit Grand Ambassador in Monaco. I have taken part in many events in the past years and have always been amazed at the quality of the participants and at the wealth of information that was circulated,” said H.R.H. Prince Michel de Yougoslavie, Grandson of King Umberto of Italy and Prince Paul of Yugoslavia, Monaco.

“Recent times have changed everyone’s life faster than ever before because our world has changed from one moment to another. Sir Anthony is guiding his family office conferences best through these times, and that’s why they are the world’s No 1. summits in all aspects. Therefore, I was even more delighted to serve again as the Chairman of the 19th Ritossa Family Office Investment Summit in Monaco,” said Markus Lehner, Chairman of the 19th Ritossa Family Office Investment Summit, Principal of the Markus Lehner Organisation, and Founder of Lehner Investments, Monaco.

Key discussion points at the Summit included:

Monaco’s Unique Economy with a Focus on its World-Famous Financial Marketplace

Under the expert leadership of His Serene Highness Prince Albert II, Monaco is thriving as an international financial marketplace with strong credit dynamics, new regulations for residency, and an efficient platform for estate planning. Among its advantages are its lack of debt, balanced budget, favorable tax structures, popularity for entrepreneurs, strong private banks, and support of family offices.

Fighting our Climate Crisis, Today

As part of the quest to  make the world a better place and an ocean that’s part of the planet we call home, there are new commercially viable processes for the cultivation of micro algae for biofuels and related carbon credits. Its goal is to make net-zero emissions goals a reality and it has the partnerships in place to drive change at a rapid pace.

Family Office Investor Insights

When investing in today’s dynamic environment, attendees agreed that it’s important to be able to navigate the political climate. We are deep into a geopolitical recession which will last longer than an economic recession. Although we are on an unavoidable path, there are significant investment opportunities that hold the promise of outsized  future returns, including areas such as technology. Additionally, infrastructure is a hedge against inflation, Being nimble is essential since markets have a short memory and what is happening now is what matters.

Investment Strategies in the Web 3.0 Era

The time now to invest in the next  generation of cryptocurrency and its long-term benefits are evident across many industries, including real estate, gaming, healthcare, among others. The combined valuation of cryptocurrencies has reached US$3.2T but many coins are volatile and are not backed by assets. Unicoin is a next generation of cryptocurrency that is dividend paying and asset backed. Blockchain is equalizing the world in that it can be used to help humanity. Ultimately, finance is about trust.

Legacy & Socially Responsible Investing

Family offices must align their investments with their values. Investing in impactful start-ups that help improve lives is important as is taking into consideration the United Nations Sustainability Goals. We all have choices to make and possess the ability to have a positive impact at some level. Projects related to water desalinization, renewable energy, sustainable housing, and climate change are examples where investment dollars have a needed impact.

AI & Machine Learning

The U.S. leads China in areas such as enterprise software but China remains ahead in speech recognition and industrial robots. A cornerstone of artificial intelligence is the fact that the more intelligent you are the better you can make decisions.  AI can write rules that represent the truth. AI makes life easier and facilitates humanity. It is faster and enables us to identify the best way to do things across industries – at fraction of a second.

Family Offices – The Eternal Flame

Challenges may arise when family members do not see eye-to-eye yet certain truths remain the same throughout the years. Human capital lasts over generations and education is critical. We must give the next generation responsibility and let them earn and build wealth independently. Leading family offices stress the importance of investing in education for the next generation. Ambition, leadership, governance, and discipline are critical to success. It’s important to be flexible, take a long-term view, understand what you’re investing in, have a vision, and invest in great founders dedicated to building their business.

How Champions, Invest Like Champions

An Ultra Exclusive Fireside Chat entitled “How Champions, Invest Like Champions” featured racing legends Mika Hakkinen (The Flying Finn), a 2-Time F1 Champion from Finland; Juan Pablo Montoya (JPM), a F1 Legend from Colombia; and Sebastian Montoya, a Rising Star, FREC from Colombia. Among the areas in which they’re investing are the metaverse, online gaming, and cryptocurrency. In all aspects of life, they embrace the concept of teamwork, looking at the world in new ways, learning, and understanding. Importantly, F1 is seeking to make next generation drivers carbon neutral.

Spotlight on Iconic Global Family Office Investors & Co-Investments

Leading families believe in following smart investors and view relationships as important. Focus areas for investment include biotech, fintech, space, India-only, logistics, funds such as activist strategies, and secondaries. Patience is key, a long-term horizon is advisable, and innovative thinking is a trademark of a great manager. Because family offices have on-the-ground, local knowledge, they are valuable in terms of presenting opportunities. It’s best to seek partnerships with those you have synergy with and who have skin in the game as an investor. Trust is a Number One priority.

Increased Giving for a Better Tomorrow

Trends include family offices’ tireless generosity in challenging times, increased sophistication, and the next generation leading the way. Areas of giving include children, healthcare, women’s empowerment, sustainable economy, economic development, education, refugee support, and foster homes. Families agree that philanthropy is a privilege and not an obligation. We must be careful to use philanthropy to create a better community. While historically there was separation between business and philanthropy, we no longer need to make a choice as the two intersect. Today, it is possible to be economically profitable while making a difference.

For more details on upcoming invitation-only Global Family Office Investment Summits, please visit www.RitossaFamilySummits.com

Media Contact:
Charlotte Luer
+1-239-404-6785
charlotte@ritossafamilyoffice.com

From left to right:  Nikola Petkovic, Founder & CEO, Filip World Soccer International LLC; Stasa Ritossa; Sir Anthony Ritossa; H.R.H. Prince Abdulaziz bin Faisal bin Abdul Majeed bin Abdulaziz Al Saud; Sultan Alhaif, Advisor to H.R.H. Prince Abdulaziz Bin Faisl Al Saud; Markus Lehner, Principal of the MARKUS LEHNER ORGANISATION; Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise (PRNewsfoto/Ritossa Family Office)From left to right:  Nikola Petkovic, Founder & CEO, Filip World Soccer International LLC; Stasa Ritossa; Sir Anthony Ritossa; H.R.H. Prince Abdulaziz bin Faisal bin Abdul Majeed bin Abdulaziz Al Saud; Sultan Alhaif, Advisor to H.R.H. Prince Abdulaziz Bin Faisl Al Saud; Markus Lehner, Principal of the MARKUS LEHNER ORGANISATION; Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise (PRNewsfoto/Ritossa Family Office)

From left to right: Nikola Petkovic, Founder & CEO, Filip World Soccer International LLC; Stasa Ritossa; Sir Anthony Ritossa; H.R.H. Prince Abdulaziz bin Faisal bin Abdul Majeed bin Abdulaziz Al Saud; Sultan Alhaif, Advisor to H.R.H. Prince Abdulaziz Bin Faisl Al Saud; Markus Lehner, Principal of the MARKUS LEHNER ORGANISATION; Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise (PRNewsfoto/Ritossa Family Office)

19th Ritossa Family Office Investment Summit (PRNewsfoto/Ritossa Family Office)19th Ritossa Family Office Investment Summit (PRNewsfoto/Ritossa Family Office)

19th Ritossa Family Office Investment Summit (PRNewsfoto/Ritossa Family Office)

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Putin Offers Russian Railways Investment in New Indonesia Capital – Financial Post

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President Vladimir Putin offered to have Russian Railways invest in Indonesia’s new capital, in a sign of warming ties with Southeast Asia’s biggest economy as the US and its allies seek to isolate Moscow.

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(Bloomberg) — President Vladimir Putin offered to have Russian Railways invest in Indonesia’s new capital, in a sign of warming ties with Southeast Asia’s biggest economy as the US and its allies seek to isolate Moscow.

Putin said Moscow could take part in President Joko Widodo’s plan to move Indonesia’s capital to the island of Kalimantan from Jakarta, according to a statement by the Russian Embassy in the country. He made the comments during Jokowi’s visit to Moscow on Thursday, it said.

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Nusantara, as the new capital will be called, is set to begin construction in August after the pandemic stalled its development. Jokowi has courted investors including Abu Dhabi and Taiwan’s Foxconn Technology Group to help build a renewable energy-powered city from scratch. 

Russian energy companies are also keen to operate in Indonesia, especially in developing nuclear power, Putin added. Atomic energy is a key part of Indonesia’s net-zero emissions plan.

Indonesia has come under pressure by the US and other countries to prevent Putin from joining the Group of 20 summit, which is set to take place in Bali. The Russian leader made no comment on whether he’ll attend in person.

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