By Josh Gilbert, Lead Market Analyst, APAC & Middle East at etoro

Abu Dhabi, United Arab Emirates – August 04, 2026: The South Korean market has kept investors on the edge of their seats this year. The Kospi swung from a heavy selloff to a record one-day surge last week, with 30-day volatility now rivalling Bitcoin, Samsung and SK Hynix are the two names in the spotlight right now, but after a record start to the year, the market has paused for breath. Samsung's chip division just delivered a profit up more than 250-fold from a year ago, SK Hynix posted a record quarter with gross margins of 83%, and both are telling customers the memory shortage runs into 2028.

The reason the ride is so wild sits in how the market is built rather than what the companies earn. Korea is the most concentrated major market in the world, with Samsung and SK Hynix dominating the index, and this year it added single-stock leveraged ETFs on those same two names into a market with heavy retail participation. Leverage amplifies everything, on the way down through forced selling, and on the way up too, with one leveraged product tracking SK Hynix pulling in a record inflow of roughly USD$865 million in a single day during the rebound. But investor confidence typically rebuilds more slowly than positions unwind,
particularly after periods of elevated leverage.
On the fundamentals, the story has genuinely strengthened. The world's biggest cloud companies all
lifted or maintained enormous spending plans this earnings season, with Amazon explicitly saying higher
memory prices pushed its capex to around USD$220 billion, and memory makers are locking customers
into multiyear contracts, including Samsung's agreement with Broadcom worth more than USD$200
billion through 2030. The risks that matter are lower-moving, whether pricing that has risen this far this
fast eventually invites oversupply, and whether Chinese competitors can close the technology gap, a
question given fresh urgency by DeepSeek's latest model release, reminding everyone how quickly China iterates.
The AI investment cycle continues to be supported by strong corporate spending on computing infrastructure. Korea's chipmakers sit at the centre of the AI buildout with demand contracted years ahead, but anyone investing in that market should expect continued volatility.

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Exclusive Première Preview event at the Zug boutique, hosted by Samuel Naldi (Right To Left) alongside Swiss watchmaking legend Jean-Claude Biver and automotive figure Ronnie Kessel. All images all rights reserved.

By Nermin A., Editor

Zug, Switzerland — This summer, Writing Culture — the new identity of Style of Zug, Switzerland’s celebrated destination for rare and extraordinary writing instruments headed by Samuel Naldi — unveiled a sweeping set of announcements: a new brand identity, the reopening of its refurbished Zug boutique, the launch of a Swiss-based manufacturing initiative named Mechanics of Writing, and the revival of the historic American pen brand John Holland. These announcements follow four years of growth exceeding 400% and mark a decisive step in the house’s transformation into a global curatorial authority for fine writing. Writing Culture continues to carry an authorised selection of the world’s most prestigious writing instrument Maisons — among them Montblanc, Montegrappa, Namiki, Elbwood, Yard’o’Led and Caran d’Ache — alongside rare and limited editions curated for their technical precision, historical relevance, and enduring beauty.

A NEW ERA OF SWISS MANUFACTURING

​The rebrand, goes far beyond a visual refresh. It represents a fundamental shift in how the house defines itself: no longer simply a retailer of luxury pens, Writing Culture now stands as a curatorial authority — a place where collectors come to build collections of intrinsic, aesthetic, and historical value. Research indicates that handwriting and reading share neural pathways, and the cognitive processes involved in handwriting. Handwriting activates a broader network of brain regions involved in motor, sensory, and cognitive processing.…(1) Findings from neuroimaging studies, explore how handwriting and typing differentially activate brain regions associated with motor control, sensory perception, and higher-order cognitive functions. 

The Zug boutique, closed for a complete refurbishment, reopened on Saturday, 30 May 2026 with an intimate evening hosted by Christa Rigozzi for selected clients and friends of the house. Led by engineer Davide Zanghi, the Mechanics of Writing initiative is developing new competencies in precision engineering, manufacturing, and gold nib production. Currently operating from a temporary facility in Rotkreuz, the company will move to a permanent location in the Zug area. The philosophy is straightforward: remove compromise from the starting point of product development. The objective is not to create the easiest product to manufacture, but the most meaningful, engaging, and rewarding product to own and use.

Writing Culture has chosen to revive John Holland not by acquiring a contemporary brand, but by bringing back one of the names that helped shape the very foundations of the industry itself. Driven by a strict Swiss-Made standard, 100% of the production — including the in-house manufacturing of the nibs — takes place in Switzerland.

INTERNATIONAL EXPANSION & STRATEGIC GROWTH

At the same time, Writing Culture is pursuing an ambitious international expansion strategy focusing on New York, Milan, Dubai, and London, with specific properties currently under evaluation. To support this broader development, Writing Culture plans to invest several million over the next few years. 

"Our ambition is to introduce consumers who already appreciate fine watches, automobiles, fashion, and collectible objects to a category that embodies the same level of technical complexity, heritage, savoir-faire, and emotional value. Through John Holland, Mechanics of Writing, and Writing Culture, we aim to contribute to a new chapter for the writing industry by placing innovation, craftsmanship, emotion, and culture back at the centre of the conversation.” Samuel Naldi, Writing Culture

Exclusive Première Preview event at the Zug boutique, hosted by Samuel Naldi in conversation with Swiss watchmaking legend Jean-Claude Biver.

Nermin Ahmet: What is the store’s target audience?
Samuel Naldi: We are intentionally expanding our focus beyond traditional pen collectors to engage a much broader, high-end lifestyle audience. Our core target audience includes luxury connoisseurs—individuals who already appreciate and collect fine mechanical watches, classic automobiles, high fashion, and rare collectible objects. The goal is to show them that exceptional writing instruments embody the exact same level of technical complexity, heritage, and emotional value. Beyond that, we see a lot of interest from story and heritage seekers. These are modern luxury consumers who are no longer just buying a physical product but are actively looking to invest in a deeper narrative, human craftsmanship, and authentic heritage. Finally, we want to reach future generations, introducing younger consumers to the enduring cultural relevance and premium desirability of fine writing instruments.
 
Nermin Ahmet: Who are currently the main drivers of the demand?
Samuel Naldi: The surging demand we are experiencing is fueled by a fascinating mix of geographic and behavioral shifts. First, we have an active, highly engaged international collector base of luxury consumers spanning Europe, the United States, and the Middle East. Then, there is the broader "Slow Luxury" movement, driven by post-pandemic consumers who have fundamentally re-evaluated their relationship with time. This has sparked a major resurgence in analog, tactile experiences, which closely mirrors the growing preference for mechanical watches over smartwatches. Lastly, we are seeing a lot of demand from digital fatigue enthusiasts. These are individuals seeking a reprieve from an era dominated by digital communication, and they view the deliberate act of handwriting as the ultimate form of personal luxury and a unique mechanism for self-expression.
 
Nermin Ahmet: What are the prospects for the brand’s expansion?
Samuel Naldi: Following an explosive growth rate exceeding 400% over the past four years, our prospects are built on three strategic pillars. The first is achieving true omnichannel scale, where we balance a robust, global e-commerce infrastructure with highly experiential, redesigned physical retail spaces where clients can experience materials and writing performance firsthand. The second pillar is domestic manufacturing through our initiative, Mechanics of Writing. We are moving away from industry-standard outsourcing by launching a dedicated Swiss research, development, and precision engineering facility. Led by engineer Davide Zanghi, this initiative focuses on producing in-house gold nibs without manufacturing compromises. The third pillar involves brand revivals, where we bring legendary historic trademarks back to life, starting with the iconic American brand John Holland. Its inaugural Swiss-made collections will include the Klondike, which is inspired by historical exploration, and the Empire State, celebrating modern creative energy. Supported by this rapid scaling, the business is targeting an aggressive future turnover benchmark of CHF 100 million.
 
Nermin Ahmet: Which cities and regions do you plan to target?
Samuel Naldi: While our digital ecosystem seamlessly caters to our established global clientele across Europe, the US, and the Middle East, our physical footprint is ready to cross borders. In terms of our brick-and-mortar boutique expansion, we are currently evaluating the choice between opening our first dedicated international boutiques in Milan or New York, and I am happy to share that Dubai and London will follow right after.
 
Nermin Ahmet: Why the new brand “Writing Culture”? What is the philosophy behind this name change?
Samuel Naldi: The evolution from Style of Zug to Writing Culture marks a profound shift from a locally anchored boutique to a global movement. The philosophy behind it rests on a cultural renaissance where we aim to elevate the industry above mass efficiency and standardization. The new name shifts the focus back to what makes fine writing culturally significant, namely artistic expression, human ambition, and uncompromising craft. This rebrand explicitly signals our desire to place innovation, craftsmanship, emotion, and culture back at the very center of the conversation. Ultimately, it gives us a universal identity, providing an instant, sophisticated concept that can be easily understood in any luxury market worldwide—be it London, Paris, New York, or Milan—establishing the brand as the ultimate home for the ritual of writing.

(1)
The Neuroscience Behind Writing: Handwriting vs. Typing—Who Wins the Battle? - PMC, Marano et al., Life (Basel). 2025 Feb 22;15(3):345. doi: 10.3390/life15030345

KEY FACTS

The brand name changes from Style of Zug to Writing Culture, effective 30 May 2026. The Zug boutique reopened on Saturday, 30 May 2026 following a complete refurbishment. Founded in 2000 by the Naldi Family, the house is celebrating over 25 years of fine writing in Switzerland. New Swiss manufacturing initiative: Mechanics of Writing, led by engineer Davide Zanghi, based in the Zug area. Revival of historic American brand John Holland under a strict Swiss-Made standard. First collections: Klondike and Empire State. International boutique expansion targeting New York, Milan, Dubai, and London, first two locations within 18 months.

Website: writingculture.com.
Boutique: +41 41 710 93 29.
Instagram: @writing_culture 

Read also
​STYLE OF ZUG BECOMES WRITING CULTURE

 
Geneva, Switzerland and Abu Dhabi, United Arab Emirates, 30 July 2026: Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, today announced that the second cohort of UAE National engineers has successfully completed an EGA Technical Leadership programme in Switzerland. Conducted in collaboration with R&D Carbon, a leading Swiss consultancy specialising in carbon technology and process improvement for the aluminium industry, the programme provides participants the opportunity to design and implement innovative solutions to advance EGA’s Carbon & Port operations. 
 
Applying their technical knowledge to tackle real-world industrial challenges, each participant was also asked to develop an individual thesis and present their findings as part of the graduation ceremony. In attendance was Werner Fischer, Founder of R&D Carbon, who congratulated the graduates on both the quality of their work and the delivery of their projects. Joining the graduates at the ceremony from EGA were Iman Al Qasim, Executive Vice President of Human Capital, and Amer Al Marzooqi, Senior Vice President of Carbon & Port Operations.
 
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Developing the next generation of UAE National technical talent is essential to EGA’s future success and the
continued growth of our nation’s industrial economy. This programme enables our engineers to deepen their expertise while developing practical solutions to real operational challenges. I congratulate our
graduates and look forward to the enhanced impact they will make in operations at EGA.”
 
Amer Al Marzooqi, Senior Vice President of Carbon & Port Operations at Emirates Global Aluminium, said: “The programme was designed to serve as a bridge for transferring nearly 50 years of
technical expertise to a new generation of UAE National engineers. The success of the first class demonstrated the true value of this investment through its tangible impact on strengthening technical
knowledge, embedding best practices, and enhancing operational performance. Building on that success, the second cohort reflects EGA’s long-term commitment to developing the technical
capabilities of our people and investing in national talent, ensuring our workforce is equipped to drive innovation and operational excellence across our Carbon & Port operations.”
 
Aspiring to be the industrial employer of choice in the countries it operates in, EGA offers technical development programmes for employees, including in collaboration with leading international partners
from academia and industry peers.
 
In 2025, EGA launched the EGA Academy, a capability building and career development platform that delivers high-impact learning and development opportunities for EGA employees at all levels. EGA
Academy offers employees access to programmes designed to develop the technical, professional, and leadership skills required to thrive in today’s fast-evolving industrial environment.

Image credits, www.bea-lanz.ch.

In line with this vision, EGA has launched the Technical Leadership Program in 2024, a bespoke initiative created in partnership with R&D Carbon, having a multi-level collaboration with EGA for over 30 years. This program stands for the visionary leadership of Amer Almarzooqi and trust on future leaders by Abdulla Kalban, Abdulnasser Bin Kalban, Sergey Akhmetov and Iman Al Qasim.


The program is specifically designed to enhance technical leadership within EGA’s management. Participants benefit from the knowledge and expertise of industry specialists from R&D Carbon, Dr. Markus Meier, Peter Sulger, Francesco C. Baccalà and Jérôme Chollet who collectively bring more than 70 years of experience. EGA and R&D Carbon have presented a joint paper at the 2026 TMS Conference in San Diego about the program and the thesis topics of the first cohort whose members graduated in 2025.

By Nagham Hassan, Market Analyst at etoro

Something unusual happened in luxury this month. Three companies reported growing sales. Two of them saw their shares fall. Richemont posted sales up 20%, with growth in every region and the jewellery segment extending double-digit gains to seven consecutive quarters. The stock rallied about 10% before easing back roughly 3%. Burberry reported comparable sales up 5%, with every product division growing for the first time in three years. Yet its shares fell 5% and remain around 3.85% below their pre-report level.

Likewise, Moncler beat expectations with revenue up 5%, but its shares have dropped roughly 10% since, growth alone no longer moves these stocks. What separates them is the quality of that growth, and whether investors believe it will still be there in a year.
Consider what Richemont sells. Customers do a different kind of mental accounting when they buy jewelry compared to when they buy a jacket. Cartier and Van Cleef buyers are often making decisions about the store of value when they choose a product, and so demand for their goods holds up when confidence wobbles. In Richemont growth came from a category structurally less exposed to fashion cycles, and it arrived alongside strength in every geography. Nothing in the result needed a caveat.
By contrast, Burberry and Moncler both grew with an asterisk. Burberry saw real improvement, but this just early-stage repair work for a brand that has spent years off balance. The Middle East accounts for only about 2% of its business, yet the conflict cost it twice. Customers inside the region stopped spending, and Asian shoppers who would normally fly to Europe and buy at the London and Paris flagships stayed home, so the damage showed up in European sales rather than Middle Eastern ones. A brand can have almost no exposure to a region and still lose meaningful revenue when conflict disrupts how people travel.
In Moncler problem is structural. Most of its revenue arrives in autumn and winter, making April to June its slowest quarter by some distance. It beat expectations in the three months that tell you least about the business, and the market read that as confirmation of the seasonality problem rather than progress against it. Building a summer business means new collections, which take years to reach shops.

Kering shows the same logic inverted. Its shares fell around 10% in June after Barclays warned that full-year targets looked increasingly out of reach, and have recovered only about 2% since. The weak quarter was not the surprise, since analysts had already forecast a decline. What seems to have shifted is how long investors think the recovery will take. The company reports on 28 July.
Hermès faces a subtler version of this dynamic. First-quarter growth of 5.6% would be respectable for most of the sector, but Hermès trades at 36 times forward earnings against a sector average of 24, and HSBC downgraded it because that outperformance gap is narrowing. Whether the premium holds will be clearer when the company reports on 29 July.
Bain projects 2% to 4% growth for the personal luxury goods market this year. A rising tide that size does not lift everyone. Roughly 70 million consumers have left luxury since 2022, and HSBC blames greedflation, raising prices beyond what costs required, alongside weak creativity in the product.
Customers paid more for things that were not getting better, and many left. Those who went were the most price-sensitive, leaving a smaller and wealthier base.

LVMH reports 27 July, Prada and Brunello Cucinelli 30 July. For two years the question was whether
luxury would recover. That is largely settled. The better question now is which brands the recovery
belongs to, and the next two weeks of results will start to answer it.

The rating action by Fitch marks an important milestone in the Bank's strategic transformation and substantiates its strengthening financial fundamentals, disciplined execution and confidence in its long-term direction.

Sharjah, UAE — 20 July 2026 — Invest Bank (INB) today announced that Fitch Ratings has assigned Invest Bank P.S.C. (INB) a Long-Term Issuer Default Rating (IDR) of “BBB+“ with a Stable Outlook and Government Support Rating (GSR) of  “BBB+“, marking the Bank’s IDR at investment-grade.
The rating represents an important milestone in the Bank's ongoing transformation and provides independent recognition of the progress achieved in strengthening its financial profile, rebuilding its franchise and positioning the Bank for sustainable long-term growth.

According to Fitch, Invest Bank s Long-Term IDR is backed by the expected Government support alongside adequate capitalisation, good liquidity coverage and improving financial performance. The Stable Outlook reflects the expectation that the Bank will continue to execute its strategy while maintaining appropriate capital and liquidity buffers. The rating follows a multi-year transformation program undertaken by the Bank to strengthen its balance sheet, enhance governance, risk management, improve operating performance and reposition the Bank for sustainable growth. Following past restructuring, the Bank returned to profitability in 2025 and has continued to build this momentum through disciplined execution and a clear strategic focus.
Fitch noted the continued improvement in the Bank's operating performance, including net interest income, adequate reserve coverage and a robust capital position. The agency highlighted the Bank's liquidity profile and the expectation that legacy impaired assets may continue to reduce over the medium term as the transformation progresses.
While recognizing that the Bank continues to operate with a relatively small domestic franchise and remains in a rebuilding phase, Fitch acknowledged the progress made in strengthening the Bank's financial resilience and executing its long-term strategy.

Chief Executive Officer;s Statement, Edris Al Rafi
“Receiving our inaugural investment-grade rating from Fitch is a defining milestone for Invest
Bank and an important validation of the progress we have made over the past few years.
This rating reflects the dedication of our people, the continued support of our shareholders,
and our unwavering focus on disciplined execution. We have consciously worked to
strengthen our balance sheet through focused diversification and digitization.
While we are proud of today’s achievement, we see it as an important steppingstone rather
than the destination. Our priority remains creating long-term value for all our stakeholders be
it our customers, shareholders, employees, regulators and the communities we serve, while
continuing to build a stronger, more resilient and more competitive bank.”

Looking Ahead

The investment-grade rating further strengthens Invest Bank's position within the UAE banking sector and is expected to support engagement with investors, counterparties and funding markets as the Bank continues executing its strategic priorities. Invest Bank remains focused on disciplined growth, maintaining capital and liquidity buffers, enhancing customer experience and delivering sustainable value to all its stakeholders.
As Invest Bank continues its evolution into a modern, technology-driven financial institution, today’s announcement marks an important step in a journey.

An investment-grade rating is a mark of financial strength and stability. It signals to investors, clients,
and partners that a bank is well positioned to meet its financial commitments, and it typically
improves access to funding and lowers the cost of borrowing. A Stable Outlook means Fitch expects
the rating to hold steady over the near to medium term. This is the first time Invest Bank has been
rated by Fitch.
About INB:
Founded in 1975, Invest Bank PSC (INB) is a leading public shareholding company, headquartered in
Sharjah, UAE. With over four decades of significant presence, Invest Bank has established itself as a
reputable entity within the UAE’s banking sector, committed to delivering exceptional financial
services. In 2019, the Government of Sharjah became a strategic partner, reaffirming the bank's
position through commercial investment, with its shares publicly traded on the Abu Dhabi Securities
Exchange (ADX). Today, Invest Bank offers a wide array of services including retail banking, corporate
banking and investment services.

Emily in Paris, one of Netflix series that made a huge international headlines.

By Lale Akoner, Global Market Strategist at eToro.

Abu Dhabi, United Arab Emirates – July 17, 2026: Netflix;s latest earnings mark the beginning of a new phase for the streaming giant, with the company shifting its focus toward long-term growth initiatives despite a more measured near-term outlook.
​
Netflix;s latest results point to a company entering its next phase of growth. While the quarter itself was solid, the outlook disappointed investors, with management signalling more modest sales growth ahead and choosing not to raise its profitability targets.
This suggests Netflix is prioritising investment in new content, advertising and the wider platform over maximising margins in the short term. The focus now shifts to whether these growth drivers can deliver as subscriber additions become less central to the investment case.
Advertising, live programming, price increases and Netflix;s paid-sharing strategy will be key areas to watch. Converting password sharers into paying users could support both margins and growth, while strong cash generation and ongoing share buybacks remain supportive. But the
market is likely to put greater emphasis on Netflix;s ability to keep viewers engaged and spending.