Syrian pound hits a record low
Trustpilot picks London for IPO
LONDON, March 3, (AP): Online review platform Trustpilot said Monday it plans to sell shares in London, in a stock offering that helps shore up the city’s status as a financial hub and destination for tech companies after Brexit.
Trustpilot, which is based in Copenhagen, Denmark, said it will hold an initial public offering on the London Stock Exchange to sell 25% of its shares to raise $50 million.
While not yet profitable, Trustpilot’s net loss narrowed last year as its revenue rose to $102 million. It’s aiming for a market valuation of 1 billion pounds ($1.4 billion), according to a person close to the company who was not allowed to speak publicly.
People can use Trustpilot to publicly leave feedback for businesses. One of Trustpilot’s selling points is that it doesn’t allow businesses to pick and choose which reviews are published on, or deleted from its platform, as a way to raise trust and transparency.
The company also uses technology to weed out shady posts. Last year it took down 2.2 million reviews deemed to be fake or fraudulent, 70% of which were removed by automated systems.
The company, which was founded in 2007, says it has hosted more than 120 million reviews for more than 529,000 websites belonging to businesses in more than 100 country and territories. Its biggest markets are the U.K. and U.S.
BEIRUT, March 3, (AP): The Syrian pound hit a record low Wednesday just days before the Arab country marks the 10th anniversary of a conflict that has left hundreds of thousands dead and large swaths destroyed.
The U.S. dollar was trading on the black market at 4,000 pounds, increasing the misery of many Syrians who have been struggling to make ends meet with a sharp increase in commodity prices. The official price remains 1,256 Syrian pounds to the dollar.
At the start of the conflict in midMarch 2011, the U.S. dollar was worth 47 Syrian pounds.
Syria’s local currency has been hit hard by the war, corruption, Western sanctions and more recently a financial and economic collapse in neighboring Lebanon. Syrians are believed to have billions of dollars blocked in Lebanese banks that have imposed harsh capital controls since late 2019.
The average salary in Syria stands at about 90,000 pounds ($22.50) per month making it difficult for many Syrians to survive. With the crash of the local currency, prices at shops have been changing almost every day.
In January, a new, 5,000 Syrian pound bank note went into circulation, the largest denomination in the country. The Central Bank of Syria said the new bank note was issued “to meet the need of the market, facilitate cash transactions and reduce their costs.”
The United Nations estimates that nearly 80% of Syrians live under the poverty line. In recent months, fuel and wheat have been in short supply, driving the government to reduce subsidies and ration resources.