City Abu Dhabi Financial News
02.11 / 10:37
Blockchain
Digital
Platform
Align
Simulation
country
2020
DTCC to Acquire Securrency, Advancing in Digital Asset Infrastructure
The Depository Trust and Clearing Corporation (DTCC) has solidified its position in the digital asset sphere by confirming its intention to acquire Securrency, a firm renowned for its expertise in digital asset infrastructure development. This acquisition aligns with DTCC's strategic vision of seamlessly integrating digital assets with its pre-existing products and services. The specifics of the deal remain confidential, but indications suggest a closure «in the coming weeks.»
02.11 / 08:15
regulation
Web3
Abu Dhabi Global Market introduces comprehensive DLT Foundations Regulations
The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. The international financial free zone’s regulatory framework is “purpose-built” and the first of its kind, the agency claimed.
01.11 / 00:59
Aware
CEO
reports
PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats
PharmEasy cofounder and chief executive Siddharth Shah will have a three-year lock-in on his remaining stake in the epharmacy startup, along with getting a board seat at the company that has just closed a Rs 3,500 crore rights issue. Interestingly, Ranjan Pai, chief of Bengaluru-based Manipal Group, will have three board seats at PharmEasy parent API Holdings as part of his investment in the company, people aware of the terms said. He is emerging as the largest shareholder with at least a 15% stake after the rights issue, they said.
30.10 / 18:49
BLOCK
Action
Experts
country
information
India calls for initiating formal talks on WTO's dispute settlement body reforms
WTO members to reform the dispute settlement body of the World Trade Organisation, as the present informal deliberations are creating hindrance for several nations to participate in the talks, an official said. The official added that formal talks on the subject can help in arriving at some kind of consensus by the 13th ministerial conference (MC), the highest decision making body of the WTO, in Abu Dhabi in February next year. The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week.
30.10 / 15:57
IPO
Mamaearth parent Honasa raises Rs 765 crore from anchor investors ahead of IPO
Mamaearth parent company Honasa Consumer has raised Rs 765.19 crore from anchor investors ahead of its initial public offering (IPO) launch on Tuesday. The company has also allocated shares worth Rs 253.61 crore to domestic mutual funds. For the anchor portion, the company has allocated 2.36 crore shares at Rs 324 apiece. US financial services major Capital Group has been allocated 8.77% of the anchor investor portion, followed by crossover investor Fidelity, Norges Bank and Abu Dhabi Investment Authority (ADIA).
30.10 / 06:37
beautiful
reports
Ranjan Pai-led Manipal Group invests in online beauty products retailer Purplle
Manipal Group has invested in Mumbai-based online beauty products retailer Purplle in a secondary transaction, purchasing shares from JSW Ventures. Through the deal, JSW Ventures has partially sold its shareholding in Purplle. In May, ET had reported thatJSW Ventures had partially sold its stake in Purplle to Abu Dhabi Investment Authority (ADIA). At the time, the startup closed a $40-50 million funding round, split between primary and secondary transactions, at a flat valuation of $1.1 billion.
27.10 / 02:19
Provident
Booking
Citizens
economy
Remark
awards
voice
Former RBI governor Raghuram Rajan's new book 'Breaking the Mould' to be released on THIS date. Details here
'Breaking the Mould: Reimagining India’s Economic Future,' will be released on 7 December. In a tweet, the publication house wrote, “We're absolutely thrilled to introduce #BreakingTheMould, a thought-provoking journey into India's economic future by the brilliant stalwarts, Dr.
26.10 / 13:51
26.10 / 12:55
CBDC
Adoption
JPM Coin handles over $1B in daily transactions — JPMorgan exec
Takis Georgakopoulos, the global head of payments at JPMorgan, has revealed that the company processes over $1 billion in daily transactions through its digital asset, JPM Coin.
24.10 / 21:09
Citi
BLOCK
Manufacturing
CEO
Airlines
pandemic
rights
Qatar exec departure could clear the air for fresh landing rights bid
Qatar Airways’ outspoken chief executive, Akbar Al Baker, will leave the airline after 27 years, sparking hopes that his replacement could strike a more conciliatory tone in Canberra.
24.10 / 02:01
UPS
FIVE
Aware
Gap
performer
reports
valuation
Torrent talks for $7 billion Cipla buyout trip on valuation
Torrent Pharma’s bid to acquire the stake of the promoter, the Hamied family, in Cipla has stalled over valuation differences, said people with knowledge of the matter. That has derailed plans to create one of India’s biggest pharmaceutical companies, at least for now. The third generation of the Hamied family had been in discussions with their counterparts, the Sudhir and Samir Mehta family of Torrent Pharma. Negotiations have been suspended by mutual agreement and may be revived later, said the people cited. The bid-ask gap is 15-20%, which appears to stem from the surge in Cipla shares since news of a potential stake sale by the Hamieds became public.
20.10 / 19:27
COST
UPS
tenor
reports
Adani Group raises $3.5 billion to refinance debt
Adani Group said on Friday that it has refinanced part of the debt taken for the acquisition of Ambuja Cements and ACC through a $3.5 billion financing package raised from a clutch of international banks. The loan will have a tenor of three years and will result in an interest cost saving of around $300 million, the Adani Group said, without disclosing the terms of the agreement. This comes at a time when interest rates have significantly gone up globally following rate hikes by the US Federal Reserve. The transaction is being financed by a consortium of 10 international banks including DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank.
20.10 / 17:15
COST
UPS
Booking
Strategy
reports
Adani gets $3.5 bn loan to refinance cement buyouts
Ambuja Cements Ltd and ACC Ltd. The refinancing deal, whose terms are more favourable than the original acquisition loan, has a maturity of up to three years. An Adani group special purpose vehicle called Endeavour Trade and Investment Ltd will avail the refinance amount.
20.10 / 13:27
MET
Cooper
President
show
country
reports
Saudi Arabia, UAE leaders meet as Israel-Hamas war threatens to spill over
crown prince and president of the United Arab Emirates met on Friday, state media reported, as the two Gulf states worked to overcome their differences amid a conflict between Israel and Hamas that threatens to engulf the Middle East. Saudi state news agency SPA showed footage of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, receiving UAE President Mohammed bin Zayed Al Nahyan at Riyadh's airport. Public meetings between the crown prince and Sheikh Mohammed have been rare in recent years as the close allies competed for investment and regional influence.
20.10 / 10:55
CBDC
Central Banks of China and UAE Sign MoU to Strengthen Digital Currency Cooperation
The Central Banks of China and the United Arab Emirates (UAE) have recently signed memoranda of understanding (MoUs) relating to digital currencies during the third "Belt and Road" International Cooperation Summit Forum in Beijing this week.
19.10 / 21:49
business
security
Enterprise
Digital Asset
acquires
Settlements giant DTTC acquires blockchain infrastructure developer Securrency
The Depository Trust & Clearing Corporation (DTTC) has signed an agreement to acquire Securrency, a digital asset infrastructure developer. The acquisition will allow DTCC to embed digital assets gradually in its existing products and services, it said. Terms of the deal were not disclosed. It is expected to close “within the next several weeks.”
19.10 / 12:41
UPS
Platform
WhatsApp
country
innovations
reports
Uttarakhand got investments worth over ₹54,000 cr since Sept
₹54,550 crore in the state since September, chief minister Pushkar Singh Dhami said. Speaking to reporters here, Dhami said that the investment commitments have been made by companies in various sectors including tourism, pharmaceuticals, health and wellness, education and agro-processing during his recent visits to London, Birmingham, Dubai, Abu Dhabi and New Delhi. Uttarakhand will hold a global investor summit from 8-9 December.
19.10 / 12:39
business
Adoption
Web3
Digital Asset
Middle east
UAE emirate launches new free zone for digital assets, Web3 and AI
Ras Al Khaimah ruler Sheikh Mohammed bin Saud bin Saqr Al Qasimi inaugurated the new RAK Digital Assets Oasis (RAK DAO), an economic free zone dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI) on Oct. 19.
19.10 / 05:23
WhatsApp
Highways
Mumbai
Mumbai: Taxi, auto and cab unions announce strike today; All you need to know
Mumbai on Cyclone Tej alert! IMD warns of cyclonic storm in Arabian Sea. When is it expected to hit? Additional protests may occur in the future if the demands remain unmet. Passengers are advised to seek alternative routes to circumvent affected areas.
16.10 / 16:07
Traffic
Mumbai
Mumbai airport records 33% growth in passenger traffic in Sep quarter
Mumbai's Chhatrapati Shivaji Maharaj International Airport (CSMIA) on Monday said its passenger traffic grew 33 per cent to 1.27 crore in the September quarter. CSMIA had recorded a total passenger volume of 96 lakh for the year-ago period, it said.
16.10 / 09:18
Adoption
solana
Solana becomes ecosystem partner of Dubai free zone
The Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre (DMCC), one of the free economic zones in the United Arab Emirates.
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