City Dubai Financial News

Nearly a year after the dramatic collapse of FTX, several former executives of the defunct cryptocurrency exchange have banded together to launch a new venture in the digital currency space. This new endeavor, named Backpack Exchange, is set to reshape the crypto landscape with a focus on enhanced security and regulatory compliance.

Climate negotiators at COP28 may bolster carbon trading when they decide on rules for a new United Nations-overseen emissions market that can lower the cost of fighting global warming.

BEIJING — Chinese electric car company BYD said Friday that it launched its flagship Han sedan in the United Arab Emirates this week.

The oil and gas sector, one of the major emitters of planet-warming gases, will need a rapid and substantial overhaul for the world to avoid even worse extremes fueled by human-caused climate change

Ben Stokes recently took part in the ODI World Cup 2023, which he came out of retirement for. “The Chennai Super Kings management is supportive of Ben in his decision to manage his workload with England playing a 5-Test series in India before the IPL and then the T20 World Cup in June 2024," CSK said in a statement. The 32-year-old, who was picked by CSK for a whopping ₹16.25 crore in the last mini-auction, could participate in only two games in 2023 after suffering a toe injury.

London | Oil and gas producers should be spending about half of their annual investment on clean energy projects by 2030 to be aligned with global climate goals, the International Energy Agency has said.

Reuters quoted data firm Nansen as saying on 22 November. The deal, which will see Binance pay $4.3 billion to US authorities to settle the years-long illicit finance probe, has raised questions over the future of the world's largest crypto exchange. It also marks another blow for an industry beset by scandals.

Former Binance CEO Changpeng “CZ” Zhao stepped down from the role on Nov. 21 after pleading guilty to violating Anti-Money Laundering laws. He then issued a statement via a messaging platform to the company. 

Kayla Itsines and Tobi Pearce have sensationally bought back Sweat, the fitness app they founded in 2015 and sold at the height of the pandemic in a $US150 million deal.

Binance founder Changpeng “CZ” Zhao will pay a $175 million release bond and agree to return to the United States 14 days before his Feb. 23, 2024 sentencing — possibly allowing him to return to Dubai.

Ripple, a frontrunner in blockchain and cryptocurrency solutions, has joined forces with Onafriq, a leading payments fintech, to revolutionize digital asset-enabled cross-border payments connecting Africa with the Gulf Cooperation Council (GCC), the UK, and Australia.

COPENHAGEN (Reuters) — A group of U.S. pension plans has lost a bid to block Denmark's tax agency from pursuing millions of dollars from them in a «cum-ex» tax fraud case after a judge in a New York district court ruled the trial could proceed.

One of Russia’s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are “cooperating with Russian arbitration managers” in bankruptcy investigations.

Emissions Gap Report from the UN Environment Programme (UNEP) finds that current pledges under the Paris Agreement put the world on track for a 2.5-2.9 degrees Celsius temperature rise above pre-industrial levels this century, pointing to the urgent need for increased climate action. Released ahead of the 2023 climate summit in Dubai, the Emissions Gap Report 2023: Broken Record — Temperatures hit new highs, yet world fails to cut emissions (again), finds that global low-carbon transformations are needed to deliver cuts to predicted 2030 greenhouse gas emissions of 28 per cent for a two-degree pathway and 42 per cent for a 1.5-degree pathway. «We know it is still possible to make the 1.5 degree limit a reality. It requires tearing out the poisoned root of the climate crisis: fossil fuels.

NEW DELHI : Purple Style Labs, the parent of luxury fashion omni-channel platform Pernia’s Pop-Up Shop, has secured an $8-million (about ₹66.6 crore) Series-D round led by Sanket Parekh of the Pidilite family office, with participation from Signet, the family office of Harish Shah, Hira Group’s family office and other investors. Existing investors also participated, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, and the former partners of Premji Invest, Rahul Garg and Atul Gupta. The company was valued at $352 million for the fundraising.

UN said Monday, urging G20 nations to boost emissions cuts. The UN Environment Programme's annual Emissions Gap report is released just ahead of crucial COP28 climate talks in Dubai and will feed into the global response to a sobering official «stocktake» of the failure to curb warming so far. With this year expected to be the hottest in human history, UNEP said «the world is witnessing a disturbing acceleration in the number, speed and scale of broken climate records». Taking into account countries' carbon-cutting plans, UNEP warned that the planet is on a path for disastrous heating of between 2.5C and 2.9C by 2100.

In the ever-evolving world of cryptocurrency, Bitcoin continues to make headlines with its latest surge. Trading at $37,292, the digital currency marked a significant increase of 2.5% on Monday. This uptick in value coincides with the political shift in Argentina, where Bitcoin’s price surged following Javier Milei’s victory in the presidential race, underscoring the cryptocurrency’s sensitivity to global events.

₹66.6 crore) in a series-D funding round led by Sanket Parekh of the Pidilite family office. The funding had been raised at a valuation of $352 million, said Purple Style, the parent company of Pernia’s Pop-Up Shop, a luxury fashion omnichannel platform. The round also saw participation from Signet (Harish Shah’s family office), Hira Group’s family office and other investors.

Our dependence on fossil fuels is damaging our health and pushing temperatures to record levels. The interlinked climate calamities of the past few years—extreme weather events, food insecurity, water scarcity, and worsening air pollution—are a direct result of greenhouse-gas (GHG) emissions. But the adverse effects we are experiencing today could be just a preview of the catastrophes that await us.

Reliance Industries Chairman and Managing Director, Mukesh Ambani, is expected to attend the upcoming Bengal Global Business Summit (BGBS), a state government official told PTI. The event will also see the attendance of prominent figures from companies such as ITC, Ambuja Neotia, and the Hiranandani Group, it added. Meanwhile, the attendance of Gautam Adani, the chairperson of Adani Group, remains uncertain, representatives from the group are slated to be in attendance.

National Testing Agency (NTA) has included Abu Dhabi as a new examination center for JEE Main 2024. Dubai and Sharjah in the United Arab Emirates are already designated as examination cities for JEE (Main) 2024. Also Read: JEE Main 2024: Registration begins today at nta.ac.in; syllabus, exam dates, other details As per an official release by the NTA website stated, “Based on the request of the Ambassador of India, Abu Dhabi to support the student community of the city, it has been decided to add Abu Dhabi as an examination city for the JEE (Main) - 2024." Those candidates who have already filled the application form can edit their city of examination during the correction period.