City Dubai Financial News

On October 4, the Securities and Futures Commission (SFC) of Hong Kong, in collaboration with the Hong Kong Police, announced the formation of a special group to monitor and investigate crimes related to crypto exchanges. 

₹200 crore- spent on the bash was paid entirely in cash. The ED investigation has shown that the Mahadev Online Book App is run from a central head office in the United Arab Emirates (UAE), officials said. It operates by franchising "Panel/Branches" to their known associates on a 70-30 profit ratio, the agency had said.

₹200 crore wedding that saw celebrity performances in UAE. Officials say that Mahadev Online Book Betting app is an umbrella syndicate that enabled illegal betting websites to enroll new users, create user IDs and the laundering of money through a layered web of benami bank accounts.

Enforcement Directorate has now summoned Kapil Sharma, Hina Khan and Huma Qureshi in the Mahadev online betting app case. The investigating agency is planning to to question them in the capacity of a witness. According to reports, 14-15 other celebrities and actors are under the ED's scanner in the case. The company promoted by Sourabh Chandrakar and Ravi Uppal was being operated from Dubai.

Saudi Arabia has raised the price of its flagship Arab Light crude to Asian customers in November for a fifth straight month, after the kingdom reaffirmed its voluntary supply cut. State-owned Saudi Aramco increased the official selling prices (OSP) for November-loading Arab Light to Asia by 40 cents a barrel from October to $4 a barrel over Oman/Dubai quotes, it said in a statement.

Singapore unit of esports firm Nodwin Gaming has acquired a 100% stake in West Asia and Turkey-focused game marketing agency PublishME for $2 million. PublishME was earlier owned by Indian gaming and media firm Nazara Technologies, which held a stake of about 82% in the company, and PublishME founder Ozgur Ozalp, who owned the rest.

New Delhi: In a bid to strengthen direct connectivity between India and Uganda, the state carrier Uganda Airlines plans to offer direct flights to Delhi and Chennai. The move aims at tapping the demand potential across the Indian community with trade links in Uganda along with leisure traffic, a senior executive at the airline told Mint in an interaction. The airline will launch its first direct flight with the Indian market on 7 Oct with a direct flight between Mumbai and Entebbe.

₹879.15 apiece on the BSE. The company said its Singapore subsidiary of NODWIN Gaming acquired a 100% stake in game marketing agency PublishME for a sum of $2 million from its existing shareholders Nazara Technologies and Ozgur Ozalp.

The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) have set up a crypto-focused working group to deal with illicit crypto exchange activities.

Punjab National Bank: The lender said it has recorded a 9.7% year-on-year surge in its total deposits during the September quarter, reaching ₹13.1 trillion compared to ₹11.9 trillion in the previous year. The bank also saw a year-on-year uptick in its current account savings account which grew 2.6%. Marico: The consumer goods manufacturer said it saw a slight dip in second-quarter revenue due to rising food prices and below normal rainfall affecting rural demand.

Pope Francis on Wednesday called out the less-than-adequate efforts to address climate change. In his apostolic exhortation, Laudate Deum, the Pope addressed the need to step up the transition to renewable energy, took on climate denialists, called for a new approach to multilateralism, reminded rich countries of their responsibilities, and offered COP28 host, the UAE words of advice. «With the passage of time, I have realised that our responses have not been adequate while the world in which we live is collapsing and may be nearing the breaking point,» the Pope said. A substantial section of his exhortation — which has come eight years after the Laudato Si delivered ahead of the Paris climate summit — was dedicated to this year's UN climate talks, COP28, to be held in Dubai late this year. Pope Francis said the «abandonment of fossil fuels is not progressing at the necessary speed». In this context, he critiqued efforts of fossil fuel companies to greenwash their continued exploration, saying «whatever is being done risks being seen only as a ploy to distract attention». He cautioned that «gas and oil companies are planning new projects...with the aim of further increasing their production». However, the Pope is not writing off the «capacity of human beings to transcend their petty interests and to think in bigger terms» and said COP28 will allow for a decisive acceleration of energy transition. «To say that there is nothing to hope for would be suicidal, for it would mean exposing all humanity, especially the poorest, to the worst impacts of climate change,» he said. Reminding the UAE of its great responsibility, the Pope said COP 28 can represent «a change in direction».

London | Abu Dhabi| Sultan al-Jaber, president-designate of this year’s UN climate summit, said the oil and gas industry must prepare for an inevitable “phase down” of fossil fuels as he warned the sector should not be seen to work against decarbonisation efforts.

Enforcement Directorate (ED) has summoned Bollywood actor, Ranbir Kapoor in connection with its probe into the illegal online betting application, Mahadev Book App case. The actor has been asked to join the probe on October 6. The ED claims that the actor has endorsed the illegal app on social media and has accepted payments which the agency is treating as proceeds of crime (PoC) in the case. Mahadev App is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new users and create user IDs.

Jumeirah Group aims to double its property portfolio by 2030 and is 'keen' on opening a luxury hotel in India, a top company official said on Wednesday. Jumeirah Hotels and Resorts is a Dubai-based luxury hotel chain, which currently owns 27 hotels across the world, including 12 hotels in the United Arab Emirates, said Kirti Anchan, General Manager of Jumeirah Emirates Towers. «We are on a growth path and we want to double our property portfolio by 2030.

₹417 crore worth of proceeds of crime in the money laundering probe. Ranbir Kapoor as a social media influencer promoted an online betting app and allegedly received compensation in return for endorsing and engaging in promotional endeavors on behalf of Mahadev betting app. Apart from Ranbir Kapoor, some other Indian and Pakistani celebrities like Tiger Shroff, Sunny Leone, Neha Kakkar, Atif Aslam, and Rahat Fateh Ali Khan are under ED's scanner for attending Sourabh Chandrakar's wedding in Dubai, as per a report from news platform India Today.

The world’s top bankers and investors mostly stayed away from last year’s United Nations climate conference in the Egyptian resort town of Sharm El-Sheikh. But holding December’s COP28 meeting in Dubai, one of the world’s major financial centers, pretty much guarantees they’ll make a much bigger showing.

DUBAI (Reuters) — Non-oil business activity in the United Arab Emirates expanded at a faster rate in September than the previous month, a survey showed on Wednesday, as new orders came in at the fastest rate in four years.

Matt Harrison, Sandeep Singh, Julian Ide and Tariq Ahmad have all been promoted.

₹10 crore, resulting in record-breaking sales. These numbers are poised to rise even further as we approach the festive season. Among the most significant beneficiaries of this anticipated surge will be the premium and luxury segments.

COP28 climate talks told an Abu Dhabi oil conference on Monday that the fossil fuel industry would play an essential role in addressing the climate crisis. «For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress,» said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC. «This is your opportunity to show the world that, in fact, you are central to the solution,» he told the ADIPEC conference of global industry figures and government officials. «This industry can change the global debate… It is time to silence the sceptics by applying scale, capital and technology to deliver outcomes.» Jaber urged industry leaders to curb emissions associated with energy production and expand use of renewable energy sources. He also encouraged them to embrace «low carbon solutions» like carbon capture and storage, tools that climate experts say distract from the urgent goal of slashing fossil fuel pollution. Climate activists have criticised the appointment of Jaber to lead the COP28 talks which kick off next month in Dubai.

The Emirati president-designate of the upcoming United Nations COP28 climate talks has called on oil and gas companies to be “central to the solution” to fighting climate change as the industry boosts its production to enjoy rising energy prices