Uae Financial News

Onion prices have nearly doubled in a year. The all-India retail price of onions increased 94.39% to Rs 57.85 a kilogram on November 29 from Rs 29.76 per kg a year ago, according to the government data. This happened despite India continuing to be the world's second largest grower of onions and producing multiple crops a year. How have onion prices moved in the past few months? Onion prices started to climb in Maharashtra’s Pimpalgaon and Lasalgaon wholesale markets, Asia’s largest, in the second week of August.

Indian authorities are intensifying efforts to bring the alleged mastermind behind a massive $240 million cryptocurrency scam back to the country.

climate change at COP28 in Dubai, which would be the biggest UN climate meet yet. Host, the UAE, said the goal is to restrict temperature rise to 1.5°C from pre-industrial levels by closing the gap between ambition and action.

The Emirati president-designate for the upcoming United Nations COP28 climate talks has forcefully denied a report alleging his nation planned to use the summit to strike oil and gas deals, a day before the summit was due to begin

Quiver Quantitative — The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, are deliberating new oil production cuts, potentially reducing output by as much as 1 million barrels a day. This significant proposal comes amidst the ongoing Middle East conflict and could lead to a surge in oil prices. Initially scheduled for last week, the OPEC meeting was postponed due to disagreements over production quotas and is now set to occur virtually. While a consensus on further cuts remains uncertain, with some members opposing the reduction, Saudi Arabia has expressed strong support for the measure.

London-based crypto trading firm Copper plans to start offering tokenized securities early next year, according to reports on Nov. 29. Under the leadership of former British Chancellor Phillip Hammond, the company expects to capitalize on institutional investors' demand.

London-based crypto trading and custody firm Copper announced plans to launch a new brokerage platform for digital assets in Abu Dhabi as soon as early next year, the company announced on Wednesday. 

As the world gathers for CoP-28 in the UAE, world leaders will need to demonstrate leadership and diplomacy to accelerate global climate action. This must be done in the context of the pressing realities of climate change, economic cycles and current geopolitics. My recommendations on what they should do are below: Greater mitigation commitments by developed countries: The carbon budget to limit global warming to 1.5° Celsius was last estimated in 2020.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Aster DM Healthcare share price rallied over 14% to hit a fresh 52-week high on Wednesday after the company approved to sell its GCC (Gulf Cooperation Council) business for over $1 billion. Aster DM shares jumped as much as 14.83% to a new high of ₹382.00 apiece on the BSE. Hospital chain Aster DM Healthcare on Tuesday announced to separate its Gulf business and sell it to its Indian promoters (Moopen family) and a Dubai consortium for $1.001 billion.

TCS: The ₹17,000 crore-share buyback programme of India’s top software services exporter Tata Consultancy Services (TCS) will open on 1 December. The buyback, where investors can sell to the company their shares at an offer price of ₹4,150 apiece, will close on 7 December, TCS said in a regulatory filing on Tuesday. The IT bellwether aims to repurchase up to 40.9 million shares (1.12% of the total equity share capital) at ₹4,150 apiece in a buyback valued at ₹17,000 crore.

COP28 climate talks on Tuesday as world leaders including US President Joe Biden signalled they would not be attending the negotiations that come during the ongoing Israel-Hamas war roiling the wider Middle East. The two-week meeting of international leaders aims to assess where the world stands when it comes to limiting emissions to slow global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times. Emirati officials said on Tuesday they expect over 70,000 attendees at the talks, including heads of state. Britain's King Charles and Pope Francis will be among the leaders to attend the talks, even as the 86-year-old Francis battles a lung inflammation.

Isaac Herzog and his Palestinian counterpart Mahmud Abbas will both address the COP28 UN climate talks in Dubai this week, seven weeks into the Israel and Hamas war, officials said on Tuesday. Herzog and Abbas are both scheduled to make speeches lasting three minutes maximum on Friday. Abbas is expected to be in the room when Herzog is speaking, as he is scheduled to address the room only three speakers later. Abbas, head of the Fatah party that leads the Palestinian Authority in the occupied West Bank, has only met Israeli officials on rare occasions. More than 140 heads of state and government are due to address COP28 on Thursday and Friday, the start of nearly two weeks of talks to address the climate crisis, according to a UN list made available on Tuesday.

Tokyo Gas has joined the race to acquire a minority stake in Think Gas Distribution, Indian natural gas supplier owned by private equity fund I Squared Capital, said two people aware of the development. Founded in 1885, Tokyo Gas is the city gas provider in the Tokyo metropolitan area and surrounding Kanto region. Tokyo Gas is doing due diligence at present, said sources.

Changpeng “CZ” Zhao, the former CEO of major cryptocurrency exchange Binance, will also step down from his position as chair of the board of directors for the United States-based exchange Binance.US.

By Valerie Volcovici

Cryptocurrency mining firm Phoenix Group is preparing for its public trading launch after seeing a significant oversubscription during the pre-market sale on Nov. 21.

Researchers working inside a unit of BlackRock Inc. estimate that a reform of public financial institutions could free up as much as $4 trillion in additional spending to help emerging markets tackle the fallout of climate change.

Crypto investment platforms eToro and M2 received various degrees of approval to offer their services in the United Arab Emirates from the ADGM Financial Services Regulatory Authority, which oversees the UAE’s international financial center, the Abu Dhabi Global Market (ADGM).

Dubai has a long history of finding economic success amid the war-ravaged woes of the wider Middle East

The seizure off Yemen is the third such assault in the Israel-Hamas war.