Uae Financial News

Gulf central banks increased their key interest rates on Wednesday after the Federal Reserve raised rates by an expected quarter of a percentage point, citing still-elevated inflation as a rationale for the latest hike. The Fed raised its rate by 25 basis points (bps) on Wednesday and left the door open to another increase.

New Delhi: COP28 President-designate Sultan Al Jaber and United Nations Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell on Thursday called upon G20 nations to take a greater leadership role in climate change mitigation and adaptation. With only 125 days to go, the leaders issued a joint statement on the sidelines of the G20 ministerial meeting in Chennai, calling on G20 nations to “lead the way" on delivering a positive outcome on mitigation at the COP28 climate conference this year.

Coinbase CEO Brian Armstrong has urged United States citizens to take action and email their representatives to vote “yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21), which may provide regulatory clarity for crypto. 

bailout package to cash-strapped Pakistan for its economic stability. In addition, Saudi Arabia, UAE, and China also extended a lifeline of USD 2 billion, USD 1 billion, and USD 700 million respectively to the South Asian country. Despite financial help from other countries and the IMF deal, Pakistan is still under the woods and tweaking its tough financial policies on demands led by the Washington-based financial body, making it difficult for common people to survive in the crisis-hit country.

Kapture CX said that it has raised $4 million as a part of its latest round of funding led by venture capital firm Cactus Venture Partners (CVP). According to the company, it will utilise the capital to expand its presence across international markets, enhance its product offerings as well as strengthen its team. Founded in 2014, Kapture CX provides a customer support automation platform to enterprise customers helping brands improve their customer experience.

GAIL is planning to tie up 7-8 million tonnes per annum of long-term liquefied natural gas (LNG) from diverse sources as it bets big on domestic gas demand and aims to play a leading role in India’s transformation into a gas-based economy, its chairman has said. “GAIL is committed to ensuring that the domestic demand is well supplied and protected from price shocks. To do the same, GAIL is looking to grow its long-term volumes by at least 50% or 7-8 million metric tonnes per annum in a staggered manner till 2030,” GAIL chairman and managing director Sandeep Kumar Gupta told ET in an interview. The company is in talks with suppliers in several countries including the US, Qatar, the UAE, and other countries east of India, he added. Gupta, the former finance chief of Indian Oil Corp, took over as the chairman and managing director of GAIL last October in the middle of a global energy crisis that had cut off afifth of its LNG supplies after a former German unit of Russia’s Gazprom stopped supplying. “We managed well. The supply cut to our customers was much smaller as we brought in our US volumes to meet their demand,” said Gupta. After the global markets cooled off this year, the supplies resumed but GAIL has learnt its lessons.

Jet Airways, the Supreme Court has asked the grounded airline to reinstate its 169 workers with full back wages. While quashing the orders of the Bombay High Court and the Central Government Industrial Tribunal that ruled to the contrary, a bench comprising Justices Abhay S Oka and Sanjay Karol said the provisions of the Bombay Model Standing Order for workmen could not have been waived by the debt-laden carrier through fixed-term contracts and the workers were entitled to all the benefits.

Rain, a Middle East-based crypto exchange partly backed by Coinbase, has secured a license to operate in the United Arab Emirates (UAE), the firm announced on Tuesday.

Vikramjeet Singh alias Vikram Brar, a key aide of jailed gangster Lawrence Bishnoi, following his deportation from the UAE to India, an official said on Wednesday. In a statement, the agency said a team from the NIA had gone to the United Arab Emirates (UAE) to facilitate this deportation and bring him back to India.

The Bahrain-headquartered Rain, backed by Coinbase, said its entity based in the Abu Dhabi Global Market financial freezone will now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets. Rain will also be able to open a bank account in the UAE, and allow clients in the country to fund their own accounts when using the local payment network, co-founder Yehia Badawy said in an interview on Tuesday. Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval.

 

The pan-Arab news network Al Jazeera has condemned a recent decision by Egyptian authorities to brand some of its journalists as terrorists

Saudi Arabia aims to become the “ultimate global hub” of the $180 billion-a-year video game industry

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents. 

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The World Health Organization (WHO) has identified a case of Middle East Respiratory Syndrome Coronavirus (MERS-CoV) in a 28-year-old male from United Arab Emirates (UAE), it said in a statement. According to WHO, the patient is a resident of Al Ain city in Abu Dhabi, and had no travel history. He also presented no history of direct or indirect contact with dromedaries (camels), goats, or sheep.

New Delhi: India’s plan to use the rupee for trade transactions with the UAE could unlock major trade opportunities and reduce conversion costs for small businesses, according to commerce and industry minister Piyush Goyal on Tuesday. “By implementing the Rupee currency in UAE trade, we aim to open vast trade opportunities while addressing the 5-6% costs incurred otherwise in currency conversion, impacting MSMEs significantly," said Goyal, highlighting the strategic importance of this decision.

COVID pandemic, but the virus continues to infect people in different parts of the world. A new case of MERS-CoV has been reported by the WHO in Abu Dhabi on Monday. According to the World Health Organisation, an adult in his twenties was diagnosed with potentially fatal Middle East Respidatory Syndrome Coronavirus (MERS-CoV) after he was admitted in hospital last month.

«The fundamental insight at the heart of our business is that Indian customers love fast delivery. This is remarkably clear in customer retention data, survey data and even in regular conversations that we have with our customers,» said Aadit Palicha, co-founder at quick commerce platform Zepto.

NSA Ajit Doval on Monday participated in the 'Friends of BRICS' meeting in Johannesburg on the sidelines of the Brics NSA meet and called for collective efforts to deal with cyber risks involving terrorists and radicals. At the meeting, the issue of cybersecurity was discussed at length, ET has learnt. In addition to Brics, the following 'Friends of Brics' countries participated — Belarus, Burundi, Iran, UAE, Saudi Arabia, Egypt, Kazakhstan and Cuba.

Ajit Doval participated in the 'Friends of BRICS' meeting in Johannesburg in South Africa on Monday. Apart from BRICS, the following Friends of BRICS countries — Belarus, Burundi, Iran, UAE, Saudi Arabia, Egypt, Kazakhstan and Cuba — also participated in the meeting.