BP, the United Kingdom’s largest oil company, increased its dividend and increased share buybacks on Tuesday after doubling second-quarter earnings due to strong refining margins and trade. The British energy company reported $8.5 billion in underlying replacement cost profit in the second quarter, which is considered a proxy for net profit. This compares to a […]
The Federal Reserve warned on Wednesday that it would not back down in its fight against the most severe outbreak of inflation in the United States since the 1980s, even if it means a “sustained period” of economic weakness and a weakening labour market. The Fed’s 75-basis-point rate hike announced on Wednesday, together with previous […]
Alibaba intends to add a primary listing in Hong Kong to its New York presence, seeking mainland Chinese investors as the first major corporation to take advantage of a regulation change in the financial centre to attract high-tech Chinese enterprises. Alibaba’s Hong Kong-listed shares increased by 6%. The shares of the tech titan are already […]
The fast-growing monkeypox outbreak is a global health emergency, according to World Health Organization Director-General Tedros Adhanom Ghebreyesus on Saturday. He stated that the danger of monkeypox, which spreads through close contact and causes flu-like symptoms and pus-filled skin lesions, was moderate internationally, with the exception of Europe, where the WHO has classified the risk […]
Dubai has enacted a new law to govern the issuance of Musataha rights on commercial sites in the emirate. For a set amount of time, a Musataha agreement allows its holder the right to develop a parcel of land owned by another party. The Musataha agreement, according to the new decree, provides a real property […]
After a 10-day interruption, Russia started flowing gas through its largest pipeline to Europe on Thursday, the operator said, assuaging Europe’s immediate winter supply concerns after President Vladimir Putin warned that shipments may be reduced further or stopped. Flows surged from zero to 29,284,591 kWh/h for 0600-0700 Central European Time Thursday, according to data from […]
TAE, headquartered in California, has raised $1.2 billion so far for fusion research, the same mechanism that fuels the sun. It believes that non-radioactive hydrogen boron is the best fusion fuel. TAE was created in 1998 with the goal of having a commercial-scale fusion reactor supplying electricity to the grid by the early 2030s. TAE […]
The European Central Bank (ECB) is expected to raise its base rate by 0.25 percentage points on Thursday. The bank raised its interest rates for the first time in 11 years, but it also risks falling behind as peers continue to combat inflation. The eurozone’s interest rates were last hiked in 2011. The future is […]
Rakbank will be the first UAE bank to enable Kraken to provide its clients with transparent, efficient, dirham-based digital asset trading, as the UAE works to accomplish its aim of becoming a worldwide virtual asset centre. Residents will be able to fund their crypto accounts using local transfers from any bank in the nation. Currently, […]
Abu Dhabi Commercial Bank (ADCB) has joined the Arab Monetary Fund’s (AMF) Buna system to give its clients an expanded regional cross-border payments system. This is a part of the bank’s digital transformation agenda. Buna is a cutting-edge cross-border payments platform for the Arab area that enables financial institutions and central banks to make and […]
Twitter has filed a lawsuit against billionaire Elon Musk in an attempt to force him to acquire the social media company, launching a legal war with the world’s richest man. It comes after Musk stated on Friday that he was withdrawing his proposed $44 billion (£37 billion) buyout of Twitter. The Twitter takeover agreement stipulates […]
Boris Johnson, the Prime Minister of the United Kingdom, resigned today, bringing to a close a nearly three-year reign marred by controversy and scandals. The news comes as the number of resignations from Johnson’s cabinet and the party has exceeded 60 since Tuesday evening, with one Conservative Party member after another openly expressing their dissatisfaction […]
The Dutch government has passed legislation requiring businesses to consider employee requests to work from home if their jobs allow it. The Netherlands is one of the first countries to make remote working flexibility a legal requirement. Steven van Weyenberg, a member of the pro-European D-66 Party, and Senna Maatoug, a Green Party legislator, sponsored […]
Dar Al Takaful (DAT) and Watania, both publicly traded firms, have completed their merger, forming one of the region’s largest Shariah-compliant insurance carriers and consolidating its shares on the Dubai Financial Market. According to a release, the joined business now has a total share capital of AED 260 million ($70.8 million). Watania, which was listed […]
Credit Suisse announced today that Roger Suter, presently Regional Head Central Switzerland, would succeed Serge Fehr as Head of Private Banking, Switzerland on August 1, 2022. Roger Suter joined Credit Suisse in 1993 and was promoted to his present position in 2012. André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd., commented: “Private Banking Switzerland is […]
