Bloomberg One of the architects of the European Union’s sweeping General Data Protection Regulation (GDPR) admitted the law needs a revamp to ensure its fit for purpose amid growing attacks on citizens’ privacy. Four years after it took effect, European Commission Vice President Vera Jourova said “targeted improvements” are now needed to the GDPR “in the age of tools ...

  Bloomberg Stocks tumbled around the globe as recession fears resurfaced, with the Federal Reserve struggling to get on top of inflation that has proved more persistent and widespread than officials anticipated. The S&P 500 closed at its lowest since December 2020, while the tech-heavy Nasdaq 100 sinks 4%. The deal spread on Elon Musk’s proposed takeover of Twitter Inc. ...

  Bloomberg The selloff in the digital-asset space accelerated, with losses in US equities also snowballing, a day after the Federal Reserve raised interest rates by the most in decades. Ether, down as much as 8.3% to trade around $1,080, is facing a tougher road than most. The native token for the Ethereum blockchain is on pace to decline for ...

  Abu Dhabi / WAM Saqr Ghobash, Speaker of the Federal National Council (FNC), said the decision of the Latin America and Caribbean Parliament (Parlatino) to make the UAE, represented by the FNC, an observer member will strengthen the cooperation between the two sides and support the efforts to enhance the economic, social, cultural and political relations between the UAE ...

  Dubai / Gulf Time According to Mo’asher, Dubai’s official sales price and rental performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market records a total of 6,652 sales transactions worth AED18.4 billion in May, the highest volume of transactions for the month in the past decade. The sales transaction volume during ...

  ROME/MILAN/LUGANO / WAM An Emirates News Agency (WAM) delegation visited several media establishments in Italy and Switzerland to promote cooperation in news exchange. The visit is part of WAM’s keenness to create partnerships with media outlets in Italy and Switzerland, develop a sustainable model of constructive cooperation and partnership in media and build a wide network of strategic work ...

  Abu Dhabi / WAM Abu Dhabi Securities Exchange and Al Maryah Community Bank (MBank), the UAE’s first digital bank, signed an agreement on Thursday to facilitate initial public offering (IPO) subscriptions and streamline the process for obtaining a National Investor Number (NIN). As part of the agreement, MBank customers will be able to digitally create a NIN and self-subscribe ...

  Abu Dhabi / WAM Mohamed Helal Al Mheiri, Director-General of the Abu Dhabi Chamber, received Abdallah Al Dardari, Resident Representative of the United Nations Development Programme (UNDP) in Afghanistan, and the accompanying delegation at the chamber’s tower in Abu Dhabi. Attended by Helal Mohamed Al Hameli, Deputy Director-General of the Abu Dhabi Chamber, both sides discussed promoting their economic ...

  GENEVA / WAM Abdullah bin Touq Al Marri, Minister of Economy, has held bilateral meetings with the ministers of trade from several Arab, Asian, and African nations on the sidelines of the UAE delegation’s participation in the World Trade Organisation’s 12th Ministerial Conference (MC12). Al Marri led the UAE delegation to the conference, which took place recently in Geneva, ...

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) opens a new branch in Abu Dhabi Global Market (ADGM), after being granted a license by the ADGM Financial Services Regulatory Authority. Functioning as standalone entity under ADGM rules, the branch’s clientele base includes multinational, regional and local top-tier corporates, financial institutions, including non-banking financial institutions, and government-related entities. Its ...