BLOOMBERG  Federal Bank Ltd, the Indian bank backed by the International Finance Corp (IFC), plans to raise as much as 40 billion rupees ($486 million) in the next few months to support its expansion. The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer ...

BLOOMBERG  James Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, plans to step down as chief executive officer (CEO) within the next year and assume the role of executive chairman. “It is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman, 64, said at the ...

BLOOMBERG  China’s yuan jumped after the country’s central bank moved to shore up the currency following a recent selloff, vowing to curb speculation and calling for more stability in the foreign exchange market. The People’s Bank of China (PBOC) and the foreign exchange regulator will “strengthen market expectation guidance and take actions to correct pro-cyclical and one-way market behaviours when ...

BLOOMBERG  India is unveiling a 170 billion rupee ($2 billion) financial incentive plan to draw makers of laptops, tablets and other hardware to the South Asian nation as companies look to diversify supply chains beyond China. Prime Minister Narendra Modi is capitalising on the early success of Apple Inc’s local assembly operations — which have helped the US company produce ...

BLOOMBERG  Vans haven’t always been objects of desire. When Fiat launched its Multipla model in the late 1990s, supporters of the soccer team Juventus — many of whom worked for the Italian carmaker — were subjected to stadium banners calling them as unpleasant-looking as the van they built. While Mercedes-Benz’s passenger car division likes to trumpet its popularity among royalty ...

SHARJAH / WAM Sheikha Bodour Al Qasimi, President of American University of Sharjah (AUS) and of Sharjah Research, Technology, and Innovation Park (SRTIP), has urged leaders of technology companies to be more proactively inclusive by factoring women’s needs into corporate thinking from the start. Keynoting Wired’s third anniversary ‘Arab Women in Tech’ conference, in Dubai, Sheikha Bodour said it was ...

AJMAN / WAM Ajman Chamber of Commerce and Industry (ACCI) has organised an introductory session entitled “Energy Efficiency and its Impact on Operational Costs and Increased Production” in cooperation with the Etihad Energy Services Company (Etihad Esco), with the aim of highlighting the environmental impact and the positive economic return of taking energy rationalisation measures and investing in clean energy ...

DUBAI / WAM As part of the Year of Sustainability initiative and in line with efforts to enhance the quality of life for better community health and welfare, the Ministry of Climate Change and Environment (MOCCAE) has updated the classification of 64 air quality monitoring stations. This reclassification is consistent with the ministry’s 2022 directive that set forth the requirements ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Jakov Milatović of Montenegro, on the occasion of his country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed ...

DUBAI / WAM Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced that the five-day event, held between March 1-5, has delivered an outstanding direct economic impact of AED143 million to the city. New figures revealed in the ‘Economic Impact Study’ by leading independent market research consultancy IPSOS also showed that the ...