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  Bloomberg The European Union’s eastern nations are stepping up market interventions to protect their currencies from a selloff triggered by Russia’s invasion of Ukraine. The Czech central bank sold foreign currency on the market on Friday, joining the monetary authority in Poland, which intervened for the third time this week, according to people familiar with the transactions. Meanwhile, Hungary’s ...

  Bloomberg Commodities extended their massive rally as Russia’s invasion of Ukraine continues to roil global markets and fuel fears of supply crunches. Prices from crude and aluminum to wheat soared, as raw materials stage their most stunning weekly surge since 1974 during the days of the oil crisis. Russia’s growing isolation is choking off a major source of energy, ...

ABU DHABI / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE’s non-oil trade over 10 years totalled AED16.14 trillion. In an interview with the Emirates News Agency (WAM), he stressed that the country’s growth has returned to pre-pandemic levels. “We work according to the plans of the UAE’s leadership to double ...

  Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of the Etihad Aviation Group, has achieved record revenue growth of 49 percent in 2021 with a 27 percent year-on-year increase in freight carried, contributing towards 55 percent of the group’s revenue. “2021 was a milestone year for Etihad Cargo,” said Martin Drew, Senior Vice President Sales & ...

  Abu Dhabi / WAM Emirates Water and Electricity Company (Ewec) has issued the Request for Proposals (RFP) to qualified companies and consortiums that had expressed interest in developing the new Shuweihat S4 Reverse Osmosis (RO) Independent Water Project (IWP). The Shuweihat S4 project will desalinate seawater using RO, a low carbon-intensity technology, to supply up to 318,225 cubic metres ...

Bloomberg Libyan lawmakers’ plan to install a new government faced turmoil after gunmen seized two of the proposed ministers, escalating a standoff that risks reigniting conflict in the OPEC member. The incoming foreign affairs and culture ministers were taken by unidentified men while en route to the eastern city of Tobruk, according to a statement from the office of Fathi ...

Bloomberg The White House is asking Congress for $32.5 billion in emergency funding to boost its response to Russia’s invasion of Ukraine and tackle the ongoing fight against the coronavirus. President Joe Biden’s administration has requested $10 billion for Ukraine, money that will be used to address the mounting humanitarian crisis as well as assist its defense against Russia. Of ...

ABU DHABI / WAM The United Arab Emirates has announced $5 million in humanitarian assistance to benefit civilians impacted by the situation in Ukraine. The contribution is made to the United Nations’ Humanitarian Flash Appeal and the Regional Refugee Response Plan for Ukraine and is a reflection of the UAE’s emphasis on humanitarian solidarity in conflict settings. The UAE has ...

ABU DHABI / WAM HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of the Board of Directors of the Central Bank of the UAE (CBUAE), chaired the meeting of the board, held on Wednesday in Qasr Al Watan. Sheikh Mansour welcomed the meeting’s participants and thanked the Central Bank of the UAE ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the leading international financial centre, on Wednesday hosted a delegation of high-profile business leaders from Israel, as the two countries continue to explore bilateral growth and investments opportunities. The forum was hosted as part of Abu Dhabi’s long-term economic commitment to attract and retain new businesses and investors to its hub, ...