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Bloomberg Europe’s biggest industrial firms have been banking on spring to bring down soaring energy costs. Those hopes faded this week as Russian tanks rolled into Ukraine. Smelters and chemical factories across Europe were already struggling before the invasion sparked another jump in gas and electricity prices. Now, a growing list of companies including Europe’s biggest chemicals maker BASF SE ...

Bloomberg Russia’s plans for Ukraine face rapidly rising costs due to delays caused by tougher-than-expected resistance from forces on the ground, even as its military retains overwhelming advantages. A person familiar with Russian planning said the military would have hoped for faster progress. The Kremlin has declined to comment on details of the military operation, and its Defense Ministry says ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a message of congratulations to Sheikh Nawaf Al Ahmad Al Jaber Al Sabah, Emir of Kuwait, on the occasion of his country’s National Day and Liberation Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and ...

  DUBAI / WAM The 27th edition of the Dubai International Pharmaceutical & Technologies Conference and Exhibition (Duphat 2022) has generated exceptional direct and indirect business deals worth AED5.1 billion. The high volume of deals reflects the event’s success in providing a platform to showcase the latest innovations in the pharmaceutical industry and build partnerships that benefit the entire sector. ...

  ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry signed a cooperation agreement with Cyprus Chamber of Commerce and Industry to boost economic and investment cooperation between Abu Dhabi and Cyprus. The cooperation agreement comes on the sidelines of the meeting the Abu Dhabi Chamber organised with Cyprus Investment Promotion Agency (Invest Cyprus) at the Chamber’s ...

  Bloomberg Tencent Holdings Ltd is stepping up the use of renewable energy with a goal of zeroing out emissions by 2030, acknowledging the damage wrought by its data centers while heeding Beijing’s call to protect the environment. The Chinese social media and gaming giant plans to use all but renewable energy by the same timeframe and has already purchased ...

Bloomberg Russian forces closed in on Ukraine’s capital and its embattled leadership as President Vladimir Putin shrugged off a barrage of sanctions imposed by the US and Europe and pressed deeper with his invasion. With the war raging Friday, Chinese President Xi Jinping told Putin in a call that he supported negotiations between Russia and Ukraine, according to China Central ...

  Bloomberg Russia’s invasion of Ukraine poses a difficult question for China: How can it support a key strategic partner when relations with the US and Europe are so much more important for its economy? An important energy supplier to China, Russia has strengthened trade ties with Beijing over the past decade. However, Russia’s economic weight pales in comparison to ...

Bloomberg From Chelsea penthouses to Highgate mansions, Russia’s long-standing infatuation with UK real estate is evident from a cursory glance at some of the country’s priciest property transactions. The past decade has seen that trend explode. The number of UK properties whose owners’ principal correspondence address is in Russia reached 1,127 in August 2021, according to data released by the ...

  Bloomberg Russia still has about $300 billion of foreign currency held offshore — enough to disrupt money markets if it’s frozen by sanctions or moved suddenly to avoid them. That’s according to Credit Suisse Group AG strategist Zoltan Pozsar, who parsed data from the Bank of Russia and financial markets to calculate that a much larger share is held ...