News

  Bloomberg Private power producers in Bangladesh have sought $1 billion of foreign currency from the country’s central bank to import heavy fuel oil to avert a looming energy crisis this summer. The companies are seeking the greenback supply to banks to allow opening letters of credit for purchasing the fuel from overseas, the Bangladesh Independent Power Producers’ Association, the ...

Bloomberg India is set to use this week’s meeting of finance ministers and central bank governors from the Group of 20 nations to try to amplify its influence over developing economies in Asia, Africa and Latin America called the Global South. Without the cash to dole out billions in loans like China did under President Xi Jinping’s Belt-and-Road Initiative, India ...

  Bloomberg Stride Ventures, one of India’s leading debt venture fund, sees consumer, business-to-business companies and electric vehicle sectors as the most attractive for financing this year. “Fintech has taken a slight backseat because Reserve Bank of India has recently come up with digital lending guidelines, and a lot of companies in the fintech sector are trying to understand the ...

  Bloomberg China’s internet firms are revving up efforts to outdo each other since Beijing began to wind back its bruising crackdown on the tech sector, spurring an abrupt surge in competition that’s threatening margins and spooking investors. A battle is brewing as companies that laid low or sought to limit expansion during the years-long crackdown now feel the shackles ...

  Bloomberg Baidu Inc announced a $5 billion share buyback after reporting better-than-expected revenue, reflecting how its cloud computing service is offsetting an advertising lull during China’s economic downturn. Its shares gained 6% in pre-market US trading. Sales held steady at 33.1 billion yuan ($4.8 billion) for the three months ended December, compared with expectations for 32.1 billion yuan. Net ...

  Bloomberg India and Singapore linked their systems that enable real-time money transfers between the two nations, as countries in the region seek to bring down barriers to the quick movement of funds. Reserve Bank of India’s (RBI) Governor Shaktikanta Das initiated the first transaction with his counterpart Managing Director Ravi Menon, according to a statement by the Monetary Authority ...

  New York / WAM The United Nations Security Council (UNSC) adopted a Presidential Statement opposing unilateral measures that obstruct prospects for a two-state solution in the Occupied Palestinian Territory, with the support of all council members. This important decision was facilitated by the United Arab Emirates, which currently serves as an elected member of the council. “The UAE is ...

  Abu Dhabi / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), Chairwoman of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF), and the “Mother of the Nation” opened the Global Summit of Women 2023 in Abu Dhabi on Tuesday. The two-day event is being organised by the ...

Sharjah / WAM Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations (DGR) in Sharjah, met with Manuel Tovar Rivera, the Minister of Foreign Trade and Investment of Costa Rica, to discuss strengthening collaboration between their respective regions. The parties discussed trade, food security, and the transportation of goods sector, with the aim of identifying ways to benefit ...

  Abu Dhabi / WAM Edge group has on Tuesday signed a memorandum of understanding (MoU) with BAE Systems, a global leader in advanced technology solutions, to explore potential collaboration and co-creation opportunities to enhance technologies and capabilities across the UAE. Under the MoU announced at the International Defence Exhibition and Conference (Idex), the new strategic partnership will see both ...