News

  Abu Dhabi / WAM In light of the UAE hosting the COP28 in 2023 and climate change and global environmental concerns, Sorbonne Abu Dhabi University conducted the launch of “Go Green 2023” initiative in the presence of Professor Nathalie Drach-Temam, President of Sorbonne University, Professor Silvia Serrano, Vice-chancellor Sorbonne University Abu Dhabi and members of the academic, administrative and ...

  Bloomberg Paytm’s plan to buy back shares has left investors surprised and worried about the loss-making Indian fintech firm’s growth prospects as it uses funds to prop-up its hammered stock. The board of One 97 Communications Ltd, the listed-entity that runs Paytm, was expected to decide on the buyback. The move comes as the stock has plunged about 75% ...

  Bloomberg Aditya Birla Capital Ltd, controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said. The publicly-traded company has held talks with potential buyers about a sale of Aditya Birla Insurance Brokers Ltd as it failed to scale up the ...

  Bloomberg A group of creditors to Byju’s, India’s most valuable startup, has asked the company to immediately repay part of a $1.2 billion loan they recently bought into as they renegotiate terms of the debt, according to people familiar with the matter. The lenders have hired Houlihan Lokey Inc to advise them on amending covenants after the edtech titan ...

  Bloomberg Food delivery unicorn Line Man Wongnai is in talks to acquire Delivery Hero SE’s Foodpanda in Thailand as it plans for a stock-market debut in the next few years, according to people familiar with the discussions. Bangkok-based Line Man Wongnai considered a deal at around $100 million at one point, but the value is likely to have changed ...

  Bloomberg Japan is set to increase the annual limit on tax-free investment accounts aimed at the middle classes and raise taxes on ultra-wealthy individuals, as PM Fumio Kishida pursues his agenda of fairer distribution of the fruits of growth. The revamped NISA tax-exempt system will expand the amount that people may invest over a lifetime to Â¥18 million ($131,000), ...

  Bloomberg GoTo Group jumped by the most since May as some brokers upgraded the battered stock following weeks of sharp selloff. The Indonesian ride-hailing and e-commerce provider surged 15% to 100 rupiah, snapping 16 straight sessions of losses. Trading volume also soared to about 30 times its three-month average. Even with the latest gain, the stock has plunged more ...

  Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to AED307.5 billion during the first nine months of 2022 compared with the same period last year. HH Sheikh Hamdan bin Mohammed noted that Dubai’s exceptional GDP growth was the ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to President William Samoei Ruto of Kenya, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also sent similar message to Kenyan ...

  Abu Dhabi / WAM The central bank announced that the money supply aggregate M1 increased by 0.5%, from AED719.4 billion at the end of August to AED723.0 billion at the end of September. The money supply aggregate M2 increased by 1.1%, from AED1,627.7 billion at the end of August to AED1,645.6 billion at the end of September. The money ...