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Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD) has signed an agreement with the Nigerian government to finance a major road project in the country. The fund has allocated AED165 million ($45 million) to support the Minna-Bida Road project, ADFD’s first development project in Nigeria, which is expected to stimulate commercial activities and improve transport links between the ...

  Abu Dhabi / WAM A number of international experts on human rights reiterated that the United Arab Emirates (UAE) is a pioneer in human rights and has become a prominent partner in advancing the human rights worldwide. The experts noted that the UAE is also a partner in decision-making on global human rights, especially with its winning of membership ...

  Abu Dhabi / WAM Air Arabia Abu Dhabi announced the launch of its two new routes from Abu Dhabi to Baghdad and Erbil in Iraq. The new direct flights will connect Abu Dhabi International Airport to both Baghdad International Airport and Erbil International Airport with a frequency of two flights per week starting from June 22. Adel Al Ali, ...

  Bloomberg Oil extended its longest run of losses this year ahead of the release of Federal Reserve minutes that may provide further clues on the path forward for monetary tightening in the US. West Texas Intermediate traded near $76 a barrel after declining for a fifth session. The prospect of more aggressive interest-rate hikes from the Fed to quell ...

  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 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 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 ...

Bloomberg President Vladimir Putin said he’s waiting for his Chinese counterpart Xi Jinping to visit Russia as he hailed deepening ties with Beijing at talks with China’s top diplomat. Cooperation between Russia and China is “very important for stabilising the international situation,” Putin told Chinese State Councilor Wang Yi at talks in Moscow, asking him to pass on greetings to ...

Bloomberg US President Joe Biden said Russian President Vladimir Putin made a “big mistake” in suspending participation in the New START nuclear treaty, his first direct response to the announcement. Biden made the brief remark in Warsaw, ahead of a meeting with a group of eastern-flank Nato allies known as the Bucharest Nine. In response to a shouted question from ...