RIYADH / WAM The Kingdom of Saudi Arabia has received the flag of the FEI World Cup Finals that Riyadh will host in April 2024. The Kingdom received the flag during the FEI World Cup Finals 2023 in Omaha, Nebraska, USA, according to Saudi News Agency (SPA). The FEI World Cup, an annual international competition among the world’s best show ...

DUBAI / WAM Emirates Central Cooling Systems Corporation PJSC (Empower), the district cooling services provider, announced the commencement of operations of its new district cooling plant in Dubailand, with a cooling capacity of 47,000 Refrigeration Tonnes (RT). The new plant will serve the residential community of the Dubai Land Residence Complex (DLRC), one of the prominent residential destinations in the ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa), which is listed on the Dubai Financial Market (DFM), on Monday reported that its shareholders approved the payment of total dividends of AED 4.77 billion with a record date of April 20. This approval came during Dewa’s general assembly, which was held on Monday at the Address Boulevard Hotel Dubai as ...

ABU DHABI / WAM e& on Monday announced the signing of a binding agreement with Uber Technologies, Inc (Uber) and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout. Careem’s ride hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers. e& ...

ABU DHABI / WAM History knew the late Sheikh Zayed bin Sultan Al Nahyan as a leader who prioritised charity and humanitarian work, leaving behind a timeless legacy of his giving in various stretches around the world. Sheikh Zayed’s charity work was unbiased and reached many people in various countries. Under his rule, the UAE’s humanitarian and development aid totalled ...

BLOOMBERG Some smaller Chinese lenders cut interest rates for time deposits over the weekend, following a similar move by their larger rivals last year, after several lending rate reductions by policy makers started to squeeze their margins. Rural lenders in provinces including Henan and Hubei lowered deposit rates by as much as 45 basis points on some tenors, according to ...

BLOOMBERG BNP Paribas SA raised the bonus pool for its top investment bankers last year after the employees’ unit posted revenue gains on increased market volatility. The variable compensation pool for what it calls “material risk takers” at its investment banking operation rose 14% to €504.3 million ($550 million), according to a filing. Since the number of such bankers slightly ...

BLOOMBERG Kazuo Ueda took over the reins at the Bank of Japan (BOJ), replacing Haruhiko Kuroda, whose decade-long aggressive easing efforts made the central bank capable of jolting global financial markets with just a small tweak to its policy. Ueda began his five-year term, inheriting a monetary stimulus program from Kuroda after $11.7 trillion was spent in the pursuit of ...

BLOOMBERG US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy. Commercial bank lending dropped nearly $105 billion in the two weeks ended on March 29, the most in Federal Reserve data back to 1973. ...

BLOOMBERG Mastercard Inc wants the plastic in consumers’ wallets to do less damage to the environment. Starting in 2028, the company will require all banks issuing one of its payment cards to use sustainable materials as it seeks to remove first–use, PVC plastics from its network, according to a statement. Acceptable alternatives include recycled or bio-sourced plastics. The move comes ...