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TD to buy First Horizon in $13.4b US expansion

  Bloomberg Toronto-Dominion Bank agreed to buy First Horizon Corp for $13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the US Southeast. The Canadian bank will pay $25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37% higher ...

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Airline stocks sink after Europe, Russia slap airspace bans

Bloomberg Shares in European airlines slid after most of Europe closed its airspace to carriers from Russia, which reciprocated with its own bans. A Bloomberg gauge of European airlines dropped as much as 4.8%. In the broader market, the biggest decliners included British Airways-parent IAG SA, Deutsche Lufthansa AG and Air France-KLM. Smaller peer Finnair Oyj, which faces a wipeout ...

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Ruble plunges 30% as Moscow markets freeze over sanctions

  Bloomberg Russian markets were paralysed and traders struggled to price the ruble as international sanctions shook the country’s financial system. The Russian currency lost a third of its value in offshore trading at one point and hit an all-time low of 109.185 per dollar in Moscow. Quotes were infrequent and volatile at the start of the session, and traders ...

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More than 120,000 benefit from ERC’s winter relief aid in Jordan

  AMMAN / WAM The Emirates Red Crescent (ERC) has intensified its humanitarian efforts and relief programmes to reduce the repercussions of the severe cold and bad weather conditions on the lives of the affected and refugees in Jordan. The UAE provided more winter aid to benefit more than 120,000 people in several Jordanian governorates. The assistance included heating devices, ...

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Sharjah Book Authority hosts delegation of US senators

SHARJAH / WAM Ahmed bin Rakkad Al Ameri, Chairman of the Sharjah Book Authority (SBA), received a delegation of US senators including Gustavo Rivera, Kevin Thomas, and James Skoufis, to explore cooperation between the SBA and cultural affairs entities in the United States. During a meeting at SBA’s headquarters, the two parties discussed several topics related to the publishing industry, ...

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UAE-Egypt reinsurance deal to boost trade cooperation

  DUBAI / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit agency (ECA), and its Egyptian counterpart Export Credit Guarantee of Egypt (EGE) have signed a reciprocal reinsurance agreement to support Emirati and Egyptian projects in their respective countries as well as their collaborative initiatives around the world. The agreement between the two state-owned firms will bolster the ...

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Saudi Arabia discovers five natural gas fields

  Bloomberg Saudi Arabia’s state oil company discovered five new natural gas fields across the kingdom that can produce over 100 million cubic feet per day in total, as the oil-rich kingdom looks to boost production of the fuel. The fields, discovered by Saudi Aramco, are located in the country’s central region, the empty quarter desert, the northern border region ...

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Dewa takes part in UAE Innovates 2022

DUBAI / WAM Dubai Electricity and Water Authority (Dewa) strongly participated in UAE Innovates 2022. It organised the Innovation Week 2022, until February 28, and held the series ‘Future Next’ virtually along with a group of workshops and panel discussions. The Innovation Tent at Dewa’s headquarters and the Festival Garden at Expo 2020 Dubai hosted key Dewa innovative projects and ...

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