BLOOMBERG Ola Electric Mobility Pvt is in line for an initial public offering (IPO) sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021. “I thought it would take me four to six years of revenue to go public,” Founder and Chief Executive Officer Bhavish Aggarwal said ...

BLOOMBERG China’s economic recovery lost momentum in the second quarter, adding to risks for the world economy as Beijing hints that any stimulus measures will be targeted rather than broad. Gross domestic product (GDP) grew at a slower-than-expected pace of 6.3% in the second quarter compared with a year earlier, when dozens of Chinese cities were in lockdown, but just ...

BLOOMBERG  Deutsche Bank AG has drawn fresh criticism from the European Central Bank (ECB) over foreign-exchange (FX) sales even after the lender completed an internal probe into past practices that led to initial changes. An ECB supervisory team has told Deutsche Bank that it needs to improve oversight and checks at its business that pitches FX derivatives such as swaps ...

BLOOMBERG  Mitsubishi UFJ Financial Group Inc and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganisation since the two entities were formed more than a decade ago. The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said ...

BLOOMBERG  Swedbank AB delivered better-than-expected income from lending activities in the second quarter, joining peer Nordea Bank Abp in enjoying the benefits of rising interest rates. Net interest income at Sweden’s second biggest bank rose 7% to 12.77 billion kronor ($1.2 billion) in the three months through June, compared to the first quarter, according to a statement on Tuesday. Analysts ...

BLOOMBERG In most countries, the currency turning from the world’s worst to best in the space of a month would be good news. Not in the largely dollarised economy of Zimbabwe, where the local dollar has recouped nearly half of its value against the US dollar after a 90% plunge this year. That’s hurting businesses selling goods using exorbitant exchange ...

BLOOMBERG A rally in European bonds gained steam on Tuesday after a key European Central Bank (ECB) official raised hopes that the end of the rate-hiking cycle is in view. Yields tumbled across the region, with those on Italian debt sinking 12 basis points after ECB Governing Council member Klaas Knot said monetary tightening beyond next week’s meeting is anything ...

ABU DHABI / WAM H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, today received Nabil Ammar, Tunisia’s Minister for Foreign Affairs, Migration and Tunisians Abroad, in Abu Dhabi. The meeting discussed ways to strengthen UAE-Tunisia ties and cooperation across economic, trade and investment fields. Sheikh Abdullah underscored the deep-rooted relations between their countries, and affirmed that the ...

ABU DHABI / WAM H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has launched Balghaiylam, a new residential development located north-east of Yas Island. Aldar Properties in partnership with the Abu Dhabi Housing Authority (ADHA) is developing the AED8 billion project as part of Abu Dhabi Government’s ...

ABU DHABI / GULF TIME Tariq Al Hosani, Chief Executive Officer of Zero Gravity Group Conpanies, recently announced the UAE-based company’s firm commitment to catalyzing growth and innovation through significant investments in artificial intelligence. Al Hosani revealed that Zero Gravity has dedicated AED 15 million towards the creation and refinement of AI technologies. This endeavor, in collaboration with the nation’s ...