BLOOMBERG  Sri Lanka’s foreign exchange reserves grew in March to the highest in over a year after the South Asian nation clinched a $3 billion International Monetary Fund (IMF) bailout. The stockpile increased to $2.69 billion from $2.22 billion in February, according to data released by the central bank on its website. The reserves include a swap facility from the People’s ...

ABU DHABI / WAM The 20th edition of the Abu Dhabi International Hunting and Equestrian Exhibition (Adihex) will be held from August 23-29, sponsored by the Environment Agency — Abu Dhabi, the International Fund for Houbara Conservation (IFHC), and the Abu Dhabi National Exhibition Centre (Adnec), which is also the venue of the event. Raising awareness about the value of ...

SHARJAH / WAM United Arab Bank PJSC (UAB) has announced the successful issuance of its $150 million Additional Tier 1 (AT1) capital instrument which recently concluded through a private placement as per the general assembly approval.  This landmark issuance will strengthen the bank’s capital adequacy and boost its Tier 1 Capital ratio. Commenting on the transaction, Shirish Bhide, Chief Executive ...

DUBAI / WAM The Most Noble Number charity auction, held this evening in Dubai, has raised AED97.920 million that will go in full towards supporting the “1 Billion Meals Endowment” campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish the largest Ramadan sustainable food ...

DUBAI / WAM The UAE Ministry of Climate Change and Environment, a leading force in global climate initiatives, hosted ministers and over 150 high-ranking officials from 50 government and private entities at the ‘Green Retreat’. This collaborative event showcased the UAE’s dedication to addressing climate change and served as a strategic precursor to the nation’s much-anticipated hosting of the Conference ...

BLOOMBERG Airbus SE will double production capacity in China of its top-selling jet in a bold bet on future demand in one of the world’s biggest aviation markets. The European planemaker will add a second final assembly line for A320 narrow-bodies at its existing factory in Tianjin, under a deal signed by Chief Executive Officer Guillaume Faury in Beijing. The ...

BLOOMBERG Southwest Airlines Co, which promised to cut bonus payments after a late-December meltdown in flight operations, boosted short-term incentive pay for its chief executive officer and chief operations officer. CEO Bob Jordan’s bonus for 2022 rose 89% to $195,720, according to a regulatory filing by the Dallas-based airline. He received more than $5.3 million in total compensation last year, ...

BLOOMBERG Johnson & Johnson (J&J) said it agreed to pay $8.9 billion to resolve all cancer lawsuits tied to its talc-based powders and will make a fresh attempt to contain the liability within a bankruptcy filing by one of its units. The world’s largest maker of healthcare products hopes to settle complaints from about 60,000 claimants and fund a trust ...

BLOOMBERG A growing number of people are buying used clothing, shoes and accessories, propelling the secondhand industry to $177 billion in global sales last year, according to a new report from online thrift marketplace ThredUp Inc. That marks a 28% increase over 2021, thanks to surging inflation, more retailers developing curated secondhand or “resale” offerings, plus increased awareness of sustainable ...

GENEVA / WAM Global trade growth in 2023 is still expected to be subpar despite a slight upgrade to GDP projections since last fall, WTO (World Trade Organization) economists said in a new forecast. Weighed down by the effects of the crisis in Ukraine, stubbornly high inflation, tighter monetary policy and financial market uncertainty, the volume of world merchandise trade ...