Bloomberg Six-year-old biotech startup MegaRobo Technologies has raised about $300 million from investors including an arm of Goldman Sachs Group Inc, securing one of the year’s largest Chinese venture capital investments despite a global tech sector rout. Goldman’s private investing arm, venture capital firm GGV Capital and Asia Investment Capital led the Series C round, joined by existing backers ...

  Bloomberg The Bank of England (BOE) is expected to raise interest rates faster and further than anticipated a month ago as it battles highest inflation in decades. The central bank, which had been expected to pause after hiking to 1.5%, is now predicted to lift the benchmark cost of borrowing to 2% by this time next year, according to ...

  Bloomberg Canadian Imperial Bank of Commerce (CIBC) is boosting its minimum wage and pledging to push it even higher in the next few years as tight labour markets force banks into fierce competition for workers. The lender’s minimum wage will rise to C$20 per hour in Canada and $20 in the US in July, and the bank is committing ...

Bloomberg China’s central bank abstained from cutting a key policy interest rate, avoiding further policy divergence from the US that could add pressure on the yuan. The People’s Bank of China (PBOC) kept the rate on its one-year medium-term lending facility at 2.85% on Wednesday, in line with most forecasts in a Bloomberg survey of economists. The PBOC also rolled ...

  Bloomberg European stocks rallied after their longest slump since March 2020 as the European Central Bank (ECB) announced an emergency meeting “to discuss current market conditions” and ahead of the Federal Reserve rates decision. The Stoxx Europe 600 rises 1.1% at 9:45 am in London. Italy’s FTSE MIB index was up 3%, led by banks, while Italian bonds surged ...

  Bloomberg Bitcoin prices tumbled once again, driving the token to the brink of $20,000 on evidence of deepening stress within the crypto industry. The largest cryptocurrency sank 8% to $20,180, the lowest level since December 2020. Bitcoin has fallen for nine days, the longest losing streak since 2014. Losses continued to be widespread, with Ether plunging 10% to $1,062. ...

  Bloomberg Oil rises as investors weighed a tight supply outlook and the potential responses from consumers and policy makers alike. West Texas Intermediate gained for a second session, trading above $122 a barrel. President Biden will travel to Saudi Arabia next month and will discuss energy production, according to US National Security Counsel Coordinator John Kirby. The meeting will ...

  Abu Dhabi / WAM Abu Dhabi Exports Office (Adex), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has announced the signing of a financing agreement with Capital Bank of Jordan, whereby a credit line of approximately AED73.4 million ($20 million) will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies ...

  Geneva / WAM The UAE delegation has concluded its participation in the 12th Ministers Conference (MC12) of the World Trade Organisation (WTO) in Geneva, Switzerland, the four-day gathering of trade and economy ministers from around the world – and its first in-person meeting since the start of the global pandemic. The UAE delegation, led by Abdullah bin Touq Al ...

  DUBAI / WAM Initiating a movement in financial literacy amongst the UAE’s youth, National Bonds, an investment company owned by the Investment Corporation of Dubai, has entered a partnership with Taaleem, one of the country’s leading education providers, to empower children of all ages with essential financial planning skills. In a signing ceremony, National Bonds group CEO, Mohammed Qasim ...