SHARJAH / WAM The Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), affiliated to the Sharjah Economic Development Department, has approved the financing of three projects after studying the feasibility of 15 requests for funding in various sectors between April and June. Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Sharjah Economic Development Department, praised the facilities and exemptions provided ...

DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Director-General of the Prime Minister’s Office, affirmed that the UAE, guided by the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the proactive approach of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice ...

BLOOMBERG Urban air-taxis can begin service over US cities as soon as 2028 by largely adhering to existing flight rules for helicopters and other low-altitude aircraft, according to federal regulators. The Federal Aviation Administration (FAA) timeline is three years beyond the agency’s initial goal of certifying the first of such aircraft by 2025. During initial phases, the taxis will have ...

BLOOMBERG Tata Group plans to build a £4 billion ($5.2 billion) battery plant in the UK to supply electric vehicles made by Jaguar Land Rover Automotive Plc, in a win for Britain’s struggling car industry. JLR and Tata Motors Ltd will be anchor customers for the plant capable of providing 40 gigawatt hours worth of batteries with supplies starting from ...

BLOOMBERG After a year dominated by direct lenders, investment banks are now winning some bigger deals in the buyout financing market. Among them are the $9.4 billion of debt financing backing GTCR’s purchase of a majority stake in Worldpay Inc — the largest buyout financing since Elon Musk’s takeover of Twitter last year. A group of banks are selling the ...

BLOOMBERG Nigeria’s official currency exchange rate is once again widening a gap with the parallel-market rate, shrugging off a brief convergence spurred by central bank actions. The naira closed at 743 per dollar on the platform accepted as the official rate by the central bank, according to data compiled by Bloomberg. That’s about 11% stronger than the 834 a dollar ...

BLOOMBERG Bank of New York Mellon (BNY) wants to do money managers’ trading for them with a new outsourcing service aimed at helping buy-side firms cut costs. The move builds on the trading that BNY Mellon already handles for $1.8 trillion of assets it manages, the firm said in a statement. The bank will target current and prospective clients, primarily ...

BLOOMBERG Bank of America (BofA) Corp’s second-quarter profit soared after its core Wall Street businesses exceeded analysts’ expectations. The firm’s fixed-income and equity traders delivered a surprise gain, covering a slight miss in expected net interest income. Revenue from fixed-income, currencies and commodities trading rose 18% to $2.8 billion in the second quarter, as clients reacted to changing interest rates, ...

BLOOMBERG Morgan Stanley added to the recent wave of bank bond sales in the US investment-grade market, a sign that issuance is still going strong as lenders emerge from earnings blackout periods. The bank sold $6.75 billion of debt in a four-part deal, according to a person familiar with the matter, who asked not to be identified as the details ...

NEW YORK / WAM On the sidelines of the United Nations High-Level Political Forum (UN HLPF) on Sustainable Development, convened by the United Nations Department of Economic and Social Affairs, the UAE government delegation engaged in a productive discussion with New York City Mayor Eric Adams. The main focus of the meeting was to explore opportunities for joint collaboration and ...