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Hong Kong plans to raise bank deposit protection from 2025

BLOOMBERG  Hong Kong plans to raise the maximum protection on bank deposits in a move designed to better shield people during times of severe stress. The Hong Kong Monetary Authority (HKMA) proposed to increase the amount of savings covered by the government guarantee in the event of bank failure to HK$800,000 ($102,272) per depositor at each Hong Kong bank, up ...

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Dewa receives Net-Zero statement of verification

DUBAI / WAM Dubai Electricity and Water Authority (Dewa) has received the Net-Zero statement of verification and assurance certificate in recognition of its relentless efforts in climate action. This followed a comprehensive assessment conducted by W3 Solutionz – USA through CanaGulf International Standardisation, based on the International Workshop Agreement Guidelines IWA 42:2022. These were announced for the first time during ...

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Rakez empowers businesses through networking events

RAS AL KHAIMAH / WAM Ras Al Khaimah Economic Zone (Rakez) is committed to fostering connections and driving growth in the emirate. The economic zone regularly organises networking events across industries, recognising the power of working together in today’s ever-changing business landscape. These networking events serve as regular platforms for businesses to meet, exchange ideas, and unlock new possibilities. The ...

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UAE ministry concludes its participation in G20 Education Working Group meeting

ABU DHABI / WAM The Ministry of Education (MoE) concluded its participation in the G20 Education Working Group meeting, the premier forum for international economic cooperation. The meeting was hosted by the Republic of India under the theme “One Earth, One Family, One Future.” Dr Ahmad Belhoul Al Falasi, Minister of Education, and his accompanying delegation, participated in the Education ...

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Ethmar reports AED421m increase in net profit for H1

ABU DHABI / WAM Ethmar International Holding (EIH) has recorded significant profits in the first half of 2023 to bolster its position as a leading holding company, reporting an increase in net profit, reaching AED445 million at the end of the first half of the year 2023, compared to approximately AED24 million during the same period last year, an increase ...

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Sheikh Hamdan receives top-achieving high school students from Al Dhafra

AL DHAFRA / WAM HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, has received the top-achieving high school students from Al Dhafra Region for the 2022-2023 academic year. Sheikh Hamdan congratulated the students and their families for their achievements, emphasising the leadership’s focus on education and keenness to empower students to fulfil their potential and ...

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Sharjah Ruler directs municipalities’ heads to make daily tours, greenlights AED19 million for park walls renewal

SHARJAH / WAM HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, directed the heads of municipalities in the emirate of Sharjah to carry out daily field tours, before starting their works, to find out the needs of the public in all fields. The Sharjah Ruler also directed AED19 million to fund the renewal ...

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Stocks extend rally as mood sinks dollar to 15-month low

BLOOMBERG The risk-on mood in markets stretched into another day as stocks climbed and the dollar weakened to a 15-month low. European shares extended the rally, which saw the Stoxx 600 Index surge 1.5%. Swatch Group AG, the maker of Omega and Longines watches, jumped more than 6% as China’s reopening fueled a rise in profits. Watches of Switzerland Group ...

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Chinese tech stocks advance as signs of official support grow

BLOOMBERG China’s tech stocks gained for a fourth day in Hong Kong as growing signs that the government’s long crackdown on the sector is finally over bolstered investor confidence. The latest leg of the rally came after Chinese Premier Li Qiang met with senior executives from country’s leading tech firms and urged local governments to provide more support to the ...

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UAE President receives phone call from UN Secretary-General

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a phone call from António Guterres, Secretary-General of the United Nations. Guterres expressed his appreciation for the UAE’s active contribution to progress in key regional and global areas. His Highness and the UN Secretary-General underscored the importance of the Black Sea Grain Initiative and reviewed ongoing ...

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