September, 2022

• 6 September

  1 Billion Meals initiative distributes 3.6mn meals in Jordan’s refugee camps

  

    DUBAI / WAM The 1 Billion Meals initiative has announced that it distributed 3.6 million meals in refugee camps in Jordan. The meals, in the form of instantly redeemable smart vouchers, were distributed directly to beneficiaries in collaboration with the United Nations’ World Food Programmeme (WFP). The contributions from the 1 Billion Meals initiative, organised by Mohammed bin Rashid ...

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• 6 September

  KLICKL gets ADGM’s nod to operate as broker-dealer, custody provider in virtual assets

  

    Abu Dhabi / Gulf Time Klickl is the latest global virtual asset service provider to receive the in-principle approval (IPA) of the Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer and to provide custody in the digital asset place. “We are excited that Klickl obtained an IPA from ADGM and will soon ...

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• 6 September

  UAE condemns terror attack in Somalia

    Abu Dhabi / WAM The UAE has strongly condemned the terrorist attack that targeted a convoy of vehicles in the Hiran region in central Somalia, which resulted in the death and injury of dozens of people. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed that the UAE expressed its strong condemnation of these criminal ...

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• 6 September

  FAB inks deal to deliver best-in-class inventory solutions

  

    Abu Dhabi / WAM First Abu Dhabi Bank (FAB) on Monday announced its partnership with Silver Birch Finance Limited to offer inventory solutions to their local and international clients. Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm that supports financial institutions by enabling them to offer corporate clients non-debt solutions to ...

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• 6 September

  Europe’s commodity firms buckling under energy crisis

  

    Bloomberg Europe’s energy crisis is getting worse, piling pressure on the commodities industries that provide building blocks for the continent’s economy. Power- and gas-intensive sectors such as steel, fertilisers and aluminum — the most widely used base metal — are being forced to close factories or pass on soaring costs to customers. Even sugar makers are feeling the pinch. ...

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• 6 September

  Nordic lawmakers scrutinise $33bn power backstop

  

  Bloomberg Lawmakers in Sweden and Finland are reviewing their $33 billion emergency backstop plans devised over the weekend to prevent utilities from defaulting after a fresh surge in energy prices. The two governments announced liquidity facilities made up of loans and credit guarantees to avoid some power companies going into technical defaults over climbing collateral requirements. The aim is to ...

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• 6 September

  Airlines keep gouging travellers. Regulate them

  

    US-based airlines canceled more than 100,000 flights between January and July, surpassing the number of cancellations that took place during the same period in pre-Covid 2019. The impact on passengers is significant. Not only must they find alternative transportation; they must also obtain a refund for their advance purchases. That’s harder than it should be. In fact, difficulty obtaining ...

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• 6 September

  Wall Street is in denial over economy

  

  We know that the US economy is currently weak, but the real economy is really weak, and the Federal Reserve’s commitment to precipitate a recession to curb high inflation will make this reality obvious to seemingly oblivious investors. Real gross domestic product dropped for two consecutive quarters, and although the National Bureau of Economic Research has yet to declare that ...

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• 6 September

  New Delhi may limit rice exports. Bad idea

    A few months ago, when India restricted wheat exports following a heatwave, rumbles ran through the world’s food markets. Still, while India is a giant consumer of wheat, it’s not as big an exporter. The real fear was that New Delhi might cut off rice shipments as well: India is the world’s largest exporter by far. Fortunately, rice prices ...

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• 6 September

  Don’t abandon small firms in energy crisis

  As energy prices surge, UK politicians seem to be relying on Latin American literature for guidance. Like a novel by Nobel Prize winner Gabriel Garcia Marquez, officials have lost the ability to differentiate between substance and magical realism. But companies can’t afford to live in a fantasy land. Departing Prime Minister Boris Johnson is clearly a fan of the literary ...

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