April, 2022

• 26 April

  Germany aims to scrap hybrid car subsidies earlier than planned

  

  Bloomberg Germany’s economy ministry wants to end subsidies for plug-in hybrid cars earlier than planned at the end of this year and cut a cash bonus for electric vehicles by a third from 2023, according to a person familiar with the plans. The move is part of attempts to gear subsidies more towards climate protection and the legislation is currently ...

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• 26 April

  Blackstone agrees to buy PS Business parks for $7.6b

    Bloomberg Blackstone Inc agreed to buy PS Business Parks Inc for about $7.6 billion, expanding its bets on real estate across the US. Affiliates of Blackstone Real Estate will buy Glendale, California-based PSB for $187.50 a share in cash, according to a statement. The price is roughly a 12% premium to PSB’s closing price. Under the deal, Blackstone agreed ...

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• 26 April

  Hong Kong to start trade in yuan stocks in second half

  

  Bloomberg Hong Kong is ready to launch yuan-denominated stock trading to cater to investors in Shanghai and Shenzhen, with final clearances from regulators in mainland China expected in the second half of the year, according to people familiar with the matter. The city’s own infrastructure is largely ready to accommodate trading of shares in the Chinese currency via the southbound ...

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• 26 April

  Stocks rebound ahead of Big Tech earnings week

  

    Bloomberg US stocks rise in a late-day turnaround as dip-buyers emerged ahead of a busy week for Big Tech earnings. The S&P 500 rallied back in a choppy afternoon session to end near highs of the day, after falling to lows near the 4,200 level. The tech-heavy Nasdaq 100 climbed more than 1%. Twitter Inc extended gains after billionaire ...

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• 26 April

  Masdar inks deals to develop 4GW green hydrogen plants in Egypt

  

    Abu Dhabi / WAM Masdar, one of the world’s leading renewable energy companies, and Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, announced that they have signed two memorandums of understanding with leading Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on ...

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• 25 April

  UAE offers condolences to Nigeria over oil refinery explosion victims

  Abu Dhabi / WAM The United Arab Emirates has expressed its sincere condolences and solidarity with the Federal Republic of Nigeria over the victims of the oil refinery explosion in the southeast of the country, which resulted in dozens killed. In a statement on Monday, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) expressed its sincere condolences and sympathy ...

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• 25 April

  EGA agrees revolving credit facility tied to Term SOFR

  

    Abu Dhabi / WAM Emirates Global Aluminium on Monday announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR). SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades but has been the subject of market manipulation accusations. ...

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• 25 April

  EDB to offer priority financing for Food Tech Valley startups

  

  Dubai / WAM Emirates Development Bank (EDB) has announced the signing of a memorandum of understanding (MoU) with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to small and medium enterprises (SMEs) and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to Food ...

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• 25 April

  Dewa’s power capacity multiplies by 300 times

  

    Dubai / WAM Dubai Electricity and Water Authority (Dewa) power capacity has increased from 43 megawatts (MW) in 1970 to 13,417 MW in 2021, a 300-fold increase. Its water production capacity increased from zero to 490 million imperial gallons per day (MIGD). Originally, there were no desalination stations as Dubai only had groundwater wells. Saeed Mohammed Al Tayer, MD ...

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• 25 April

  Kraken joins ADGM’s virtual assets community

    Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed Kraken to its fast-growing virtual asset community and financial ecosystem. Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) licence to operate a regulated virtual asset exchange platform in the ADGM to service the needs of ...

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