September, 2021

• 12 September

  PNB board approves bond plan to raise $816 million

  Bloomberg Punjab National Bank’s (PNB) board has approved plans to raise 60 billion rupees ($816 million) through sale of bonds. The New Delhi-based lender, which has been hit by a slew of scandals of the past years, can raise funds by issuing one or more tranches of Additional Tier 1 or Tier 2 notes that comply with Basel III capital norms, ...

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• 12 September

  Russia hikes rates fifth time in a row

  Bloomberg A smaller-than-forecast rate hike doesn’t mean the Russian central bank is turning dovish, with inflation at its fastest pace in half a decade. While quarter-point increase marks a return to more standard rate moves after July’s 100 basis point hike, Governor Elvira Nabiullina said it’s not a given that the next rate raise will end the central bank’s tightening ...

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• 12 September

  App Store ruling may cost Apple billions of dollars

  

  Bloomberg Apple Inc has been ordered to make the most significant change to its App Store business model since launching the platform in 2008, and it could cost the tech giant a few billion dollars annually. In a ruling, US District Judge Yvonne Gonzalez Rogers said the company must give developers the option of bypassing its commission on in-app purchases ...

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• 11 September

  WhatsApp boosts end-to-end encryption amid scrutiny

  

  Bloomberg Facebook Inc Chief Executive Officer (CEO) Mark Zuckerberg said the company is expanding end-to-end encryption on its WhatsApp messaging service. Texts sent on WhatsApp are already protected so that they can only be seen by the sender and recipient. People have been able to back up their messages in the cloud, using Alphabet Inc’s Google Drive and Apple Inc’s ...

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• 11 September

  Intel to set aside production in Ireland for auto chips

  

  Bloomberg Intel Corp will dedicate production at its plant in Ireland for the manufacture of chips for automakers as company pushes into a growing market currently buffeted by shortages that have crippled vehicle production. The Santa Clara, California-based chipmaker has a facility in County Kildare in Ireland that has been used for manufacturing its mainstay computer processors. Intel will convert ...

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• 11 September

  Tesla raises price of Model Y car in China

  Bloomberg Tesla Inc. is raising the price of its Model Y Performance car in China by 10,000 yuan ($1,552), effective immediately, the company announced on Weibo. The vehicle’s new price will be 387,900 yuan, according to the statement. Elon Musk’s electric-vehicle maker reported a rebound in domestic China shipments in August, a bright spot after a torrid few months for ...

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• 9 September

  UAE-Russia Business Council explores fostering tourism ties

  

  MOSCOW / WAM The UAE-Russian Business Forum has held its third session at the headquarters of the Russian Chamber of Commerce and Industry in the Russian capital, Moscow, as part of the visit of an Emirati delegation led by the Sharjah Chamber of Commerce and Industry to the cities of Moscow and Saint Petersburg. The visit, which will continue until ...

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• 9 September

  IHC’s Al Seer Marine forms AED624 million JV with BGN

  

  ABU DHABI / WAM Al Seer Marine, a marine company in the Middle East region that is engaged across multiple marine sectors, announced the formation of a AED624 million ($169.91 million) joint venture with BGN International, one of the leading energy, trading, storage, and transportation companies, to acquire a portfolio of Very Large Gas Carriers (VLGCs) for the transport of ...

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• 9 September

  UAE sends 100,000 Covid-19 vaccine doses to Mauritania

  ABU DHABI / WAM The UAE dispatched an aircraft carrying 100,000 doses of the Covid-19 vaccine to Mauritania to help curb the spread of the virus and support Mauritania’s efforts to accelerate its recovery. Additionally carrying 15 metric tonnes of medical supplies, the aircraft is the fifth of its kind to be sent to Mauritania. Hamad Ghanem Al Mehairi, the ...

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• 9 September

  Dubai’s F&B trade with Africa hits $2.4b in 2020

  

  Dubai / WAM Dubai’s food and beverage (F&B) trade with Africa, excluding tobacco, reached $13.9 billion during 2015-2020 period, while the sector has been identified as a key factor expected to drive bilateral trade in the short-term, new Dubai Chamber analysis revealed. In 2020, the value of food and beverage trade (excluding tobacco) between Dubai and Africa amounted to $2.4 ...

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