June, 2023

• 5 June

  Sewa completes project to extend water pipeline

  

  SHARJAH / WAM Sharjah Electricity, Water and Gas Authority (Sewa) has concluded the extension project of a crucial main pipeline with a diametre of 800mm, aimed at transporting water from Al Zubair Station to Al Shanouf Suburb. This significant endeavour, initiated in mid-July 2022, utilised environmentally friendly materials to ensure water quality, while effectively catering to the growing demand for ...

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• 5 June

  Wall Street misses out on rally in local emerging-market bonds

  

  BLOOMBERG Wall Street has been caught by surprise by a rally in local emerging-market debt, an asset class that’s been largely abandoned by foreign investors after a decade of underperformance. Domestic-currency bonds are this year’s developing-world winners, handing money managers far stronger returns than hard-currency debt or equities, according to data compiled by Bloomberg. BlackRock Inc has started calling local ...

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• 5 June

  Bitcoin coders clash over whether to stamp out meme tokens

  

  BLOOMBERG The coders who maintain Bitcoin’s blockchain are clashing over whether to stamp out the meme tokens swarming the network. A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals. The tumult has ...

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• 4 June

  Abdullah bin Zayed receives US Special Presidential Envoy for Climate

  

  ABU DHABI / WAM H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Committee Responsible for Overseeing Preparations for the 28th Conference of the Parties to the UNFCCC (COP28 UAE), received here the US Special Presidential Envoy for Climate, John Kerry, to review the strategic relations between the two nations and the existing ...

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• 4 June

  Sheikh Hamed attends MBZUAI class of 2023 commencement ceremony

  

  ABU DHABI / WAM In the presence of HH Sheikh Hamed bin Zayed Al Nahyan, the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) on Sunday hosted commencement for the Class of 2023, its second cohort, strengthening AI talent capacity and contributing solutions to global challenges, including health, education, and climate. The MBZUAI commencement ceremony celebrated 59 students graduating with ...

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• 4 June

  Dubai Islamic Bank launches DIB ‘alt’ for its customers

  

  DUBAI/ WAM Driven by the banking giants’ continuous quest for digital excellence and in line with its ambitious transformation strategy, the financial powerhouse announced on Sunday the launch of DIB alt, a full-fledged digital umbrella brand to house all of the bank’s digital offerings and capabilities under one roof. DIB ‘alt’ is not another bank, or another mobile banking app, ...

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• 4 June

  AD Ports Group inks 25 years pact with Crystal Offshore

  

  ABU DHABI / WAM AD Ports Group, the leading facilitator of global trade, logistics, and industry, has signed a 25 years agreement with Singapore based Crystal Offshore, a recognised one-stop logistics solution provider to the marine & offshore industry. Under the agreement’s terms, a 20,000 square metre plot of land and an associated quay wall in Khalifa Port will be ...

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• 4 June

  Sharjah’s SCCI successfully concludes 5-day trade mission to India

  

  SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after five days of fruitful meetings and discussions with Indian business and industrial associations in New Delhi and Mumbai. The trade mission, organised by the Sharjah Exports Development Centre, visited Indian capital and commercial hub to discuss potential investment advantages and ...

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• 4 June

  India’s workers are trapped in a vicious cycle of coal, heat

  

  BLOOMBERG  Standing by vast, ash-coloured coalfields, miner Rabi Behera expressed few doubts about the job at hand. To cope with increasingly brutal temperatures, India has to keep its power grid standing— and for now that means digging up ever expanding quantities of the dirtiest fossil fuel. “It’s hard to survive without electricity during the summer,” he said, giant trucks rumbling ...

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• 4 June

  Wells Fargo seeks to settle mortgage case with mediation

  

  BLOOMBERG  Wells Fargo & Co is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans. Lawyers for the bank and borrowers said they’ve agreed to work with a former federal judge to try to resolve a group of class-action lawsuits — ...

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