May, 2023

• 14 May

  UAE participates in Annual Meetings of IsDB

  

  ABU DHABI / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the Annual Meetings of the Islamic Development Bank (IsDB) Group, which were held under the theme “Partnerships to Fend off Crises” and took place in Jeddah, the Kingdom of Saudi Arabia. The meetings focussed on improving cooperation to tackle challenges ...

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• 14 May

  Dubai’s RTA launches ‘first autonomous electric abra’

  

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) has embarked on a trial operation of the “First Autonomous Electric Abra”, with a capacity to carry eight passengers. It was manufactured locally at the RTA’s Al Garhoud Marine Maintenance Centre, featuring a design that preserves the heritage identity of the abras. The initial journey of this abra took place from ...

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• 14 May

  SocGen debt traders beat peers as first-quarter profit advances

  

  BLOOMBERG  Societe Generale SA’s fixed-income trading unit outperformed most peers in a volatile first quarter, as clients reacting to interest-rate hikes spurred revenue in an otherwise tough trading period. Income from debt and currencies trading jumped 16% from a year earlier, compared with a 9% gain at rival BNP Paribas, according to a statement. Revenue at the equities-trading unit fell ...

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• 14 May

  ‘Credit Suisse already had problems in 2015’

  

  BLOOMBERG  UBS Group AG Chief Executive Officer (CEO) Sergio Ermotti, who’s overseeing the takeover of Credit Suisse Group AG in a government-brokered rescue, said he saw problems at UBS’s smaller competitor as early as 2015. “UBS was very well positioned from 2015, we had done our homework after the financial crisis,” Ermotti said in an interview with the Schweiz am ...

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• 14 May

  HSBC pays $75mn over CFTC spoofing, WhatsApp probes

  

  BLOOMBERG  HSBC Holdings Plc will pay a combined $75 million to settle a top US regulator’s allegations that it engaged in manipulative and deceptive trading practices and broke recordkeeping rules. The Commodity Futures Trading Commission (CFTC) said that a US unit of the London-based bank would pay $45 million over its past trading related to swaps and bond issuances, among ...

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• 14 May

  Electric bikes breaking through in Europe’s carmaking capital

  

  BLOOMBERG  Electric bicycles are poised for a breakout year in Europe’s biggest economy. Battery-powered two-wheelers will outsell traditional bikes in Germany for the first time in 2023, according to projections from the country’s industry group. They’re already dominant in the mountain bike category, where nine in ten bicycles are powered by a motor. While the e-bike boom hasn’t meaningfully pushed ...

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• 14 May

  Google to revamp search with generative AI tools

  

  BLOOMBERG  For months, Google has been under pressure to reinvent its core search business and respond to the rise of artificial intelligence (AI) programmes that can generate content. Google started introducing more to the public — slowly. At its annual developer conference, Google unveiled a version of its search engine that uses large language models, AI tools that are trained ...

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• 14 May

  Dubai opens three new beaches for night swimming

  

  DUBAI / WAM Dubai Municipality has further expanded its beach tourism offering with the opening of three new beaches for night swimming in Jumeirah 2, Jumeirah 3 and Umm Suqeim 1. The 800-metre-long night-swimming beaches feature lighting systems, which enable residents and tourists to swim around the clock, and electronic screens that display content aimed at increasing safety awareness among ...

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• 14 May

  Sharjah Waste to Energy plant achieves landmark milestones

  

  SHARJAH / WAM The Sharjah Waste to Energy plant, a first-of-its-kind project in the Middle East, has achieved multiple landmark milestones since its inauguration a year ago. Tied to the Sharjah electrical grid, the plant has generated enough energy to power over 2,000 homes per year while offsetting 150,000 tons of CO2 emissions. Around 60 percent of greenhouse gas emissions ...

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• 14 May

  Ahmed bin Mohammed meets members of Higher Committee for  Development and Citizens Affairs

  

  DUBAI / WAM His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, met with the members of the Higher Committee for Development and Citizens Affairs in Dubai at the Emirates Towers. During the meeting, HH Sheikh Ahmed bin Mohammed reviewed outcomes of the committee’s efforts and initiatives ...

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