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ABU DHABI / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, and Hub71, Abu Dhabi’s global tech ecosystem, have co-hosted the ‘Hub71 FinTech Pitch Day’ at the EDB Business Lab Abu Dhabi to support and explore growth opportunities for Hub71’s leading fintech startups. Nine Hub71 fintech startups presented advanced ...

BLOOMBERG As Japan and South Korea attempt once again to put their bitter 20th century disputes to rest, it signals a growing recognition in both capitals that their 21st century security may depend on each other. South Korean President Yoon Suk Yeol goes to Tokyo on Thursday trying to end four years of feuding over compensation for Japan’s use of ...

BLOOMBERG Russian President Vladimir Putin began talks with Syrian leader Bashar al-Assad in Moscow on Wednesday as the Kremlin steps up efforts to restore ties between Turkey and Syria. Putin said he planned to discuss “all important aspects of cooperation” with Assad, who thanked the Russian leader for backing Syrian demands for the pullout of all foreign forces and expressed ...

BLOOMBERG A Russian fighter jet collided with a US surveillance drone in international airspace above the Black Sea, causing the American aircraft to crash, the Pentagon said. Russia’s defense ministry denied the US claim, saying its jets didn’t come into contact with the drone, according to a statement posted on Telegram. The statement said the drone’s transponders were off, and ...

BLOOMBERG Ex-Australian Prime Minister Paul Keating condemned the center-left Labor government’s deal with the US and UK to obtain nuclear submarines, saying the nation’s military sovereignty was being surrendered to the “whim and caprice” of Washington. A former Labour party leader, Keating served as prime minister from 1991 to 1996, during which he sought to loosen Australia’s bonds with the ...

BLOOMBERG The European Central Bank (ECB) should either delay or pare back this week’s planned interest-rate increase to avoid a policy error reminiscent of 2011, former Executive Board member Lorenzo Bini Smaghi told Boersen-Zeitung. The German newspaper published an interview with the Italian, the eve of a decision for which a half-point hike has been described by President Christine Lagarde ...

BLOOMBERG Bank of America Corp (BofA) mopped up more than $15 billion in new deposits in a matter of days, emerging as one of the big winners after the collapse of three smaller banks dented confidence in the safety of regional lenders. The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s ...

BLOOMBERG HSBC Holdings Plc is cutting the base pay it offers some newly-promoted senior investment bankers in the UK by a quarter, ahead of a rule change that would allow higher bonuses. In some areas, new managing directors are now typically offered a salary of about £225,000 ($273,380), compared to £300,000 paid to bankers that already hold the same position, ...

BLOOMBERG The collapse of Silicon Valley Bank (SVB) threatens to further besmirch the reputation of Federal Reserve Chair Jerome Powell, on top of the blemish he’s suffered for being slow to recognise the risk of rampant inflation. Friends and foes of the Fed alike have faulted the central bank for not heading off the troubles at the nation’s 16th-largest lender ...

BLOOMBERG Hennes & Mauritz (H&M) is launching a resale platform with ThredUp Inc, as global apparel companies try to make a dent in the clothing waste they produce and seize on a potential new source of revenue. H&M was expected to start its first resale platform in the US market, H&M Pre-Loved, with around 30,000 items of used women’s and ...