eBankX names Sulaiman Al Fahim as new chairman

  Abu Dhabi / Gulf Time eBankX, a global digital platform providing several services and features, announced the appointment of Sulaiman Al Fahim as chairman. Sulaiman Al Fahim is currently the executive chairman of the globally leading Al Fahim Holding Group, a business conglomerate in the UAE. He brings many years of expertise covering project management, strategic development, and business ...

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UAE sees 1,166 new recoveries from Covid-19

  Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 487,749 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. ...

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Carbon sequestration key to check climate change: EAD chief

  Abu Dhabi / WAM As increased carbon emissions caused by destruction of ecosystems will further contribute to climate change, Abu Dhabi’s Blue Carbon Project is a promising initiative to prevent such a situation, according to a top official. “One major programme we have worked on at the Environment Agency – Abu Dhabi (EAD) is the Blue Carbon Project. Blue ...

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China’s $60bn wind empire needs to grow its own blades

  Bloomberg In the tropical climate of China’s Yunnan province, scientists are planting a key ingredient to help strengthen the country’s position as the world leader in wind power: balsa trees. Balsa, best known as a craft material for making model airplanes, is a major component of giant blades for wind turbines. China’s $60 billion wind industry sources almost all ...

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Europe power costs fall

Bloomberg The price of powering Europe next month declined as more favourable weather conditions are set to increase generation of renewable energy. Rising wind-power generation has eased the pressure on near-term prices, which has filtered through to month-ahead values, according to Sabrina Kernbichler, an analyst at S&P Global Platts. German power for February falls as much as 3% to 183.49 ...

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China, Russia have found new reasons to team up

  Through the latter decades of the Cold War, there was little cooperation or alignment between the Soviet Union and China. The Russians had a far more developed global military presence, a higher level of ambition to impose their ideology on others, and a much bigger economy. China was primarily focused inwardly, struggling (and eventually succeeding) in lifting most of ...

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Samsung, Intel must take a deep breath

Taiwan Semiconductor Manufacturing Co (TSMC) spent a record $30 billion last year on factories that churn out the world’s most-advanced chips. It seems that wasn’t enough. This year, it’s decided to up the ante by forecasting a budget of as much as $44 billion. Rivals better watch out. “Every year our capex is spent in anticipation of the growth that ...

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JPMorgan, Citi pay raises leave less for investors

The great economic rebalancing between capital and labour is finally here — in banking at least. The share prices of JPMorgan Chase & Co, Citigroup Inc and most other US banks tumbled after both banks reported higher costs for 2021 and predicted more inflation to come, most of which is being driven by higher pay. What is more, the jump ...

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Raskin is a great choice for a tough job at the Fed

At long last, President Joe Biden has settled on a candidate for one of the biggest jobs in global finance: the vice chair for bank supervision at the Federal Reserve. The nominee — Duke University law professor Sarah Bloom Raskin — is a good choice for what will be an immensely challenging assignment. First, it’s worth noting that everyone on ...

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Airlines warn of ‘catastrophic disruptions’ in US 5G rollout

  Bloomberg A trade association representing major US airlines asked Transportation Secretary Pete Buttigieg and the nation’s top communications and aviation regulators to prevent wireless carriers from implementing 5G services close to airports. Airlines for America warned in a letter that the traveling and shipping public could see “catastrophic disruptions” if the new C-band frequencies were put into service within ...

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