LME halts its trading in nickel after 250% spike

  Bloomberg The London Metal Exchange (LME) suspended trading in its nickel market after an unprecedented price spike left brokers struggling to pay margin calls against unprofitable short positions, in a massive squeeze that has embroiled the largest nickel producer as well as a major Chinese bank. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% ...

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Chinese stocks in US drop to lowest in five years

  Bloomberg Shares of Chinese companies listed in the US tumbled, extending a selloff that pushed them to their lowest level since 2016. The Nasdaq Golden Dragon China Index sank 4.8% amid concerns over higher inflation, risks from the Russia-Ukraine war and rising Covid-19 cases in China and Hong Kong. The selloff is also coming during the National People’s Congress ...

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UAE sends 30 tons of emergency medical and relief aid to Ukraine

  ABU DHABI / WAM The United Arab Emirates on Monday sent an aircraft carrying 30 metric tonnes of emergency health aid and medical supplies, as part of its emergency relief efforts to assist the needy civilians in Ukraine. This came in response to the international humanitarian appeal to support displaced Ukrainians and refugees in neighbouring countries. There are more ...

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UAE, France bolster cooperation in nuclear and radiation safety

  ABU DHABI / WAM The Federal Authority for Nuclear Regulation (FANR) and the French Institute for Radiological Protection and Nuclear Safety (IRSN) have renewed the Implementing Agreement to continue their collaboration on research and development in the field of nuclear safety, radiation protection, emergency response, knowledge management among other aspects. FANR, Khalifa University and IRSN also signed an agreement ...

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‘Mother of the UAE’ supports women across the globe

ABU DHABI / WAM On the occasion of the International Women’s Day (IWD) that marks on March 08, Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, hailed the efforts of HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, Chairwoman of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development ...

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Ruwad discusses new set of funding requests from SMEs

  SHARJAH / WAM The Sharjah Entrepreneurship Foundation (Ruwad) affiliated to Sharjah Economic Development Department (SEDD) discussed a new set of funding requests submitted by a number of small and medium enterprises in the Emirate of Sharjah. This came during the 8th meeting of the Foundation’s Project Finance Committee, and its second during 2022, which was held at the headquarters ...

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Yahsat, Edge to equip NIMR vehicles with satellite connectivity solutions

  ABU DHABI / WAM Al Yah Satellite Communications Company PJSC (Yahsat), the UAE’s flagship satellite solutions provider, on Monday announced that its government division, Yahsat Government Solutions (YGS), agreed with Edge Group entity, NIMR, a leading manufacturer of combat-proven wheeled military vehicles, to line-fit pre-qualified Comms-On-The-Move (COTM) solutions on NIMR’s vehicular systems. The agreement was announced at the World ...

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Emirates, Sri Lanka Tourism sign agreement

  DUBAI / WAM Emirates has signed a Memorandum of Understanding with Sri Lanka Tourism Promotion Bureau at the Emirates Group headquarters in Dubai. The pact reaffirms the airline’s commitment to Sri Lanka and outlines mutually beneficial initiatives that will help revive the country’s trade and tourism industry. The MoU was signed by Ahmed Khoory, Emirates’ Senior Vice President, Commercial ...

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UAE and Austria sign pact to collaborate in hydrogen tech

  ABU DHABI / WAM The Ministry of Industry and Advanced Technology (MoIAT) on Monday signed a Memorandum of Understanding (MoU) with the Federal Ministry of Finance of the Republic of Austria for a comprehensive collaboration in the hydrogen technology industry. The agreement follows the Comprehensive Strategic Partnership, which was signed in July 2021 during the official visit to Austria ...

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UAE, Indonesia and South Korea discuss cooperation in Riyadh

  RIYADH / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, met separately with Prabowo Subianto, Indonesian Minister of Defence, and Kang Eun-ho, South Korean Minister of the Defence Acquisition Programme Administration, in the presence of a number of senior officers and officials of the Ministry. During the meetings, held on the sidelines of the World ...

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