World’s richest 1% gained $40 trn in a decade: Oxfam
Paris, France - The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade,...Business
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...Moody's said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative and are likely in, or very near, default"
The Chinese firm is estimated to "not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market.The UAE, which...Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021.
The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries.
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.
ADGM’s Registration Authority fines KPMG Lower Gulf $30,000
Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG...ADGM audit regulatory framework requires audit reports to be issued and signed by ADGM Registered Audit Principals on behalf of an ADGM Registered Auditor.
Prior to imposing the penalty, the RA had engaged in ongoing communication with KPMG over a period of several months, ADGM said.
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...The agreement priced the average match nearly 13 percent higher than the $944 million rights deal for 2018-23 signed by Star, Disney's local subsidiary.
Star had held the rights to broadcast international matches since 2012 and was also a bidder in Thursday's auction, along with Sony Sports.
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...The primary objective of this cooperation is to regularize the electronic connection between the bureau and SJC.
SJC will supply the bureau with the outcomes of the rulings related to its work in quest of achieving data accuracy.
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
