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Afghanistan bus-oil tanker collision kills 21, injures 38
Kabul, Afghanistan--Twenty-one people were killed and 38 injured on Sunday in southern Afghanistan's Helmand province when a bus collided with an oil tanker and a motorbike, provincial officials said. Deadly traffic accidents are common in the country, due in part to poor roads, dangerous driving on highways and a lack of...
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EU clinches ‘historic’ deal on AI law after long negotiations
The EU's internal market commissioner, Thierry Breton. called the deal as historic, regulating artificial intelligence models such as ChatGPT. Negotiators in Brussels nailed down curbs on how AI can be used in Europe, which they said would not hurt innovation in the sector nor the prospects for future European AI... -
PwC to set up blocks preventing exam cheating after $7 mn fine
The Public Company Accounting Oversight Board (PCAOB) imposed the penalty on the China and Hong Kong offices of the "Big Four" auditing company on Thursday. The two offices issued identical statements on Friday saying it was "highly regrettable that a number of employees engaged in the improper sharing and use... -
A glimpse into GCC’s financial evolution
As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a complex tapestry that defines success. -
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey. -
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following a string of high-profile failures earlier this year. "We need to strengthen both regulation and supervision," Powell told a banking conference in Madrid, referring to the turmoil that hit the... -
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation," Federal Reserve vice chair for supervision Michael Barr... -
‘Strategic position makes UAE key blockchain, Web 3 player’
There is a need for more regulations in the cryptocurrency industry to prevent immoral and aberrant behavior, says Anthony Scaramucci, former White House Communications head. -
‘Bad governance, lack of solid regulation fuel blockchain violations’
There is chaos in the crypto market and the dust rises with an episode of failure, but failures must not be generalized, says Don Tapscott of Blockchain Research Institute. -
Openness to new financial models and regulations draws international blockchain companies to the UAE
The UAE is poised to become a hub for blockchain firms and startups, and a leading example for the rest of the world to follow. As we continue to innovate and build the ecosystem, the robust and consistent rules that are being laid out will make UAE a leading blockchain... -
Dubai’s VARA brings out ‘specialized regulations’ for virtual assets
Dubia, UAE--Dubai’s Virtual Asset Regulatory Authority (VARA), has issued what it calls as Virtual Assets and Related Activities Regulations 2023. The regulations set out a comprehensive virtual asset framework built on principles of economic sustainability and cross-border financial security. The UAE has remained committed to enabling these drivers safely, updating... -
Carbon pricing standards key to boost green energy
Public resistance to a carbon tax has prevented many nations from establishing carbon pricing via taxation, but taxation is not the only way to deter emissions, she highlights, while pointing out to numerous barriers that have impeded the flow of private capital to decarbonization projects around the world. -
Dubai races ahead to be global epicenter for crypto
While the crypto ecosystem still reels from the collapse of FTX, and investor apprehension about the future of the digital asset, Dubai's regulatory mechanism to oversee cryptocurrency entices big players to the city. -
Common Reporting Standards to be mandatory in UAE, says CBUAE
Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organizations across the world through secure channels. -
‘Technology has to fix fake news problem’
Faisal Abbas, editor of Arab News, believes that it is almost impossible that journalists alone can fix the problem of fake news, and that technology has to step in to resolve the issue. -
New law to allow UAE companies to act as commercial agents
The new draft law is geared to provide more business opportunities for UAE citizens and allow new categories of citizens to access the commercial agencies business. -
UAE: a trendsetter in regulating cryptocurrency market
The UAE, Japan and Singapore have emerged as the trendsetters in regulating the crypto-currency market effectively, according to a top European academic. -
Elon Musk’s move to buy Twitter faces roadblocks
Even for the richest person on the planet, buying Twitter was always going to be a challenge –- a highly complex financial transaction now made even trickier by a defensive "poison pill" move from the platform's board. Musk's $43 billion offer lays out the myriad potential pitfalls: possible government approvals,... -
Binance, crypto firm, to hire more than 100 people in UAE
Binance, the world's biggest crypto exchange in trading volume, will hire more than 100 people in the UAE, days after being licensed by Dubai's new virtual assets regulator this month. -
Sharjah Municipality permits food display in restaurants during Ramadan
The authorities will issue the necessary permits for this purpose, in accordance with hygiene conditions and preventive measures. -
Saudi Arabia regulates reporting of capital market violations
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its implementing regulations. -
Five top crypto trends to watch out for in 2022
In 2021, the total market capitalization for the crypto market increased from around $800bn to $2.2trn. The year also witnessed some of the important developments in the crypto market. -
WTO deal saves businesses $150bn a year
The deal with members including the US, EU, and Saudi Arabia agreeing to new ways to help businesses. -
Dubai police and a firm join hands to educate people about crypto fraud risks
Dubai police and a cryptocurrency trading firm have joined hands to make investors and traders aware of the risk of fraud while trading in cryptocurrency. -
Israel, Bahrain gear up for economic cooperation agreement
The agreement, after it comes into effect, is expected to lead to the establishment of a joint economic committee to promote its implementation, local media reports have pointed out.