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Business

Weakened yen spurs exporter rally, Tokyo stocks edge downward

The Tokyo stock market concluded Tuesday’s trading session with a slight downturn, marked by a surge in buying activity among exporters. This surge, fueled by a weakened yen, managed to offset most of the losses experienced earlier in the day, particularly in the chipmaker sector. The Nikkei Stock Average, comprising 225 key issues, saw a modest…
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U.S. investment fraud surges 38% to $4.57B, crypto scams lead

According to the latest FBI Internet Crime Report 2023, losses stemming from cryptocurrency investment scams in the United States skyrocketed to $3.94 billion in the past year, marking a significant 53% increase from $2.57 billion recorded in 2022. The FBI’s report also reveals a broader trend in investment fraud, which surged by 38% to $4.57…
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Bitcoin’s rally marks a perpetual cycle of boom and bust

Bitcoin, the digital currency famed for its wild price swings, has once again surged to new heights, only to see a rapid descent shortly after. After languishing for a couple of years, Bitcoin surpassed its previous all-time high of nearly $69,000 per coin, sparking lofty predictions of $100,000, $200,000, even $500,000. The cryptocurrency market…
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Central bank of Egypt unleashes bold monetary measures

The Central Bank of Egypt (CBE) has announced a significant shift in monetary policy, opting to let market dynamics dictate the value of the Egyptian pound (EGP). Simultaneously, the bank has raised interest rates by a substantial 6 percent. This decision, strategically timed just ahead of the holy month of Ramadan, represents the fourth…
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Sanad expands global reach with Deucalion Aviation collaboration

Sanad, a leading entity in aerospace engineering and leasing solutions under Abu Dhabi’s Mubadala Investment Company, has formed a groundbreaking partnership with Deucalion Aviation, a major force in aircraft asset management, financing, and investment. This collaboration is set to revolutionize Maintenance, Repair, and Overhaul (MRO) services for …
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MENA Newswire boosts capabilities with major cloud tech

MENA Newswire, a leading content distribution network in the Middle East, Africa, and Asia, has leveraged edge computing technologies to enhance its service offerings. The company, known for its multilingual support in 20 languages, has integrated Content Delivery Networks (CDNs) and Points of Presence (POPs) across these regions to ensure…
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UAE’s Masdar invests £11B in UK offshore wind farm

Abu Dhabi Future Energy Company PJSC – Masdar, a prominent clean energy entity based in the UAE, has finalized its purchase of a 49 percent stake in the 3-gigawatt (GW) Dogger Bank South (DBS) project, marking one of the largest planned offshore wind farms globally. The acquisition, valued at £11 billion, is part of a joint investment with RWE, a…
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Borouge opens offices in Kenya, South Korea

Leading petrochemical company, Borouge, known for its innovative polyolefin solutions, has announced the opening of new offices in Kenya and South Korea. This strategic move aims to expand the company’s market presence in high-growth regions. The expansion marks a significant step for Borouge, adding to its existing sales and marketing office in…
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Goldman Sachs, Mubadala unite for $1B Asia Pacific investment

In a strategic move aimed at bolstering their presence in the burgeoning Asia Pacific market, Goldman Sachs and Mubadala Investment Company have inked a landmark $1 billion partnership agreement. The deal, structured as a separately managed account, will see Mubadala and Goldman Sachs Alternatives collaborate on private credit investments across…
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Ebay’s Web3 division cuts 30% of workforce amid speculation

Ebay, a major player in e-commerce, has reportedly made substantial changes within its Web3 division, resulting in a significant downsizing. Approximately 30% of the division’s employees have been laid off, including a key figure, David Moore, founder of Knownorigin, an NFT marketplace. The departure of Stef Jay, the Business and Strategy Officer…
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