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☆ Tanks and their big guns get all the attention, but Russia's smaller cannons are wreaking havoc against Ukrainian troops
▼ + stars: | 2023-10-10 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Tanks have big guns, but medium-caliber cannons on other armored vehicles can be just as deadly. AdvertisementAdvertisementWhile tanks and their big guns have been getting the lion's share of attention in Ukraine, another weapon is proving equally deadly. Medium-caliber cannon — the 20-mm to 40-mm cannon found on infantry fighting vehicles, air-defense vehicles, and other platforms around the world — have been wreaking damage against infantry and other targets. Personnel load the gun of a BMP-2 amphibious infantry fighting vehicle during an arms exhibition Russia in September 2013. The effectiveness of medium-caliber cannons suggest that as armored vehicles evolve, those guns will remain part of their armament.

Persons: —, Sam Cranny, Evans, Vladimir Pesnya, Cranny, Sergei Karpukhin, Keith Anderson, Winifred Brown, Cannon, Michael Peck Organizations: Tanks, Service, Security, Defence, Victory Day, Getty, Royal United Services Institute, REUTERS, M4, Bradley, US Army, Staff, M2A3 Bradley, Fort Bliss Public Affairs, Defense, Foreign Policy, Twitter, LinkedIn Locations: Ukraine, Ukrainian, Russian, Square, British, Russia, Soviet, Lithuania, Iraqi, Britain, Afghanistan, Mali, New Mexico, France, NATO, China, Forbes

Average 30-year mortgage rates remain around a half a percentage point higher than they were a month ago. Mortgage rates have increased dramatically this year, and they'll likely remain elevated for the remainder of 2023. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Fannie Mae's, homebuyers, Fannie Mae Organizations: Federal Reserve, Mortgage, Zillow, Association, Sky, ARM Locations: Chevron

☆ Bad news, homeowners: 1 of these 3 things needs to happen for house prices to be considered affordable, says a real estate expert
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Andy Walden of ICE Mortgage Technology told CNBC there are 3 key ways to make US home prices affordable. AdvertisementAdvertisementThe US housing market is getting so expensive that it will take a lot for prices to be considered affordable. "Those are massive movements that we're talking about," Walden told CNBC. he told CNBC. If not, you're going to just see this stalemate play out in the market," Walden added.

Persons: Andy Walden, —, Walden, Fannie Mae's, That's, Zillow, Freddie Mac Organizations: ICE Mortgage Technology, CNBC, Service, Census Bureau

☆ Adaptation must be "front and centre" of climate agenda, UAE's COP28 president-designate says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsRIYADH, Oct 8 (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. Adaptation means investing in ways to adapt to climate change like early warning systems, food systems and crop yields. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Jaber was a controversial pick to lead the summit because his country is an OPEC member and a major oil exporter. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: UAE Industry, Amazon, REUTERS, Rights, United Arab, Thomson Locations: Hangar, Belem , Para State, Brazil, Rights RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh, Dubai, OPEC

☆ Adaptation Must Be 'Front and Centre' of Climate Agenda, UAE's COP28 President-Designate Says
▼ + stars: | 2023-10-08 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

RIYADH (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. “We live in a region of extreme heat, water scarcity and food insecurity. We are also suffering harsh climate impacts, from droughts to the devastating floods of Derna," Jaber said, speaking at the MENA Climate Week in the Saudi capital Riyadh“To deliver for our region we must put adaptation front and center of the climate agenda.”Jaber also said that donors must double adaptation finance and replenish the green climate fund. (Reporting by Maha El Dahan and Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby Chopra)

Persons: Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: Reuters, United Arab Locations: RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh

☆ UAE's ADNOC awards $17 bln of contracts for gas project
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Italian engineering group MAIRE (MTCM.MI) and energy services group Saipem (SPMI.MI) said in separate statements they had been awarded $8.7 billion and $4.1 billion contracts by ADNOC respectively for the project. MAIRE's onshore EPC contract is worth about $8.74 billion and includes CO2 and sulphur recovery and handling, ADNOC said. The Hail and Ghasha project will capture 1.5 million tonnes per year (mtpa) of CO2, which would raise ADNOC's committed investments for carbon capture capacity to almost 4 mtpa, the statement said. ADNOC - which in July brought forward its net zero carbon emissions target to 2045 - last week said it aimed to increase its carbon capture capacity to 10 mtpa by 2030.

Persons: Toru Hanai, MAIRE, MTCM.MI, ADNOC, Saipem, Saipem's, Al Kindy, Sultan al, Jaber, Yousef Saba, Clauda, Alberto Chiumento, Jan Harvey, Mark Potter Organizations: REUTERS, Rights, Abu Dhabi National Oil Company, ADNOC, National Petroleum Construction Company, Fertiglobe, United Arab Emirates, United, Thomson Locations: Gastech, Chiba, Japan, Rights DUBAI, Abu Dhabi, Saipem, UAE, United Nations, Dubai, Gdansk

The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. The United Arab Emirates' president of the conference, Jaber, has said the oil and gas industry needs to be part of the conversation on climate change. He has urged the energy industry to achieve net-zero emissions by or before 2050 and to accelerate an industry-wide commitment to reach near-zero methane emissions by 2030. "If the oil and gas industry signs up to decarbonization agreements and methane abatement that is a huge contribution to the debate," Amin said. Jaber, who is also head of UAE state oil giant ADNOC, was a controversial pick to lead the climate summit because his country is an OPEC member and a major oil exporter.

Persons: Amr Alfiky, COP28 UAE's Jaber, Adnan Amin, Amin, Sultan al, Jaber, John Kerry, COP28, Maha El, Emelia Sithole Organizations: United, United Arab Emirates, REUTERS, United Arab, Reuters, COP28, U.S . Climate, Thomson Locations: Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, United Nations, Dubai, U.S, Scotland, COP28, UAE, OPEC

“The world only, for whatever reason, views us as an oil-and-gas nation,” he said. “We have moved beyond oil and gas 20 years ago. We embraced the energy transition 20 years ago.”He added: “We don’t become passionate or ideological or so emotional. We’re results-driven.”Political Cartoons View All 1190 ImagesAl-Jaber, a 50-year-old longtime climate envoy, is a trusted confidant of UAE leader Sheikh Mohammed bin Zayed Al Nahyan. Addressing the world's reliance on crude oil, al-Jaber issued a challenge to the audience listening to him at Dubai's Museum of the Future: Tell him how to immediately stop the use of all fossil fuels.

Persons: “, Sultan al, Jaber, ”, Sheikh Mohammed bin Zayed Al Nahyan, He’s Organizations: United Arab Emirates, United, Abu Dhabi National Oil Co, General, Emirates, Dubai's Museum Locations: DUBAI, United Arab, United Nations, Abu Dhabi, UAE, al

SEOUL, South Korea (AP) — North Korea says it plans to expel a U.S. soldier who crossed into the country in July. Other Americans have entered North Korea over the years, including a few U.S. soldiers. Five months later, North Korea announced it was expelling Lowrance who had entered the country illegally through China. While North Korea officially guarantees freedom of religion, analysts and defectors describe the country as strictly anti-religious. In 2009, American missionary Robert Park walked into North Korea with a Bible in his hand to draw attention to North Korea’s human rights abuses.

Persons: CHARLES JENKINS, Charles Jenkins, Jenkins, Hitomi Soga, Soga, BRUCE BYRON LOWRANCE, Bruce Byron Lowrance, Donald Trump, Kim Jong Un, Lowrance, – Kim Dong Chul, Tony Kim, Kim Hak, —, Mike Pompeo, MATTHEW MILLER, Matthew Miller, Miller, Barack Obama, Kenneth Bae, Weeks, KENNETH BAE Bae, Bae, James, JEFFREY FOWLE, Jeffrey Fowle, Tony Hall, Robert Park, OTTO WARMBIER Otto Warmbier, Warmbier, Warmbier’s, ”, — Fred, Cindy Warmbier — Organizations: Army, North, Washington, Trump, Associated Press, of Virginia Locations: SEOUL, South Korea, North Korea, U.S, Rich Square , North Carolina, North Korean, Japan, China, North, United States, Kim, Bakersfield , California, Pyongyang’s, Pyongyang, Korean, Lynnwood , Washington, Ohio, Chongjin, New York, Washington

☆ Realtors and mortgage lenders are feeling a serious recession, says Fannie Mae's Douglas Duncan
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRealtors and mortgage lenders are feeling a serious recession, says Fannie Mae's Douglas DuncanDouglas Duncan, Fannie Mae chief economist, and Don Peebles, chair and CEO of the Peebles Corporation, join 'The Exchange' to discuss home supply challenges, the shrinking appetite for refinancing, and ongoing strength in the homebuilders sector.

Persons: Fannie Mae's Douglas Duncan Douglas Duncan, Fannie Mae, Don Peebles Organizations: Realtors, Peebles Corporation Locations: homebuilders

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

☆ Climate Week can make me feel cynical but there are signs that change might be underway
▼ + stars: | 2023-09-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Yet global emissions have continued to climb since 2015 when countries agreed to curb warming. Yet global emissions have kept growing since 2015, when nearly 200 countries struck the Paris Agreement aimed at averting the most catastrophic effects of a warming planet. There's also more willingness to name the main driver of climate change: fossil fuels. President Joe Biden didn't attend the Climate Ambition Summit and instead sent the nation's climate envoy, John Kerry. Salt Lake City Mayor Erin Mendenhall, Montreal Mayor Valérie Plante, and Paris Mayor Anne Hidalgo have headlined events.

Persons: execs, I've, General António Guterres, Alden Meyer, —, Meyer, There's, Gavin Newsom, Sultan Al Jaber, Al Jaber, Al Jaber's, Joe Biden didn't, John Kerry, Biden would've, Erin Mendenhall, Montreal Mayor Valérie Plante, Paris Mayor Anne Hidalgo, Yvonne Aki Organizations: Service, United Nations, Ambition, California Gov, United Arab Emirates, Associated Press, UN, Montreal Mayor, Paris Mayor Locations: Wall, Silicon, New York City, Paris, China, India, Russia, Japan, Colombia, Panama, Brazil, California, Dubai, UAE's, UAE, Alaska, Salt Lake, COP28, Africa

"The move from fossil fuels to renewables is happening – but we are decades behind," Guterres said at the start of the one-day summit. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels." Those not invited to speak were the world's two top polluters - the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience. "This climate crisis is a fossil fuel crisis," he said, drawing applause from the heads of state and others in the room. "Climate change is a top priority for my administration," Thavisin told the gathering, his country having recently created a climate change ministry.

Persons: Antonio Guterres, Mike Segar, Guterres, John Kerry, China's U.N, William Ruto, Ruto, Gavin Newsom, Srettha Thavisin, Thavisin, Sultan Ahmed al, Jaber, COP28, Mia Mottley, Ursula von der Leyen, Pushpa Kamal Dahal, Valerie Volcovici, Katy Daigle, Howard Goller Organizations: United Nations, General Assembly, REUTERS, Companies Allianz, General, United Arab Emirates, Thailand's, FINANCE, Security Council, Allianz, World Bank, International Monetary Fund, Fund, Thomson Locations: New York City, U.S, COP28, Dubai, Brazil, Canada, Pakistan, South Africa, Tuvalu, United States, China, California, UAE, Barbados, Ukraine

☆ UAE's total revenue rose 32% in 2022
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 18 (Reuters) - The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year. One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services. It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices. Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year. ($1=3.6726 UAE dirham)Reporting by Rachna Uppal; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: WAM, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Rachna Uppal, Clarence Fernandez Organizations: United Arab Emirates, Thomson Locations: DUBAI, UAE

☆ Most Gulf markets extend losses on profit-taking; Egypt gains
▼ + stars: | 2023-09-17 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsSept 17 (Reuters) - Most stock markets in the Gulf ended lower on Sunday as profit-taking continued, but the Egyptian index bucked the trend to trade at a record high. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 1.1% fall in Al Rajhi Bank (1120.SE) and a 1.7% decrease in Alinma Bank (1150.SE). In Qatar, the index (.QSI) extended losses for a third session. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, hitting its record high, led by a 5.5% rise in Beltone Financial Holding (BTFH.CA). Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Hamad I Mohammed, ADES, Ateeq, Christina Fincher Organizations: Bahrain Bourse, U.S, REUTERS, Saudi, Al Rajhi Bank, Alinma Bank, Beltone Financial, UAE's Global Investment Holding, Eastern Co, Thomson Locations: Bahrain, Manama, Al Rajhi, Qatar, Eastern, Ateeq Shariff, Bengaluru

☆ Yankees rally past Pirates thanks to ninth-inning error
▼ + stars: | 2023-09-16 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

[1/57] Sep 15, 2023; Pittsburgh, Pennsylvania, USA; The statue of former Pittsburgh Pirates right fielder Roberto Clemente (21) outside of PNC Park. Earlier, Ben Rortvedt, DJ LeMahieu and Aaron Judge hit RBI singles for the Yankees (75-73). In the bottom of the second, Peguero singled and later scored on Reynolds' single for a 2-1 Pirates lead. In the sixth, Cabrera singled, Rortvedt walked and LeMahieu singled to drive in Cabrera to tie it. In the bottom of the sixth, Miguel Andujar walked and went to second on Joshua Palacios' single.

Persons: Roberto Clemente, Roberto Clemente Day, Clemente, Pittsburgh's Colin Holderman, Estevan Florial, Anthony Volpe, Liover Peguero, Ji Hwan Bae, Oswald Peraza, Oswaldo Cabrera's, Ben Rortvedt, DJ LeMahieu, Aaron Judge, Gerrit Cole, Nick Ramirez, Clay Holmes, Anthony Misiewicz, Ke'Bryan Hayes, Bryan Reynolds, Ji, Johan Oviedo, Jack Suwinski's, Volpe, groundout, Peguero, Reynolds, Cabrera, Rortvedt, LeMahieu, Miguel Andujar, Joshua Palacios, Bae, Misiewicz, Zach McAllister, Hayes, Palacios Organizations: Pittsburgh Pirates, PNC Park, Major League Baseball, New York Yankees, . New York, Yankees, New York, New, Pirates, Pittsburgh, Thomson Locations: Pittsburgh , Pennsylvania, USA, Estevan, New York, Andujar

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

☆ Goldman Sachs says the UAE's economy looks headed in a 'positive direction'
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs says the UAE's economy looks headed in a 'positive direction'Waleed Mohsin of the investment bank says it remains "constructive" on the United Arab Emirates' economic growth outlook.

Persons: Goldman Sachs, Waleed Mohsin Organizations: United Arab Locations: United Arab Emirates

☆ UK, Japanese, Italian Partners Agree Next Steps for Fighter Jet
▼ + stars: | 2023-09-12 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Britain's BAE Systems, Japan's Mitsubishi Heavy Industries, and Italy's Leonardo have agreed the next steps to deliver the concept phase of a next-generation combat aircraft, BAE Systems said on Tuesday. The three nations agreed in December 2022 to collaborate to build an advanced front-line fighter to enter service around the middle of the next decade. The new Global Combat Air Programme (GCAP) agreement will support discussions to set out working arrangements and capability requirements for the aircraft, BAE said. The three nations will update on the project's progress at London's DSEI international arms fair this week, BAE said. Britain's defence ministry had committed 2 billion pounds to the project, formerly known as Tempest, before Japan and Italy joined.

Persons: Italy's Leonardo, Herman Claesen, BAE's, GCAP, Sachin Ravikumar, Paul Sandle, Sarah Young Organizations: BAE Systems, Mitsubishi Heavy Industries, Global Combat Air, BAE, London's Locations: Italy, Japan

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. REUTERS/Abdel Hadi Ramah/File Photo Acquire Licensing RightsABUJA, Sept 11 (Reuters) - Emirates Airlines will resume immediate flight schedules to Nigeria and lift a visa ban on Nigerian travellers, following a meeting between the leaders of the two countries, the Nigerian presidency said on Monday. Tinubu stopped in Abu Dhabi on his way from G20 summit in India, where he wooed investors to Nigeria. Last month Tinubu said he wanted an immediate resolution to the disagreements with Emirates Airlines and visa issues by the Arab country. The UAE stopped issuing visas to Nigerians last year after Dubai's Emirates suspended flights due to an inability to repatriate funds from Nigeria.

Persons: Abdel Hadi Ramah, Bola Ahmed Tinubu, Emirates Mohamed bin Zayed Al Nahyan, Tinubu, Ajuri Ngelale, Ngelale, Chijioke Ohuocha, Felix Onuah, David Evans, Peter Graff, Richard Chang Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Emirates Airlines, United, UAE, Dubai's Emirates, Etihad Airlines, Thomson Locations: Dubai, United Arab, Rights ABUJA, Nigeria, Emirates, Abu Dhabi, India, State, Nigerian

☆ Helicopter crashed into sea off Dubai, search for crew underway -UAE regulator
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Sept 8 (Reuters) - An AeroGulf helicopter crashed into the sea on Thursday evening and a search is underway for its crew of two pilots, UAE's General Aviation Authority said on Friday. The crash occurred off the coast of Dubai after the helicopter had taken off from Al Maktoum International Airport. One of the pilots of the Bell 212 helicopter is Egyptian and the other is South African, the aviation regulator said. "The search and rescue teams have recovered the wreckage, and the search is still underway for the plane's crew, and the air accident investigation team has moved to the site," the authority said. Reporting by Ahmed Elimam; Writing by Tala Ramadan; Editing by Jamie Freed and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Ahmed Elimam, Tala, Jamie Freed, Tom Hogue Organizations: UAE's General Aviation Authority, Al, Al Maktoum International Airport, Bell, Thomson Locations: DUBAI, Dubai, Al Maktoum

☆ Oil giant led by COP28 boss to spend an ‘eyewatering’ $1 billion a month on fossil fuels this decade, Global Witness says
▼ + stars: | 2023-09-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness. It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.'s annual conference from Nov. 30 through to Dec. 12. The person overseeing the talks, Sultan al-Jaber, is chief executive of ADNOC (the Abu Dhabi National Oil Company) — one of the world's largest oil and gas firms. His position as both COP28 president and ADNOC CEO caused dismay among civil society groups and U.S. and EU lawmakers, although several government ministers have since defended his appointment. It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on "low-carbon solution" projects.

Persons: Sultan Al Jaber, Sultan al, Jaber Organizations: Abu Dhabi National Oil Company, UAE, Global, ADNOC, CNBC Locations: Abu Dhabi, Brussels, Dubai, Paris

☆ Emirati company buys 30% stake in Egypt tobacco firm Eastern Co.
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

The sale will reduce Chemical Industries' stake to 20.95%, giving impetus to Egypt's floundering privatisation programme. Global Investment will provide $150 million to buy the tobacco necessary for production as part of the agreement. The deal "is an affirmation of the government's determination to ... encourage direct private investment in various sectors," the cabinet statement said. Egypt's government sold 4.5% of Eastern Co. on the stock exchange in 2019, leaving the holding company with a majority stake. Egypt desperately needs foreign currency after the COVID pandemic and Ukraine crisis exposed vulnerabilities in its economy.

Persons: Mostafa Madbouly, Momen Saeed Atallah, Adam Makary, Hatem Maher, Patrick Werr, Ros Russell Organizations: Global Investment Holding, Eastern Co, Holding Company, Chemical Industries, Global Investment, International Monetary, Thomson Locations: CAIRO, Eastern, Egypt, Ukraine

☆ Too good to last? This bank cut its 5.5% one-year CD rate just weeks after hiking
▼ + stars: | 2023-09-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Less than a month after hiking its 1-year certificate of deposit yield to 5.5%, SLM — or Sallie Mae — has cut its sweetened rate back down. The annual percentage yield on the bank's 1-year CD is now 5.1%, a 40 basis-point trim. At the time, the 5.5% rate made Sallie Mae's 1-year CD the most generous offered by the banks under Wells Fargo's coverage. That title now belongs to Bread Financial , which now pays a 5.5% yield on the instrument, and a 5.55% yield for customers who want to renew their 1-year CDs. Select banks have boosted deposit rates as the Federal Reserve has tightened its monetary policy since March 2022.

Persons: SLM —, Sallie Mae —, Sallie Mae's, Morgan Stanley, Betsy Graseck, Graseck, — CNBC's Michael Bloom Organizations: Federal Reserve Locations: Wells

☆ British defence firm BAE sets up Ukrainian base
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. As the UK's biggest defence contractor, BAE has manufactured much of the equipment that Britain and other governments have provided to Ukraine as it fends off Russia's invasion. Britain is a key defence supplier for Ukraine and in May became the first country to start supplying Kyiv with long-range cruise missiles. BAE, which has benefited from increased defence spending as a result of the conflict, is already providing training and repair services to Ukraine's armed forces. Western defence companies have been weighing opportunities to make weapons in Ukraine against the possible security risks, Reuters reported in June.

Persons: Toby Melville, Volodymyr Zelenskiy, Charles Woodburn, Zelenskiy, BAE's Woodburn, Muvija, Sarah Young, Sachin Ravikumar, Frances Kerry Organizations: BAE Systems, REUTERS, BAE, Reuters, Thomson Locations: Farnborough, Britain, Ukraine, Kyiv, Ukrainian, Sweden, Swedish

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