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☆ Self-driving tech company WeRide accelerates global expansion as transportation industry adopts AI
▼ + stars: | 2024-07-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +4 min

(Photo by Jia Tianyong/China News Service/VCG via Getty Images) China News Service | China News Service | Getty ImagesSelf-driving technology firm WeRide is accelerating its global expansion as the artificial intelligence boom boosts adoption of machine learning in transportation. Things are moving relatively fast because of the development of AI right now," said Sebastian Yee, Singapore director of business development at WeRide. In June, the firm began safety testing for "Robosweepers" in Singapore, following similar rollouts in multiple cities in China. watch now"WeRide is the only company which has [driverless] permits from the U.S., China, UAE and Singapore. Some [companies] just have permits from one or two countries, but we have four countries," said Kerry Xu, Singapore general manager of WeRide.

Persons: WeRide, Jia Tianyong, Sebastian Yee, Kerry Xu, Xu, Yee Organizations: SAE, China News Service, Getty Images, Getty, Logistics, Renault, Nissan, Mitsubishi, GAC Group, Nasdaq, U.S, SEC, Changi Airport Locations: BEIJING, CHINA, Beijing, China, Singapore, WeRide, Silicon Valley, Guangzhou, U.S, UAE, Japan, Europe, Cayman Islands, Southeast Asia

☆ China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned
▼ + stars: | 2024-07-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the Kommersant business daily reported on Monday. AdvertisementThe troubles started in December when the US authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. This prompted global banks from China to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs. Related storiesTo force Russia to halt its war, West blocked some Russian banks from the widely used SWIFT messaging system for payments early in the conflict. The continued business activity between the two countries sent trade between Russia and China to a record $240 billion last year.

Persons: —, China's, Moscow's, Andrei Kostin, Russia's Organizations: Kommersant, Service, Business, Bloomberg, US Treasury, Russia, VTB Bank Locations: Russia, China, UAE, Turkey, Austria, Moscow, Ukraine, Beijing, Russian, Hong Kong

☆ Dubai set to welcome even more millionaires as wealthy individuals abandon the UK
▼ + stars: | 2024-07-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report. "There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration." The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.

Persons: –, Karim Jetha, Henley, That's Organizations: United, Henley, Wealth, UBS, Labour Party, CNBC, Labour Locations: United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S

☆ De-dollarization is a fad that will backfire on countries trying to move away from the greenback, currency expert says
▼ + stars: | 2024-07-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

De-dollarization is nothing but a myth — and it could backfire on countries like Russia and China. That's according to Jeffrey Christian, a commodities expert who thinks dollar dominance isn't going away anytime soon. He says countries phasing out the greenback also could face consequences, like liquidity issues and slow growth. AdvertisementDe-dollarization is probably a fad — and countries trying to stage a global shift away from the dollar may soon find that the movement will backfire. Despite the ongoing movement, dollar dominance isn't probably going away, given how pervasive the greenback is in financial markets, he told Business Insider in an interview.

Persons: Jeffrey Christian, —, Christian, It's, it's Organizations: Service, CPM Group, Traders, Reuters, Bank of International, International Monetary Fund, UC, Berkeley Locations: Russia, China, India

☆ Gaza war weighs heavy on the minds of Palestinian Olympians: ‘I want to be an inspiration’
▼ + stars: | 2024-07-26 | by ( Zeena Saifi | ) edition.cnn.com time to read: +8 min

Valerie Tarazi, 24, is originally from Gaza and one of two Palestinian swimmers who will be competing in Paris. Almasri was the first woman to represent Palestine in the World Cross-Country Championships in Belgrade in 2024, according to the Palestine Olympic Committee. But as a refugee, he couldn’t represent Palestine or Syria. Ismail, the team’s best hope to become the first Palestinian to win an Olympic medal, told CNN he feels similarly. This year, there will be eight – the most in history, according to the Palestine Olympic Committee.

Persons: Omar Ismail, Ismail, “, ”, ” Ismail, won’t, Valerie Tarazi, she’s, Tarazi, …, Layla Almasri, ” “, I’d, Almasri, don’t, Faris Badawi, he’s, couldn’t, –, Boxer Wasim Abu Sal, Jorge Salhe, Mohammed Dwedar, Yazan Al Bawwab, we’re, it’s, Omar Organizations: Abu Dhabi CNN, West Bank, United Arab Emirates, CNN, United Nations, International Olympic Committee, National Olympic Committee of Palestine, Games, Olympic Games, Paris, Palestine Olympic, Yarmouk Refugee, Tokyo Games, Palestine Olympic Committee Locations: Abu Dhabi, Jenin, UAE, Jordanian, Uzbekistan, Jordan, Palestine, Palestinian, Gaza, Paris, United States, Belgrade, “, Yarmouk, Damascus, Syria, Europe, Germany, Ramallah, Santiago , Chile, Jericho, Saudi Arabia

☆ Abu Dhabi is an oil powerhouse, but it also wants to be a climate tech hub
▼ + stars: | 2024-07-25 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake. “Abu Dhabi is starting to forge ahead as a leading tech cluster for climate in the region,” she said. That Abu Dhabi has thrown its weight and oil wealth behind climate tech is a key attraction for Graphmatech. “To scale up climate tech you need financial support,” Dr Mamoun Taher, its founder and CEO, told CNN. His company has engaged in discussions with key stakeholders in Abu Dhabi, including oil and gas companies.

Persons: Abu, ” Ahmad Ali Alwan, Abu Dhabi, Abu Dhabi’s, Patricia Keating, Karim Sahib, Dr Mamoun Taher, “, “ Abu Dhabi, Taher, ” Organizations: CNN, Mubadala Investment Company, United, Organization of, Petroleum, OPEC, P, PwC, Companies, Sweden’s Uppsala University, Getty, UAE, Emirates Steel, Adnoc, Siemens Energy, Abu, Abu Dhabi National Energy Company Locations: Abu Dhabi, wean, UAE, United Arab Emirates, Dubai, Abu, AFP, “ Abu, United States, Australia, Masdar

☆ Sheikha Mahra: Dubai princess’s Instagram account announces divorce with royal husband
▼ + stars: | 2024-07-18 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

The Instagram account of Sheikha Mahra bint Mohammed bin Rashid Al Maktoum, the daughter of UAE Prime Minister and Dubai ruler Mohammed bin Rashid Al Maktoum, announced her intention to leave her husband, a fellow royal. “I hereby declare our divorce,” 30-year-old Sheikha Mahra’s account posted on Instagram on Wednesday. There are no pictures of her on Sheikh Mana’s Instagram account either. CNN has reached out to the Dubai government’s Media Office for comment, which referred CNN to Sheikha Mahra’s media office. CNN has reached out to Sheikh Mana for comment through his Instagram account.

Persons: Mahra bint Mohammed bin Rashid Al Maktoum, Mohammed bin Rashid Al Maktoum, “, ”, Mahra, Sheikh Mana Bin Mohammed Al Maktoum, Grazia, Sheikh Mana’s, Zoe Grigorakos, CNN hasn’t, Sheikh Mana Organizations: CNN, United, United Arab Emirates, UAE Prime Minister, Pictures, Dubai government’s Media Locations: United Arab, Dubai, Instagram, UAE

☆ Futuristic designs unveiled for ‘world’s greenest highway’
▼ + stars: | 2024-07-17 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +10 min

Not content with Dubai having the tallest building, the deepest pool or the highest hotel, urban design firm URB hopes to add one more superlative feather to the city’s cap: the world’s “greenest” highway. The green highway, pictured in this render, would also include a network of footpaths and green community spaces. URB‘A unique set of challenges’Creating the world’s “greenest” highway in a desert city isn’t easy, though. Pictured in this rendering, designs for the Nexgen Sustainable City, which URB has designed for Cairo. URB A Dubai developer is creating green designs for the city Prev NextAn urban utopiaThis isn’t URB’s first foray into utopian future city design.

Persons: URB, Sheikh Mohammed Bin Zayed, Baharash, ” Bagherian, ”, Baharash Bagherian, ’, Bagherian, — Organizations: CNN, Dubai, United Arab Emirates, European Union, “, Hub, Agri Locations: Dubai, ”, “ Dubai, URB “ Dubai, UAE, Hong Kong, URB, Yiti, Oman, Yas, Abu Dhabi, Cairo, City

☆ Putin wants to strengthen a big challenger to Western dominance
▼ + stars: | 2024-07-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The group is known as BRICS for original members Brazil, Russia, India, China, and South Africa, which collectively form the bloc's acronym. A parliamentary structure would formalize the group even further. AdvertisementA larger and more structured BRICS bloc could have more bargaining power and create an alternative to the West-led global order. Indian Prime Minister Narendra Modi visited Russia recently, even though New Delhi is in a strategic partnership with the US. But the BRICS group should not be counted out, wrote as Ian Bremmer, the president of the Eurasia Group, in a report earlier this month.

Persons: —, Vladimir Putin, BRICS, Putin, Rich Lesser, Sergey Lavrov, Narendra Modi, Modi, Ian Bremmer Organizations: Service, United, United Arab Emirates, Business, New Development Bank, Putin, Kremlin, Boston Consulting, UAE —, Russian, Indian, Eurasia Group Locations: West, Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab, Shanghai, St Petersburg, Thailand, Malaysia, UAE, New Delhi

☆ Dubai crown prince appointed UAE defense minister
▼ + stars: | 2024-07-14 | by ( ) www.cnbc.com time to read: +1 min

Modern architecture, Dubai central business district and car traffic are seen from Sky Views Observatory on Dec. 13, 2023 in Dubai, United Arab Emirates. The crown prince of Dubai has been appointed as minister of defense for the United Arab Emirates as part of a broader cabinet shuffle, Dubai ruler and UAE Prime Minister Sheikh Mohammed bin Rashid al-Maktoum posted on X. The 41-year-old Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum, who has served as Dubai's crown prince since 2008, was also named as one of the UAE's deputy prime ministers. Sheikh Abdullah bin Zayed Al Nahyan, the UAE foreign minister, was also appointed as a deputy prime minister in the reshuffle. Other new appointments include Alia Abdulla AlMazrouei as minister of state for entrepreneurship, Sarah Al Amiri as minister of education, Abdulrahman Al Awar as acting minister of higher education and scientific research, Sheikh Mohammed's post said.

Persons: Sheikh Mohammed bin Rashid al, Maktoum, Sheikh Hamdan bin Mohammed bin Rashid al, Sheikh Hamdan, Sheikh Abdullah bin Zayed Al Nahyan, Alia Abdulla AlMazrouei, Sarah Al Amiri, Abdulrahman Al Awar, Sheikh Mohammed's Organizations: Views, United Arab Emirates, United, Dubai Locations: Dubai, United Arab, UAE, Instagram

☆ Bronze Age-style ship sails the Persian Gulf 4,000 years after it was designed
▼ + stars: | 2024-07-12 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

CNN —Writings on an ancient clay tablet have allowed experts to reconstruct a Bronze Age ship made of reeds and sail it on a maiden voyage off the coast of Abu Dhabi, United Arab Emirates. It is the world’s largest reconstruction of a Bronze Age Magan boat, according to the team. The research project’s goals were to uncover ancient craftsmanship techniques, determine the connections between Bronze Age societies and better understand the role Abu Dhabi once played in Bronze Age trade. After passing five days of trials, the ship sailed toward Saadiyat Island off the coast of Abu Dhabi and the open sea on March 2 and 3. “Seeing the Magan Boat sail on the water for the first time actually took my breath away and brought tears to my eyes.”

Persons: Magan, “, ”, Eric Staples, Abu Dhabi, Emily Harris, Umm, Robert B, Jackson, ” Jackson, Peter Magee, Marwan Abdullah Al, Marzouqi, ” Marzouqi, Abdallah Alremaithi, Ayesha Almansoori, Tayla Clelland, Mohamed Khalifa Al Mubarak, ” Clelland Organizations: CNN, United, United Arab Emirates, Zayed University, Zayed National Museum, Zayed National Museum , New York University, British Museum, ., Department of Culture Locations: Abu Dhabi, United Arab, Persian, UAE, Oman, Mesopotamia, Iraq, Pakistan, India, Zayed National Museum ,, Zayed National Museum , New York University Abu Dhabi, Umm, South Asia, Girsu, what’s, Saadiyat, Tourism, “

☆ Ramesh Shukla: How an Indian migrant became the UAE’s ‘royal photographer’ and captured the birth of modern Dubai
▼ + stars: | 2024-07-10 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +7 min

Photographer Ramesh Shukla moved to Dubai in 1965. Sheikh Zayed and Sheikh Rashid watching a camel race in Sharjah, 1968. The next day, he returned to the racetrack and presented the photo to Sheikh Zayed, asking for his blessing — and it changed everything. Sheikh Zayed Bin Sultan Al Nahyan, the late emir of Abu Dhabi, signing the agreement to form the UAE’ on December 2, 1971. Ramesh ShuklaShukla's photos of the UAE's founding fathers (top) and Sheikh Zayed signing (bottom) are featured on the 50 dirham note.

Persons: CNN — “, ” Ramesh Shukla, Shukla, Ramesh Shukla, —, ”, Sheikh Zayed, Sheikh Rashid, Sheikh Zayed Bin Sultan Al Nahyan, Sheikh Rashid bin Saeed Al Maktoum, Neel Shukla, Ramesh’s, “, Tara, Neel, Ramesh, Ajman —, Ras, Khaimah, Neel —, ‘ Papa, ’ ” Organizations: CNN, United Arab Emirates, Ramesh, Emirates, United, UAE ’, Dubai Culture Locations: India, Dubai, Bombay, Mumbai, UAE, Sharjah, States, British, Arabian, Abu Dhabi, “, Umm Al, United Arab, Ras Al, Emirates

The nine-month war in Gaza nearly took Julia’s life, as the fighting and displacement cut off her access to treatment. Around a month into the war, Julia ran out of three of the five medications she was taking, Dareen told CNN. “Ibrahim and I were the only two survivors,” Alaa told CNN, adding that the airstrike killed 30 members of their family. “We lived through hunger, the main ingredients for food weren’t there,” Alaa told CNN. I can’t be her mother and father at the same time.” she told CNN.

Persons: Julia Abu Zeiter, Dareen, Julia, ” Dareen, Dr, Ahmed Mubarak, Mubarak, Mari Carmen Viñoles, Israel, Giuseppe Cacace, Ibrahim, Alaa, “ Ibrahim, ” Alaa, ” Ibrahim, Ali Moustafa, Israel’s, “, ”, James Elder Organizations: Egypt CNN —, CNN, United Arab, Leukemia, Getty, Palestine Children’s Relief, Integrated, United Nations, ” UNICEF, “ Locations: Arish, Egypt, Gaza, United Arab Emirates, Israel’s Kerem Shalom, Abu Dhabi, Sinai, Rafah, Israel, UAE, Egypt's Arish, AFP, US, Julia, Jabalya

☆ Omar Al Marzouqi: The young showjumping sensation carrying the UAE flag into the Olympics
▼ + stars: | 2024-07-09 | by ( Jack Bantock | ) edition.cnn.com time to read: +5 min

Soaring over fences on horseback in Hangzhou, China, last October, Omar Al Marzouqi was jumping into history. Yet Al Marzouqi made it work – with a little help from his sister. Stephen Bartholomew/IPS/ShutterstockShowjumping has always a family affair for Al Marzouqi, who mounted his first pony at just three years old. Just 15 years old at the time, Al Marzouqi was comfortably the youngest rider in the field in Buenos Aires. For Al Marzouqi, continuing that lineage is a privilege.

Persons: Omar Al Marzouqi, Omar, Al Marzouqi, “, ”, Stephen Bartholomew, Showjumping, Steve Guerdat, Ahlmann, I’m, Al, you’ve, ” Al Marzouqi, Helen Cruden, Ahmed Al Maktoum, Sergiu Toma, Al Marzouqi hasn’t, you’d Organizations: CNN, United Arab Emirates, Asian Games, Sorbonne University Abu Dhabi, Youth Olympics, Paris Olympics, UAE, Games, Athens Locations: Hangzhou, China, Abu Dhabi, UAE, Paris, West Sussex, Argentina, Buenos Aires, Montefalco, Italy, Rio

☆ These are some of Dubai’s most expensive luxury hotel rooms
▼ + stars: | 2024-07-03 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

Atlantis, The Royal Atlantis, The Royal: The suites rooms are all connected via a mobile app, allowing guests to control their room's thermostat, lighting, and television remotely. Atlantis, The Royal Atlantis, The Royal: The triple-height library provides a secluded space to work, read or relax. Atlantis, The Royal Atlantis, The Royal: The entertainment room is kitted out with a 98-inch LED screen for a home cinema experience. Atlantis, The Royal Atlantis, The Royal: Every room has stunning views — including the marble-clad bathrooms. Atlantis, The Royal Atlantis, The Royal: Guests can enjoy designer amenities made by French fashion house Hermès, as well as bespoke gold toothbrushes, combs and brushes.

Persons: Masyaf, Dar Al Masyaf, Jumeirah Dar Al Masyaf, Villa, Abra, Lana, David, what’s, Jay Z, Louis Vuitton Organizations: CNN, Villa, Jumeirah Dar, Dar, cabanas, Atlantis, Imperial, Penthouse, Seasons Dubai, Four, Dubai, Suite, Jumeirah Burj, UAE dirhams, Royal Locations: Gold, Dubai, Dar Al, Jumeirah Dar Al, Arabian, Dorchester, Burj Khalifa, Jumeirah Burj Al, Arab

☆ AI data centers could add 3 New York Cities of demand to the power grid in 2 years
▼ + stars: | 2024-07-03 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

So far, the only part of Earth AI seems hell-bent on dominating is the power grid. AI data centers are doubling the pace of electricity demand growth in the US to the extent that demand could exceed supply in just two years without action, according to Bernstein Research. The potential shortfall could mean higher prices for the computing power AI developers of all sizes are clamoring for, along with ample opportunity for investors willing to build up supply. How are AI companies planning aheadIt's not just the total power needed for AI computing infrastructure, it's the unique cadence of the power need and the cooling AI chips require. Amazon is clearing some of these hurdles by colocating some data centers with nuclear power sites.

Persons: —, that's, catchup, Bernstein, Jensen Huang, Huang, Agrawal, we're, Andrew Feldman, Feldman Organizations: Service, Bernstein Research, Business, Nvidia, Vertiv, Lambda, Cerebras Systems Locations: UAE, South Africa, Kenya, Nigeria, Egypt, Iceland

☆ Iran’s presidential election heads to runoff after inconclusive first round
▼ + stars: | 2024-06-29 | by ( Mostafa Salem | ) edition.cnn.com time to read: +1 min

Abu Dhabi, UAE CNN —Iran’s presidential election is expected to head to a second round after none of the candidates managed to secure more than 50% in Friday’s vote, according to the spokesperson of the election committee, Mohsen Eslami. A runoff vote is expected to take place on July 5 between the candidates with the most votes – Masoud Pezeshkian, a reformist lawmaker and former health minister ahead of Saeed Jalili, a hardline security adviser and former nuclear negotiator. The results will be reviewed by the influential Guardian Council before the top two candidates start campaigning again. Pezeshkian received almost 10.5 million votes while the runner up Jalili received almost 9.5 million votes, according to numbers published by state news agency IRNA. Twenty-four million people cast their ballots out of 60 million eligible voters, with a turnout of 40%, Eslami said.

Persons: UAE CNN —, Mohsen Eslami, Masoud, Saeed Jalili, Pezeshkian, Jalili, IRNA, Eslami Organizations: UAE CNN, Guardian Council Locations: Abu Dhabi, UAE

☆ Abu Dhabi wants to be an AI leader. Aligning with the US is just the start
▼ + stars: | 2024-06-26 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

CNN —The world’s first minister dedicated to developing artificial intelligence (AI) strategy is already becoming embroiled in a global power struggle for tech supremacy. The UAE is one of the world’s largest producers of fossil fuels, and Abu Dhabi sees its AI push as crucial for diversifying away from oil. Christopher Pike/Bloomberg/Getty ImagesWashington has also limited the sale of sophisticated US chips to ensure China doesn’t use Middle Eastern nations as a back door to access the newest AI technology, according to Reuters. By opening up the technology, Abu Dhabi is positioning itself as an ally to developing nations that don’t have the resources to build their own AI tools. In March, a report commissioned by the US State Department warned that the most advanced AI systems could, in a worst-case scenario, “pose an extinction-level threat to the human species.”Olama has some specific concerns.

Persons: Biden, Omar Al Olama, “, Zayed Al Nahyan, Abu Dhabi, ”, ” Olama, Al Olama, ’ ”, Christopher Pike, Olama, Abu Dhabi’s, ” James Lewis, Abu Dhabi’s Mohamed bin, Gifty Sahany, Lewis, ” He’s Organizations: CNN, Microsoft, United Arab Emirates, UAE, PwC, Commerce Department, Huawei, Etihad, United, Bloomberg, Getty, Washington, Reuters, Nvidia, Apple, Technology Innovation Institute, Google, Center for Strategic, International Studies, Washington DC, University of Artificial Intelligence, Systems, US State Department Locations: Abu Dhabi, UAE, China, United States, Dubai, Gulf, United Arab Emirates, Beijing, Washington, University, Valley

☆ The world’s most liveable cities for 2024
▼ + stars: | 2024-06-26 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +4 min

The Austrian city has been crowned the most liveable city in the world yet again in the annual list from the Economist Intelligence Unit (EIU), which was released today. Perfect scoresVienna has been named the most liveable city in the world on the EIU’s Global Liveability Index. ‘Acute housing crisis’Canada's Toronto dropped out of the top 10 most liveable cities list this year, coming in 12th. Swiss city Zurich scored impeccably in the education and health care categories. Gaetan Bally/Zürich TourismusUK capital London was ranked as the 45th most liveable city in the world.

Persons: CNN — It’s, Emmanuele, Australia’s, Gaetan Bally, Abu, Al Khobar, Drazen Zigic, ”, Barsali Bhattacharyya, “, headwinds, Bhattacharyya Organizations: CNN, Economist Intelligence Unit, Vienna, Switzerland’s, Melbourne, Canadian, Calgary, Japan’s, Auckland, Toronto North America, Toronto, Zurich, impeccably, Zürich Tourismus, London, UAE, Nigeria’s Locations: Vienna, Austrian, Denmark’s Copenhagen, Switzerland’s Zurich, Geneva, Vancouver, Japan’s Osaka, New, Western Europe, Honolulu, Hawaii, Atlanta , Georgia, Los Angeles, New York, Toronto, Canada, Australia, Asia, Hong Kong, Abu Dhabi, Dubai, Saudi Arabia’s Riyadh, Jeddah, Al, Israel’s Tel Aviv, Israel, Damascus, Syria, Tripoli, Algeria’s Algiers, Nigeria’s Lagos, Austria, Copenhagen, Denmark, Zurich, Switzerland, Melbourne, Calgary, Sydney, Osaka, Japan, Auckland , New Zealand

☆ China's yuan will take over as Russia's main trade currency 'once and for all' as US sanctions get tighter, think tank says
▼ + stars: | 2024-06-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The latest batch of US sanctions against Russia will promote further use of the yuan, a think tank said. It argued that as ruble volatility increases, the Chinese currency will offer stability. While sanctions also threaten Chinese entities, they won't be enough to disrupt yuan trading, it said. AdvertisementFresh sanctions on Russia are too late to be a game-changer, but they will help cement the role of China's yuan in place of Western currencies, a think tank said. "In May, its share in exchange trading once again hit a new record, reaching 53.6 percent.

Persons: —, Alexandra Prokopenko, Prokopenko Organizations: Russia, Service, Carnegie, Carnegie Russia Eurasia Center, Kremlin Locations: Russia, Carnegie Russia, Moscow, Beijing, Kazakhstan, UAE

☆ Israel-Hamas war: Why Hezbollah is threatening Cyprus
▼ + stars: | 2024-06-20 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +9 min

While experts say war between Israel and Hezbollah remains unlikely, the very mention of Cyprus adds a new dimension to the Israel-Hamas conflict in Gaza. Stavros Ioannides/PIO/ReutersWhat has Cyprus’ role been in the Gaza war? Cyprus has been keen to dispel any suggestions that it is implicated in the Gaza war, noting its humanitarian efforts that helped bring some aid into Gaza. It would mean that an EU country is, for the first time, directly involved in an expanded Gaza war. “The US also does not want to find itself in another Middle East quagmire, especially with presidential elections looming.”

Persons: Hassan Nasrallah, ”, Nikos Christodoulides, ” Peter Stano, Abdallah Bou Habib, Constantinos Kombos, Lebanon’s, Israel, “, Eli Cohen, Stavros Ioannides, PIO, Christodoulides, Yiannis Kourtoglou, ” Mohammad Ali Shabani, Amwaj.media, ” Lina Khatib, ” Khatib, Biden Organizations: CNN, Lebanese, European Union, EU, United Nations, Lebanon’s, Cypriot, Israel, The, NATO, Israel Defense Forces, IDF, Reuters, Spanish, North Africa, Chatham House Locations: Cyprus, Israel, “ Cyprus, Iran, Lebanon, EU, Greece, Gaza, East, Europe, European, Delaware, Republic of Cyprus, Turkish, Turkish Republic of Northern Cyprus, Turkey, The Republic of Cyprus, Nicosia, Tel Aviv, Larnaca, ”, UAE, Russian, Syria, London, Haifa, “

☆ Why Hezbollah is threatening this tiny European country
▼ + stars: | 2024-06-20 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +7 min

An island in the Eastern Mediterranean located on a geopolitical fault line between the Middle East and southern Europe, Cyprus is geographically much closer to the conflicts in the Middle East than it is to European power centers. The island has previously been caught in the crossfire of regional conflicts, a reminder of its proximity to the volatile Middle East. It would mean that an EU country is, for the first time, directly involved in an expanded Gaza war. “It is normal for both Israel and Hezbollah to have military plans in place for handling a potential escalation. “The US also does not want to find itself in another Middle East quagmire, especially with presidential elections looming.”

Persons: Hassan Nasrallah, ”, Nikos Christodoulides, Israel, Constantinos Kombos, Eli Cohen, Stavros Ioannides, PIO, Christodoulides, “, Yiannis Kourtoglou, ” Mohammad Ali Shabani, Amwaj.media, ” Lina Khatib, ” Khatib, Biden Organizations: CNN, Lebanese, Union, Israel, The, NATO, Israel Defense Forces, IDF, Cypriot, Reuters, Spanish, European Union, North Africa, Chatham House Locations: Cyprus, Israel, “ Cyprus, Iran, Lebanon, Gaza, East, Europe, European, Delaware, Republic of Cyprus, Turkish, Turkish Republic of Northern Cyprus, Greece, Turkey, The Republic of Cyprus, Nicosia, Tel Aviv, Larnaca, ”, EU, UAE, Russian, Syria, London, Haifa, “

☆ The UAE is set to be the No. 1 'wealth magnet' in the world, new report shows
▼ + stars: | 2024-06-19 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +5 min

The UAE expects to see a net inflow of 6,700 millionaires from around the world by the end of 2024, according to new research. The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18. That's according to new research by Henley Private Wealth Migration Report . The United Arab Emirates is set to be the world's leading wealth magnet for the third year in a row. The data for the report was supplied by global wealth intelligence firm New World Wealth and features insights on the inflows and outflows of millionaires and their migration patterns globally.

Persons: Dominic Volek, Hannah White Organizations: Henley Private Wealth, United, Henley & Partners, Henley, Partners, Singapore, Institute for Government, Millionaires Locations: UAE, United States, United Arab Emirates, Henley, States, America, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, Japan, East, India, Russia, Africa, United Kingdom, Europe, Asia, China, Kingdom, Korea, Brazil, Taiwan, Taipei, Nigeria, Vietnam

☆ Russian arms manufacturers are 'scrambling to expand their production capabilities using whatever they can get,' expert says
▼ + stars: | 2024-06-19 | by ( Rachel Hosie | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRussia is rushing to expand its arms production by buying secondhand machine tools from China through covert networks to get around Western sanctions. A report from Washington-based nonprofit think-tank The Center for Advanced Defense Studies, or C4ADS, said that Russia's arms manufacturers were "scrambling to expand their production capabilities using whatever they can get." And Russian defense industry analyst and lead researcher Allen Maggard told the Financial Times that the decades-old machine tools Russia is importing are still effective. AdvertisementGlenn Gray, the president of Gray Machinery, told the FT he'd never heard of the company.

Persons: —, Allen Maggard, Andrey Mironov, Glenn Gray, Tsugami, hasn't, C4ADS, UMIC —, ELE Organizations: Service, Advanced Defense, Business, Financial Times, Kremlin, AMG, ELE Technology, Gray Machinery Locations: Russia, China, Washington, Ukraine, UAE, Russian

☆ The UAE is set to be the world's 'wealth magnet' this year, with 6,700 millionaires expected to move there
▼ + stars: | 2024-06-19 | by ( Kiera Fields | ) www.businessinsider.com time to read: +1 min

A record 128,000 millionaires are expected to move countries in 2024, according to a new report. Data from Henley & Partners shows the UAE has the largest predicted inflow of millionaires. This is the third year the UAE, dubbed a "wealth magnet" by the firm, topped the list. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That's nearly double the inflow to the US, which had the second-highest expected migration of millionaires, at 3,800.

Persons: —, That's Organizations: Henley & Partners, Service, United, Business Locations: UAE, United Arab Emirates

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