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  • Takaful Emarat appoints Deloitte to support long-term growth

    Takaful Emarat appoints Deloitte to support long-term growth

    DUBAI – Takaful Emarat, the United Arab Emirates’ pioneering Shariah-compliant life and health insurance provider, has entered a significant strategic partnership with global consulting firm Deloitte to develop a comprehensive five-year growth blueprint. This collaboration responds to the surging market demand for digitally accessible Islamic insurance products throughout the UAE.

    The partnership emerges as the Takaful sector undergoes substantial transformation, fueled by evolving consumer expectations, regulatory developments, and intensifying market competition. Takaful Emarat’s initiative aims to fortify its operational foundations while simultaneously enhancing policyholder experiences in an increasingly dynamic insurance environment.

    The joint endeavor will concentrate on establishing strategic priorities across multiple critical domains: expansion and distribution networks, digital transformation initiatives, customer journey optimization, corporate governance frameworks, and long-term financial sustainability. The resulting roadmap is designed to bolster operational resilience, drive efficiency improvements, and generate sustained value for both policyholders and shareholders.

    Adnan Saba El Aish, Chief Executive Officer of Takaful Emarat, characterized the partnership as “a pivotal advancement in reinforcing our long-term strategic vision. Collaborating with Deloitte enhances our execution capabilities, enables superior customer experiences, and positions us to effectively address the evolving requirements of the UAE’s Takaful marketplace.”

    Board Member Hisham Hammoud emphasized the organization’s commitment to “building a resilient, well-governed enterprise positioned for sustainable growth while maintaining strict adherence to Shariah principles and stakeholder expectations.”

    Deloitte representatives highlighted the growing consumer demand for Shariah-compliant life and health protection products coupled with expectations for seamless digital insurance experiences. Serkan Teker, Partner for Engineering, AI & Data at Deloitte Middle East, noted the engagement will strengthen Takaful Emarat’s operational model and technological infrastructure to facilitate efficient scaling and integrated service delivery.

    Ahmed Shah, Partner for Strategy and Transactions at Deloitte Middle East, observed that the UAE’s Takaful sector is entering a critical phase where strategic discipline and execution excellence are paramount. The collaboration will focus on developing the capabilities, governance structures, and commercial acumen necessary to effectively compete in the expanding market for trusted Islamic insurance solutions.

  • Ancient Chinese artifacts dug up in Ras Al Khaimah reveal centuries-old Silk Road link

    Ancient Chinese artifacts dug up in Ras Al Khaimah reveal centuries-old Silk Road link

    Recent archaeological excavations in Ras Al Khaimah have unearthed rare Ming Dynasty ceramic artifacts, providing compelling evidence of centuries-old maritime trade routes between China and the Arab world. The discovery emerged from a collaborative international effort involving Beijing’s Palace Museum, Ras Al Khaimah’s National Museum, and UK’s Duke University.

    Consul General Ou Boqian of the People’s Republic of China in Dubai emphasized the significance of these findings during Spring Festival celebrations, noting they demonstrate how historical trade, exploration, and cultural exchange bridged civilizations. “These artifacts serve as powerful symbols of friendship, teamwork, and shared heritage,” she stated.

    The historical connections find contemporary expression in Ras Al Khaimah’s expanding economic partnerships with China. Brent Anderson, Chief Commercial Officer at RAK Tourism Development Authority, reported substantial growth in Chinese companies establishing presence through the Ras Al Khaimah Economic Zone (RAKEZ). Collaborative ventures span multiple sectors including technology, engineering, construction, automotive manufacturing, and tourism development.

    Technology giant Huawei plays a particularly significant role through its Developer Conference, which facilitates Chinese business exploration in the emirate. Knowledge-sharing initiatives between Chinese and Emirati companies are fostering advanced technological development and sustainable economic growth. Aviation connectivity may soon expand, with plans underway for direct flights between Ras Al Khaimah International Airport and Chinese destinations.

    The cultural dimension of this relationship was showcased during recent Spring Festival celebrations at the American University of Ras Al Khaimah. Attendees experienced traditional Chinese tea ceremonies, mother-of-pearl hairpin crafting, paper-cutting, lacquered fan production, Hanfu costume trials, and calligraphy demonstrations. A theatrical performance recreated historical Silk Road gatherings, offering immersive cultural engagement.

    Imad, a mechanical engineering student from South Africa, described the festival as “highly informative” and appreciated the hands-on approach to understanding Chinese traditions. The cultural events will culminate in a major February 8 celebration at Dubai Expo City featuring performances, parades, and technology showcases.

    Through both archaeological discoveries and cultural exchanges, Ras Al Khaimah continues to celebrate its deep historical connections with China while building contemporary partnerships across multiple sectors.

  • China suspends Irish beef imports two weeks after resuming

    China suspends Irish beef imports two weeks after resuming

    China has reinstated its suspension on beef imports from Ireland just two weeks after resuming trade, following the detection of Bluetongue Virus (BTV) in four cattle herds in County Wexford. This marks the second major disruption to Irish beef exports to China since 2024, when shipments were halted due to an atypical BSE case.

    The Irish Department of Agriculture, Food and the Marine (DAFM) confirmed it notified Chinese authorities of the outbreak in compliance with bilateral trade protocols. While bluetongue poses no threat to human health, the virus affects cloven-hoofed animals including cattle, sheep, and goats, causing symptoms ranging from oral ulcers and breathing difficulties to fetal deformities.

    Agricultural officials emphasize that current cold weather conditions significantly reduce transmission risks, as the virus is primarily spread through biting midges that become inactive in lower temperatures. Despite this, DAFM has intensified surveillance and tracing efforts across affected regions.

    Meanwhile, Northern Ireland is investigating a suspected BTV case in County Down’s existing Temporary Control Zone, implementing additional movement restrictions for high-risk animals. Both jurisdictions had approved a vaccine against the BTV-3 strain last year, though vaccination campaigns remain in early stages.

    The current outbreak originated in the Netherlands in 2023, where it decimated sheep populations before spreading to the UK via windborne midges. The virus demonstrates varying severity across regions, with some animals showing minimal symptoms while others suffer severe complications.

  • Emirates flight from Dubai declares mid-air emergency, diverts to Edinburgh

    Emirates flight from Dubai declares mid-air emergency, diverts to Edinburgh

    An Emirates Boeing 777 aircraft operating as Flight EK035 from Dubai to Newcastle was compelled to declare a mid-air emergency on January 27, ultimately diverting to Edinburgh Airport due to severe weather conditions associated with Storm Chandra. The aircraft encountered extreme crosswinds reaching 60 mph, heavy precipitation, and dense mist during its approach to Northern England, creating hazardous landing conditions.

    According to flight tracking data from Flightradar24, the wide-body jet performed multiple circles above Newcastle and Sunderland before the flight crew activated the internationally recognized emergency transponder code 7700 – signaling a general emergency situation to air traffic control. The aircraft executed two aborted landing attempts at Newcastle International Airport before being rerouted to the Scottish capital.

    Emirates confirmed the incident in an official statement: “Adverse weather on January 27 led to the diversion of Flight EK035 from Dubai to Newcastle, which was rerouted to Edinburgh.” The airline emphasized that “the safety of our passengers and crew is of utmost importance and will not be compromised” while apologizing for any inconvenience caused by the diversion.

    The flight had departed Dubai International Airport at 13:53 local time and successfully landed at Edinburgh Airport instead of its originally scheduled 11:20 am arrival in Newcastle. The squawking of code 7700 automatically alerted ground emergency services to prepare for potential incident response, though the aircraft ultimately landed without further incident.

    This emergency protocol represents a critical safety feature in modern aviation, enabling immediate communication of distress situations to air traffic control networks and ensuring priority handling for aircraft experiencing difficulties.

  • US Fed holds interest rates steady, defying Trump pressure

    US Fed holds interest rates steady, defying Trump pressure

    In a decisive move that underscores its operational independence, the U.S. Federal Reserve maintained benchmark interest rates unchanged during its January policy meeting. The Federal Open Market Committee (FOMC) voted 10-2 to keep the target range at 2.25-2.50%, marking a strategic pause following three consecutive rate cuts in 2019.

    The decision reflects the central bank’s confidence in current economic indicators, with officials noting sustained expansion and stabilized unemployment figures. Despite mounting political pressure from the White House for more aggressive monetary easing, policymakers emphasized data-driven approaches in their deliberations.

    Notably, the meeting revealed emerging divisions within the committee. Two dissenting voices—Governor Stephen Miran and Christopher Waller, a potential successor to Chair Jerome Powell—advocated for an immediate quarter-point reduction. Their positions highlight the ongoing tension between political expectations and economic fundamentals.

    The Fed’s stance occurs against a complex backdrop of robust GDP growth, persistently low unemployment, and inflation levels that remain above target. These factors have created what analysts describe as ‘elevated hurdles’ for future rate cuts, requiring clearer evidence of disinflation or labor market deterioration before further adjustments.

    Chair Powell’s leadership faces unprecedented challenges as the administration investigates both the Fed’s governance and its physical infrastructure projects. These developments have raised concerns about institutional credibility and the preservation of central bank independence in an increasingly politicized environment.

    Market expectations now point toward sustained rate stability through mid-2024, with financial instruments pricing in a higher probability of maintained rates through June. The impending leadership transition—with Powell’s term concluding in May—adds another layer of uncertainty to future monetary policy directions.

  • Fed holds interest rates as independence remains in focus

    Fed holds interest rates as independence remains in focus

    The U.S. Federal Reserve maintained its benchmark interest rate within the 3.5% to 3.75% range during Wednesday’s policy meeting, defying mounting pressure from President Donald Trump to implement immediate rate reductions. This decision comes amid growing concerns about political interference threatening the central bank’s operational autonomy.

    Economic indicators present a mixed landscape: job creation has slowed noticeably while unemployment rates show modest improvement. Policymakers continue assessing the economic impact of three previous rate cuts implemented throughout last year.

    The central bank’s independence faces unprecedented challenges as federal prosecutors have initiated a criminal investigation regarding Chair Jerome Powell’s congressional testimony about Federal Reserve building renovations. This probe follows a year of persistent public criticism from President Trump, who has labeled Powell—his own appointee—a “major loser” and “numbskull” for resisting faster rate reductions.

    Financial markets exhibited volatility ahead of Powell’s post-announcement press conference, with the S&P 500 briefly surpassing the 7,000-point threshold for the first time. Wall Street remains apprehensive about potential political influence on monetary policy.

    The situation has drawn condemnation from former Fed chairs who characterize the investigation as an attempt to undermine institutional independence. Simultaneously, the Supreme Court is reviewing the controversial dismissal of Fed Governor Lisa Cook, who faced unsubstantiated mortgage fraud allegations from the administration.

    Attention now shifts to Powell’s potential replacement when his term concludes in May, with BlackRock executive Rick Rieder emerging as a possible successor. Prediction markets remain volatile as stakeholders question whether any new appointee could maintain policy independence amid continued executive pressure.

  • Cost of living pain to worsen as key inflation figure sparks rate hike fears

    Cost of living pain to worsen as key inflation figure sparks rate hike fears

    Australian households are bracing for renewed financial strain as inflationary pressures re-emerge with unexpected vigor, prompting economic experts to forecast imminent interest rate increases. The latest data from the Australian Bureau of Statistics reveals a concerning uptick in the headline inflation rate, which climbed to 3.8 percent for the year ending December 2023, up from 3.4 percent recorded just one month earlier.

    This inflationary resurgence has been primarily driven by dramatic price surges across essential sectors. Electricity costs skyrocketed by 21.5 percent as government rebates were phased out, while meat prices experienced double-digit increases. The services sector contributed significantly to the inflationary trend, with domestic holiday travel costs surging 9.5 percent—partially attributed to heightened demand during the Ashes cricket series—and rental prices climbing 3.9 percent.

    Financial analysts have sounded the alarm, with Zyft consumer finance expert Joel Gibson characterizing the situation as ‘here we go again’ for Australian consumers. ‘The inflation genie seems to be out of the bottle again,’ Gibson noted, emphasizing that both mortgage holders and renters would feel the pinch. He projected that average households would need to find an additional $2,192 in their annual budgets to maintain their current standard of living.

    The Reserve Bank of Australia’s trimmed mean inflation rate, which excludes volatile items like fuel, registered at 0.9 percent for the December quarter, exceeding market expectations. This development has dramatically shifted monetary policy expectations, with financial markets now pricing in a 70 percent probability of an immediate rate hike following the RBA’s February meeting.

    BetaShares chief economist David Bassanese described the situation as ‘game, set, match for a rate rise,’ forecasting a 0.25 percentage point increase that would push the cash rate to 3.85 percent. He further warned that additional hikes could follow in May, noting that Australia’s highly indebted economy remains particularly sensitive to interest rate adjustments.

    Experts advise consumers to adopt proactive financial strategies, emphasizing that meaningful savings require substantive changes rather than minor adjustments. Recommendations include comparison shopping for insurance policies, regularly reviewing utility providers, and utilizing technology tools to track pricing across essential purchases.

  • 80 homebuyers per day have stamp duty slashed, capped in NSW

    80 homebuyers per day have stamp duty slashed, capped in NSW

    New South Wales has achieved a groundbreaking milestone in housing affordability with first home buyers saving approximately $1.7 billion collectively through the state government’s stamp duty reform initiative. According to recently released government data, this substantial financial relief has been realized since the program’s implementation in July 2023.

    The comprehensive tax exemption scheme has attracted participation from over 82,000 buyers across the state, with an average saving of $20,475 per purchaser. The data reveals that approximately 58,111 buyers received complete stamp duty exemptions averaging $30,412 for properties valued up to $800,000, while an additional 24,063 purchasers of homes priced up to $1 million received significant concessions.

    Premier Chris Minns emphasized that the policy directly addresses housing accessibility, stating that it enables citizens to ‘pay less upfront and enter homeownership faster.’ The Premier further reinforced the government’s commitment to ensuring equitable housing opportunities for all NSW residents.

    Finance Minister Courtney Housos characterized the initiative as a ‘critical component’ in addressing housing challenges within Australia’s most populous state. She highlighted that the savings of up to $30,000 provide substantial financial relief for families and enhance their capacity to realize homeownership aspirations.

    Geographic analysis indicates particularly strong uptake in Western Sydney, where nine of the top ten participating suburbs were located. The Parramatta local government area led with $117 million in total savings, followed by Blacktown, Cumberland, Central Coast, and Canterbury-Bankstown. Regional areas also demonstrated significant participation, with the Hunter and Newcastle regions recording over 8,000 participants who collectively saved $178 million.

    This current program replaces the previous Coalition government’s First Home Buyer Choice scheme, which provided options between traditional stamp duty payments and annual land tax. The reform aligns with broader federal housing initiatives, including the Albanese government’s shared equity scheme that permits first home purchases with merely 5% deposits.

    Concurrently, the NSW government is advancing aggressive planning reforms aimed at accelerating housing delivery, complemented by ongoing higher-density housing projects in Sydney suburbs including Woollahra.

  • Exclusive: UK didn’t disclose second Tory peer on Cameron-Karim Khan ‘threat’ call

    Exclusive: UK didn’t disclose second Tory peer on Cameron-Karim Khan ‘threat’ call

    The British government faces escalating scrutiny over its handling of allegations that former Foreign Secretary David Cameron threatened to withdraw funding from the International Criminal Court should it pursue arrest warrants against Israeli leaders. New evidence reveals contradictory information regarding the participants of the crucial April 2024 phone call between Cameron and ICC Chief Prosecutor Karim Khan.

    The Foreign, Commonwealth and Development Office (FCDO) initially claimed Cameron was the sole participant in the discussion with Khan. However, multiple sources, including former staff from the prosecutor’s office, confirm that Baroness Liz Sugg, Cameron’s special assistant, also participated in the conversation. This discrepancy has raised serious questions about the government’s transparency regarding the sensitive diplomatic exchange.

    Despite mounting political pressure from across party lines, both the previous Conservative administration and current Labour government have maintained silence on the allegations. The FCDO has repeatedly declined to comment, referring inquiries to Cameron himself, who has not responded to requests for clarification.

    According to informed sources, during the April 2024 call made while Khan was visiting Venezuela, Cameron allegedly warned that the UK would “defund the court and withdraw from the Rome Statute” if the ICC proceeded with warrants for Israeli officials. While a source close to Cameron characterized the conversation as “robust” rather than threatening, the incident has drawn condemnation from international law experts who suggest such behavior could constitute a criminal offense under Article 70 of the Rome Statute.

    The controversy has intensified with the recent approval of arrest warrants for Israeli Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant, and Hamas leaders in November 2024. Cross-party politicians, including Labour MPs and former Scottish First Minister Humza Yousaf, are demanding full transparency, including release of all correspondence related to the call and an independent investigation into the allegations of judicial interference.

  • Panorama Studios signs global distribution deal for four Malayalam films

    Panorama Studios signs global distribution deal for four Malayalam films

    In a strategic maneuver to amplify the international footprint of Malayalam cinema, Panorama Studios has cemented a significant worldwide distribution alliance with Phars Film (PHF). This multi-picture agreement encompasses four prominent Malayalam productions, signaling a concerted effort to penetrate key global markets.

    The collaboration will commence with the overseas theatrical rollout of ‘Anomie,’ featuring acclaimed actors Rehman and Bhavana, scheduled for release on February 6. This will be swiftly followed by the highly awaited global premiere of ‘Drishyam 3,’ the latest installment in the blockbuster thriller franchise starring Mohanlal, on April 2.

    The comprehensive film slate further includes ‘Tikitaka,’ headlined by Asif Ali, and an upcoming Panorama Studios production (designated as Production No. 3) showcasing Kunchacko Boban and Lijomol Jose.

    A cornerstone of this partnership is the international distribution of ‘Drishyam 3,’ leveraging the franchise’s substantial existing global brand recognition. Industry analysts anticipate this strategic move will substantially enhance the film’s international theatrical presence and maximize its box-office performance across diverse territories.

    Under the terms of the agreement, Phars Film will assume exclusive responsibility for worldwide overseas distribution and exhibition, utilizing its extensive international cinema network to ensure optimal market penetration.

    Both entities characterize this alliance as a long-term strategic initiative designed to establish a sustainable pipeline for distributing content-driven Indian cinema with demonstrated global appeal beyond traditional domestic markets.