Author: workdigital2701@gmail.com

A group of Abu Dhabi-based institutions on Monday announced plans to launch a stablecoin, pegged to the United Arab Emirates Dirham (AED). The group comprises Abu Dhabi’s ADQ sovereign wealth fund, the First Abu Dhabi Bank (FAB), and investment firm International Holding Company (IHC). The stablecoin will be regulated by the Central Bank of the United Arab Emirates (CBUAE). The group aims to introduce stablecoins into UAE’s payment ecosystems.

Key Details About the Stablecoin

ADQ announced that the upcoming stablecoin will be promoted as a digital currency that can be used by citizens, consumers, businesses, and institutions. The stablecoin is also expected to support transactions between machines and AI models in the UAE.

“As we move forward towards an increasingly digital and connected economy, [the] stablecoin will provide a solution that is secure, efficient, and scalable, while creating new opportunities for growth and value creation,” said Mohamed Hassan Alsuwaidi, ADQ MD and Group CEO, in a prepared statement.The token will be supported on the ADI blockchain, developed by an Abu Dhabi-based non-profit firm called the ADI Foundation. The CEO of the firm said that because the ADI blockchain is developed within the UAE, it will ensure security and transparency within the stablecoin ecosystem.

The finance, commerce, and trade industries are projected to be major beneficiaries of this stablecoin. The token is also expected to establish the UAE as an early adopter of stablecoins, which are being subject to regulations in several parts of the world, including the US.

It’s worth noting that the group has yet to announce a timeline of the rollout of this stablecoin.Earlier in March, the Abu Dhabi Global Market (ADGM) signed an MoU with Chainlink to enhance Web3 awareness and explore advanced blockchain use cases.

The Abu Dhabi-based sovereign wealth management fund MGX purchased a minority stake in Binance for $2 billion (roughly Rs. 17,403 crore), making it the first second-party stakeholder of what’s touted as the world’s largest crypto exchange.

Investors’ wealth eroded by Rs 7 lakh crore in two days as stock markets became jittery following the escalation of the India-Pakistan conflict.

India on Thursday night swiftly thwarted Pakistan’s fresh attempts to strike military sites with drones and missiles, including in Jammu and Pathankot, after foiling similar bids at 15 places in northern and western regions of the country as tensions soared between the two countries.

Extending its previous day’s decline, the 30-share BSE benchmark gauge Sensex tanked 880.34 points, or 1.10 per cent, to settle at 79,454.47, in a largely range-bound trading.

The NSE Nifty dropped 265.80 points, or 1.10 per cent, to 24,008.

In two days, the BSE benchmark tumbled 1,292.31 points, or 1.60 per cent.

The market capitalisation of BSE-listed firms eroded Rs 7,09,783.32 crore to Rs 4,16,40,850.46 crore (USD 4.86 trillion) in two days.Extending its previous day’s decline, the 30-share BSE benchmark gauge Sensex tanked 880.34 points, or 1.10 per cent, to settle at 79,454.47, in a largely range-bound trading.

The NSE Nifty dropped 265.80 points, or 1.10 per cent, to 24,008.

In two days, the BSE benchmark tumbled 1,292.31 points, or 1.60 per cent.

The market capitalisation of BSE-listed firms eroded Rs 7,09,783.32 crore to Rs 4,16,40,850.46 crore (USD 4.86 trillion) in two days.

“Domestic factors continued to weigh on Indian markets even as global indices stayed firm, as rising tension due to Indo-Pak conflict prompted investors to flee local equities,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.From the Sensex firms, ICICI Bank, Power Grid, UltraTech Cement, Bajaj Finance, HDFC Bank, Reliance Industries, Bajaj Finserv, Adani Ports, ITC, and Mahindra & Mahindra were among the laggards.

Britain’s King Charles III saw his wealth grow by around GBP 30 million over the past year to hit GBP 640 million in the 2025 ‘Sunday Times Rich List’ released on Friday, with the 76-year-old monarch climbing 20 places to rank 238th alongside former prime minister Rishi Sunak and his wife Akshata Murty.

The annual tally of the country’s 350 wealthiest individuals and families was topped for the fourth consecutive year by the Indian-origin Hinduja family, with an estimated fortune of GBP 35.3 billion, despite taking a hit of GBP 2 billion since May 2024.Awarding licences to build wind farms has helped the Crown Estate double its profits, increasing the sovereign grant, which funds the royal family’s official activities,” the newspaper notes with reference to Charles’ boosted fortunes.

“We exclude the majority of royal assets from the King’s valuation because they are owned ‘in the right of the Crown’ and are not personal holdings. His Balmoral and Sandringham estates in Scotland and Norfolk, as well as an investment portfolio also inherited from his late mother [Queen Elizabeth II], account for the bulk of his wealth,” it notes.

Meanwhile, Sunak saw a dent in his family fortunes since last year with Murty’s stake in Infosys losing some of its value on the stock market, but the couple’s combined estimated fortunes of GBP 640 million means they improved their rank from last year’s 245th.

“Since leaving Downing Street, Sunak has taken a part-time role at Stanford University and signed up to the lucrative Washington Speakers Bureau,” reads ‘The Sunday Times’ analysis.His wife’s stake in Infosys, her father’s Bangalore-based IT firm, paid out GBP 7.5 million of dividends last year but has lost some of its value. The couple have launched a charity to tackle numeracy problems,” it adds.

Besides the Hinduja family, the top 10 of the 2025 ‘Sunday Times Rich List’ sees another set of India-born brothers, David and Simon Reuben, build on their wealth to rise to second place from last year’s third, with a fortune estimated at around GBP 26.87 billion.

At No. 8 is NRI tycoon of Arcelor Mittal steelworks Lakshmi N. Mittal, who holds on to his rank with an estimated GBP 15.44 billion. Vedanta Resources’ industrialist Anil Agarwal with an estimated GBP 7.5 billion is at No. 25.

Other Indian-origin billionaires on the 2025 list include textiles entrepreneur Prakash Lohia at No. 31 with an estimated GBP 6.02 billion; retail majors Mohsin and Zuber Issa at No. 32 with GBP 6 billion; and pharma chiefs Navin and Varsha Engineer at 48 with GBP 3.45 billion. Among the top 100 richest Britons are brothers Simon, Bobby and Robin Arora at No. 69 with GBP 2.57 billion and leading NRI industrialist Lord Swraj Paul and family ranked 81st with an estimated wealth of GBP 2 billion.

Cathy Chui, a former actress and now a prominent Hong Kong socialite, received gifts worth over HK$2 billion (Rs 2,134 crore rupees) from her billionaire father-in-law, Lee Shau Kee, before his death on March 17. Married to Martin Lee, Chui was gifted a HK$50 million education fund, land valued at HK$1.82 billion, a HK$110 million luxury yacht, and a mansion, among other lavish presents, according to reports from The Standard and VnExpress. She earned the nickname “Hundred-billion daughter-in-law” in the tabloids due to the extravagant gifts she received over the years.

In 2006, Chui tied the knot with Martin Lee in a union dubbed the “wedding of the century.” Initially, tabloids reduced her role to that of a “baby machine” after she had four children in rapid succession. However, she has since evolved into a pivotal figure in the family, recognised for her discretion, resilience, and calculated presence in both business and high society.Cathy Chui, a former actress and now a prominent Hong Kong socialite, received gifts worth over HK$2 billion (Rs 2,134 crore rupees) from her billionaire father-in-law, Lee Shau Kee, before his death on March 17. Married to Martin Lee, Chui was gifted a HK$50 million education fund, land valued at HK$1.82 billion, a HK$110 million luxury yacht, and a mansion, among other lavish presents, according to reports from The Standard and VnExpress. She earned the nickname “Hundred-billion daughter-in-law” in the tabloids due to the extravagant gifts she received over the years.

In 2006, Chui tied the knot with Martin Lee in a union dubbed the “wedding of the century.” Initially, tabloids reduced her role to that of a “baby machine” after she had four children in rapid succession. However, she has since evolved into a pivotal figure in the family, recognised for her discretion, resilience, and calculated presence in both business and high society.Cathy Chui, a former actress and now a prominent Hong Kong socialite, received gifts worth over HK$2 billion (Rs 2,134 crore rupees) from her billionaire father-in-law, Lee Shau Kee, before his death on March 17. Married to Martin Lee, Chui was gifted a HK$50 million education fund, land valued at HK$1.82 billion, a HK$110 million luxury yacht, and a mansion, among other lavish presents, according to reports from The Standard and VnExpress. She earned the nickname “Hundred-billion daughter-in-law” in the tabloids due to the extravagant gifts she received over the years.

In 2006, Chui tied the knot with Martin Lee in a union dubbed the “wedding of the century.” Initially, tabloids reduced her role to that of a “baby machine” after she had four children in rapid succession. However, she has since evolved into a pivotal figure in the family, recognised for her discretion, resilience, and calculated presence in both business and high society.

Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington, according to several people familiar with the matter.

The country, one of the world’s smallest and richest, is home to thousands of low-tax trusts, hundreds of which have links to Russians, two of the people with direct knowledge of the matter said, putting it in the crosshairs of Western efforts to sanction Moscow.

Since Russia’s invasion of Ukraine, the US Treasury has sanctioned several individuals and trusts in Liechtenstein it said were linked to Russian oligarchs, including Vladimir Potanin, and a long-time ally of Russian President Vladimir Putin, Gennady Timchenko.

The US Treasury had no immediate comment. Potanin’s Interros holding company did not respond to a request for comment, while Timchenko could not be reached.     

That sanctioning has prompted other directors fearing such punishment to quit hundreds of Russian-linked trusts, according to several people familiar with the matter, exposing a far wider problem with Russian money in the tiny country with a population of about 40,000.Their suspension puts that property beyond reach, a further potential lever over Russia, amid attempts by U.S. President Donald Trump to strike a peace deal.

Reuters has spoken to several people with direct knowledge of these events, who asked not to be identified because of the sensitivity of the matter.

They outlined how a push by Washington had led scores of directors to quit trusts with links to Russia and how the government was scrambling to resolve the crisis.

Liechtenstein’s newly elected government is seeking to fix the issue, according to people familiar with the matter, underscoring the continued pressure from Washington over Russia sanctions, despite U.S. President Donald Trump’s earlier suggestions he could ease them.

Liechtenstein also sees its handling of sanctions enforcement as something that could influence its government’s efforts to lower newly imposed US tariffs on exports, said one person with direct knowledge of the discussions.

A Liechtenstein government official said 475 trusts were affected by the defections, although added that not all were linked to Russians or sanctioned individuals. Banks are particularly vulnerable because the United States has the power to throttle them by cutting off their access to the dollar, threatening a wider crisis.

The episode has confronted the country with its biggest crisis since 2008, when leaked customer data at LGT Bank, owned by the country’s princely family, exposed widespread tax evasion.

The government is now examining options to centralise the management of the deserted trusts under its watch and tightening supervision of trusts.

The Liechtenstein official also said the country’s authorities were in contact with their international counterparts and that no trust assets would be released to sanctioned individuals. 

Liechtenstein, sandwiched between Switzerland and Austria, is dominated by its royal family, whose castle towers over the parliament. It is tied closely to Switzerland, using its franc currency, but also enjoys freedom to do business in the European Union’s single market.

Welcome to WordPress. This is your first post. Edit or delete it, then start writing!