Business

Etihad Rail completes excavation works of all tunnels of the UAE rail Network

Etihad Rail has completed all the rail tunnels of Package D of Stage Two of the UAE National Rail Network, according to Emirates News Agency (WAM).
The rail network will be a key element of the global supply chain, and play a vital role in sustaining the position of the UAE as a global and regional transport, shipping and logistics hub.
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The network will also support the development of the transport and logistics system, which will enhance the UAE’s journey for the next 50 years.
According to Etihad Rail, the development of the UAE National Rail Network is proceeding according to schedule. It will play a significant role in providing a modern, sustainable network that bolsters the leading regional position of the UAE.

On the completion of the work of excavation works of all the nine tunnels, which extend over 6.9 kilometers, the Ruler of Fujairah, Sheikh Hamad bin Mohammed Al Sharqi, visited the Sakamkam area in the emirate.

He was accompanied by officials from the emirate of Fujairah and Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail and Board members.
Sheikh Hamad stressed the importance of the completion of excavation of all rail tunnels.
The tunnels were constructed across the Emirates of Fujairah and Ras Al Khaimah as part of Package D of Stage Two, two months ahead of schedule, and according to the highest standards of safety and sustainability.

The Fujairah Ruler lauded the efforts of Etihad Rail to carry out the tunnelling without impacting nearby communities, while upholding the highest measures of safety, security, sustainability, and environmental protection.
Sheikh Theyab, Chairman of the Board of Etihad Rail, expressed his appreciation for the efforts of the governments of Fujairah and Ras Al Khaimah and their unlimited support of the Etihad Rail project, one of the biggest infrastructure projects in the UAE and a primary contributor to the national economy.
He affirmed that this achievement could not have been realized without the remarkable efforts and cooperation of all relevant authorities.
He also thanked the federal and local parties who took part in this vital stage of the project, particularly the Ministry of Interior, underlining the support it provided in facilitating the excavation operations.
He also lauded the cooperation of the communities around the UAE National Rail Network, which contributed to realizing this achievement according to plan and on schedule.
Sheikh Theyab praised the team who managed to overcome major topographical challenges while excavating the tunnels and achieved this milestone without any accidents. This serves as a remarkable addition to the exceptional record of the UAE National Rail Network in terms of safety.
The completion of the excavation of the nine tunnels recorded one million working hours. The project was supervised and carried out by more than 600 experts, specialists, and workers using the latest tunnelling machinery and modern technologies.
Etihad Rail took a series of precautionary measures to limit the noise and vibrations caused by excavation using the explosive blasting methods and their impact on nearby communities, using innovative machinery and equipment that helped overcome these challenges effectively.
Etihad Rail had recently announced the completion of the construction works for Package A of Stage Two of the UAE National Rail Network, which extends over 139 km and connects Ghuwaifat with Stage One of the project, which extends over 264 km from Habshan to Ruwais.

Business

Swiss government suspends forms of variable remuneration at Credit Suisse

Switzerland's finance department has issued an order to Credit Suisse to temporarily suspend certain forms of variable pay for the bank's employees, the Swiss government said.

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“This measure relates to already granted but deferred remuneration for the financial years up to 2022, for example in the form of share awards,” the Swiss Federal Council said in a statement.

The government said that deferred payments that were already in the process of being paid out were exempt from the order.

The Swiss government also instructed its finance department to propose further measures on variable remuneration for Credit Suisse.

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Business

Yellen vows to safeguard US bank deposits, may need more interventions

The US banking system is stabilizing after strong actions from regulators, but further steps to protect bank depositors may be needed if smaller institutions suffer deposit runs that threaten more contagion, US Treasury Secretary Janet Yellen told bankers on Tuesday.

In prepared remarks to an American Bankers Association conference, Yellen said government steps taken in recent days to protect uninsured deposits in two failed banks and create new Federal Reserve liquidity facilities have shown a “resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe.”

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Yellen, speaking more than a week after the Federal Deposit Insurance Corp (FDIC) closed the failing Silicon Valley Bank and Signature Bank, said the “decisive and forceful” actions were strengthening public confidence in the US banking system and protecting the American economy.

“The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader US banking system,” Yellen said in the remarks released by the Treasury.

“And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” she added.

She said she believed the actions by the FDIC, the Federal Reserve and the Treasury had reduced the risk of further bank failures that would have imposed losses on the bank-funded Deposit Insurance Fund.

Yellen did not provide details on what further actions may be warranted.

Some banking groups have called for temporary universal guarantees on all US bank deposits, a step that requires approval by Congress under expedited procedures. However, the conservative Republican House Freedom Caucus opposes expanding deposit guarantees beyond the FDIC’s current $250,000 limit per depositor, a major roadblock to swift action aimed at stemming a deeper crisis.

Guarantees for uninsured deposits in specific troubled banks would require Yellen, President Joe Biden and “supermajorities” of the Fed and FDIC board to determine that the bank qualifies for a “systemic risk exception” – actions taken in the SVB and Signature cases.

Yellen said the Fed’s new Bank Term Funding facility and discount window lending were working as intended to provide liquidity to the banking system and aggregate deposit outflows from regional banks have stabilized.

A move by large banks to deposit $30 billion into troubled First Republic Bank last week “represents a vote of confidence in our banking system,” Yellen added.

She also said it was important to maintain a “dynamic and diverse banking system” to support the U.S. economy, with large, mid-sized and small banks all playing a role to support households, small businesses and increasing competition in financial services.

Yellen said she was keeping in close contact with bankers, state and federal regulators, market participants and international counterparts about the banking situation.

She added that the situation was “very different” from the 2008-2009 global financial crisis, when subprime mortgage assets put many banks under stress.

“We do not see that situation in the banking system today. Our financial system is also significantly stronger than it was 15 years ago.”

The Treasury chief said that in coming weeks, regulators will examine the failures of Silicon Valley Bank and Signature Bank, “but we will need to reexamine our current regulatory and supervisory regimes and consider whether they are appropriate for the risks that banks face today.”

Business

Google suspends Chinese shopping app amid security concerns

Google has suspended the Chinese shopping app Pinduoduo on its app store after malware was discovered in versions of the app from other sources.

Google said in a statement Tuesday that it suspended the Pinduoduo app on the Google Play app store out of “security concerns” and that it was investigating the matter.

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The suspension of the Pinduoduo app –- mainly used in China –- comes amid heightened US-China tensions over Chinese-owned apps such as TikTok, which some US lawmakers say could be a national security threat. They allege that such apps could be used to spy on American users.

Pinduoduo is a popular e-commerce app in China which often offers discounts if users team up to buy multiples of an item. Google warned users Tuesday to uninstall any Pinduoduo app not downloaded from its own Play store.

“Google Play Protect enforcement has been set to block installation attempts of these identified malicious apps,” Google said in its statement. “Users that have malicious versions of the app downloaded to their devices are warned and prompted to uninstall the app.”

It was unclear if there are similar security concerns around the Pinduoduo app for Apple users, and Pinduoduo was still available to download from Apple’s iOS store Tuesday.

PDD Holdings Inc, which operates Pinduoduo, did not immediately comment. Hong Kong traded shares in the company tumbled 14.2 percent on Tuesday.

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