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Bitcoin continues to pull away from stocks

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As the Ukraine war intensifies, cryptocurrencies continue to pull away from stocks.
Investors are looking for safe havens. Bitcoin jumped 18 per cent over the past three days, while the MSCI AC World Index has fallen in nine of the past 10 sessions, Bloomberg reported.
Proponents of Bitcoin dub it as a hedge against conflict and inflation, and cite its borderless nature and fixed supply.
Crypto’s image was hit when a crypto rout started in November. It sent Bitcoin plunging 52 per cent and there were concerns about central bank tightening.
It has made broad gains in digital tokens the past few days. This has revived the hope that they offer a shield against governments that can seize other types of assets.
It’s “fascinating that, after a week into geopolitical uncertainty, Bitcoin is outperforming gold, which is known as a safe-haven asset,” an analyst at UK-based digital asset broker GlobalBlock, Marcus Sotiriou, told Bloomberg.
On Wednesday, gold slipped 0.2 per cent, after rallying since late January.
There is likelihood of a crypto rebound and therefore, retail investors are piling in.
Most of the accumulation in Bitcoin over the last week came from smaller investors, according to data from Glassnode.
“This geopolitical environment is certainly a tailwind for crypto,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, reportedly told Bloomberg.
“This situation highlights the use case for a decentralised, neutral, algorithmic safe haven.”

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What the UAE’s new vape excise price means for consumers and retailers

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The UAE Ministry of Finance has introduced a new rule that sets a minimum excise price for liquids used in electronic smoking devices.

Beginning September 1, vaping liquids will be subject to a minimum excise price of AED 1 per millilitre.

The ministry confirmed that the existing minimum excise prices for cigarettes, water pipe tobacco (shisha), and other tobacco products will remain unchanged.

According to the ministry, the decision aims to improve tax compliance, respond to developments in the tobacco and vaping industry, and create a more consistent pricing framework across tobacco and electronic smoking products.

The UAE will also continue applying its 100% excise tax on all tobacco products covered under the country’s excise tax regulations.

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Indian Consulate in Dubai explains new passport process after service provider switch

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If you’re planning to renew your Indian passport in the UAE, you may have noticed longer waiting times over the past few weeks. That’s because passport and consular services have moved to a new outsourcing partner, and the Indian Consulate in Dubai says it’s now working to clear the backlog as quickly as possible.

The new Indian Consular Application Centres (ICACs), operated by Alhind Tours and Travels, have replaced the previous service provider and are now handling passport renewals and other consular services across the UAE.

Why are there delays?

According to the Consulate General of India in Dubai, the transition between service providers created a temporary backlog, leading to heavy demand at ICAC centres across the country.

Newly appointed Consul General Dr E. Vishnu Vardhan Reddy said some initial ‘teething problems’ were expected but added that clearing pending applications, particularly Tatkal (fast-track) requests, is now a top priority.

The Consulate and the Indian Embassy in Abu Dhabi together provide consular services to nearly four million Indians living in the UAE.

Who can walk in without an appointment?

To help those with urgent travel needs, the new centres are accepting walk-in applications for genuine emergency cases.

These include:

  • Tatkal passport applications with proof of urgent travel
  • Newborn passport applications
  • Senior citizens
  • Emergency Certificate applications

Applicants must carry documents supporting their request, such as a confirmed flight ticket for travel within the next two or three days.

Only official appointments permitted

The Consulate has also warned applicants not to use unofficial agents offering paid appointment bookings.

Officials said appointments should only be made through the official portal, adding that Alhind’s Dh19 service fee already includes services such as form filling and photography. Applicants should not be paying additional charges for these services.

The Consulate says it is working closely with the new operator to reduce waiting times and improve the overall experience. More digital services are also being introduced to simplify the application process and reduce the need for intermediaries.

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Dubai’s historic creek is getting a dazzling new after-dark makeover

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Dubai is giving one of its oldest landmarks a spectacular new look after sunset.

Work has begun on the Dh80 million Dubai Creek Lights project, which will transform eight kilometres of the historic waterfront into an immersive nighttime attraction using more than 5,000 architectural lights.

Launched under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the project will illuminate six iconic locations: Creek Quay, Gold Souq Promenade, Infinity Bridge entrance, Al Shindagha Historic District, Bur Dubai Souq and Al Seef Marina.

Rather than simply lighting the area, each location will feature a bespoke design that celebrates Dubai Creek’s heritage while enhancing its architecture and public spaces.

Dubai Municipality said the project has been designed with sustainability in mind, with lighting systems that minimise impact on marine life while improving walkways, waterfronts and visitor safety.

Expected to be completed in early 2027, the project supports the Dubai 2040 Urban Master Plan and aims to make Dubai Creek one of the city’s must-visit evening destinations, blending history, culture and cutting-edge design in one unforgettable waterfront experience.


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