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Khaleej Times
2 hours ago
- Khaleej Times
MultiBank Group's $MBG utility token soars on first day of launch
MultiBank Group, one of the world's largest and most regulated financial derivatives institutions, saw its $MBG Utility Token triple in value within hours of launching on major international platforms. Pre-sale buyers had the opportunity to enter at the exclusive price of $0.35, with $MBG surging to $1 shortly after trading opened, underscoring intense demand for the Group's landmark digital asset. The $MBG Utility Token is now listed on leading global exchanges MEXC and and is also available through and Uniswap. The successful pre-sale and strong market debut mark a significant step in the Group's ongoing digital transformation strategy, further enhancing its four-pillar ecosystem. Delivering utility across a range of financial applications, $MBG stands apart from speculative tokens by being anchored in substantial real-world assets (RWA), supported by an average daily trading volume of $35 billion and $29 billion in audited holdings. A $440 million buyback and burn program, scheduled over four years, will contribute to stability and future growth. MultiBank Group Chairman and Founder, Naser Taher, said: 'The remarkable rise in $MBG's value on its first day reflects the confidence investors have in our vision and the fundamentals behind our token. Such a response demonstrates the appetite for digital assets that are backed by transparency and robust regulatory standards across our platforms.' The $MBG Utility Token spans several core areas within MultiBank Group. It is embedded in the Group's flagship CFD business, which generated $362 million in revenue last year. Additionally, the token is incorporated into the forthcoming MEX Exchange, an institutional-grade crypto Electronic Communication Network (ECN) designed for large-scale liquidity aggregation and currently valued at $23.7 billion. $MBG is also integrated with real estate tokenization marketplace, developed in partnership with MAG Lifestyle Development through a $3 billion agreement to introduce premium properties such as the Ritz-Carlton Residences. Finally, it underpins the Group's highly regulated crypto exchange and the main platform for $MBG market activity. The exchange enables spot trading, derivatives, and soon, future DeFi integrations.
Zawya
5 hours ago
- Zawya
Trump again calls for Fed board to act, says Powell 'doesn't get it'
U.S. President Donald Trump on Wednesday reiterated his criticism of Federal Reserve Chairman Jerome Powell amid his ongoing call for lower rates, and called on the central bank's board to act. "Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country). This stubborn guy at the Fed just doesn't get it — Never did, and never will. The Board should act, but they don't have the Courage to do so!" Trump wrote on his social media platform. (Reporting by Bhargav Acharya; writing by Susan Heavey)
Zawya
7 hours ago
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ADIB reports $1.09bln pre-tax profit in H1 2025
Abu Dhabi Islamic Bank (ADIB) today announced a 16 percent year-on-year increase in pre-tax net profit for the first half of 2025, reaching AED4 billion, reflecting strong balance sheet growth, continued business momentum, and a rising customer base. The bank delivered another record performance in Q2 2025, with pre-tax net profit up 14 percent year-on-year to AED2 billion. Net profit after tax for the first half reached AED3.5 billion, up 15 percent versus H1 2024. For the second quarter, net profit reached AED1.8 billion, an increase of 13 percent compared to the same period last year. Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024. This robust growth was driven by strong performance across all core business segments, supported by diversified income streams and continued expansion of fee-based activities. Income from funding grew 9 percent year-on-year to AED3.6 billion in H1 2025, compared to AED3.3 billion in the previous year, backed by increased business volumes and the bank's ability to generate sustainable returns despite lower market profit rates. Net profit margin stood at 4.27 percent, within the bank's target range, reflecting volume growth and effective balance sheet management. Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period. The growth in non-funding income was largely driven by a 28 percent increase in fee income, attributed to higher product sales across both retail and corporate segments, reflecting stronger customer activity and successful cross-selling initiatives. Non-funding income now contributes 39 percent of total operating income, underscoring the bank's continued strategic focus on income diversification. The cost-to-income ratio improved to 28.2 percent in H1 2025, down 40 basis points from 28.6 percent in H1 2024, driven by higher revenue and ongoing productivity measures. Operating expenses rose 9 percent year-on-year to AED1.7 billion in H1 2025, reflecting continued investment in talent, digital initiatives and emerging technologies.
