Latest news with #UnitedArabEmirates-based
The Star
a day ago
- Business
- The Star
UAE fund buys $100 million of Trump's World Liberty tokens
FILE PHOTO: Hong Kong-based crypto entrepreneur Justin Sun, World Liberty Financial co-founder Zach Witkoff and Executive Vice President of the Trump Organization Eric Trump attend the TOKEN2049 conference in Dubai, United Arab Emirates, May 1, 2025. REUTERS/Federico Maccioni/File Photo LONDON (Reuters) -A United Arab Emirates-based fund has bought $100 million worth of digital tokens issued by World Liberty Financial, the crypto venture of U.S. President Donald Trump's family, becoming its largest publicly known investor. Aqua 1 Foundation said in a statement on Thursday its purchase of the tokens, known as $WLFI, sought to speed up the creation of a "blockchain-powered financial ecosystem" with stablecoins and tokenised traditional assets at its heart. A spokesperson for World Liberty confirmed the investment to Reuters. A so-called governance token, $WLFI cannot be traded but gives holders the right to vote on changes to the business' underlying code. World Liberty said this week it was "working behind the scenes" to make the token transferable. "WLFI and Aqua 1 will jointly identify and nurture high-potential blockchain projects together," Aqua 1 founding partner Dave Lee said in the statement. The fund's investment and compliance teams would help World Liberty expand in South America, Europe and Asia, it added. Despite its investment, Aqua 1 maintains a minimal online presence. Its X account has only three posts and approximately 1,120 followers while its website was created on May 28, according to data from two web domain trackers. World Liberty also plans to support the launch of a separate Aqua 1 fund aimed at boosting the "digital economy transformation" in the Middle East through blockchain and artificial intelligence, the statement said. Aqua 1 did not immediately respond to a request for comment, and the World Liberty spokesperson had no further immediate comment. Launched two months before the 2024 U.S. presidential election by Trump and his business partners, World Liberty has yielded hundreds of millions of dollars in revenue for the Republican president's family business. World Liberty has drawn criticism from Democratic lawmakers and government ethics watchdogs over potential conflicts of interest. The Trump Organization has said the president's investments, assets and business interests are held in a trust managed by his children. World Liberty aims to open access to financial services via digital tokens, without intermediaries such as banks. It has launched a stablecoin called USD1 that was bolstered in May when an Abu Dhabi investment firm chose it for a $2 billion investment in giant crypto exchange Binance. (Reporting by Tom Wilson in London; Editing by Frances Kerry and Louise Heavens)
New Straits Times
17-06-2025
- Business
- New Straits Times
Pahang dreams of orbit; aims to harness the sun with spaceport, solar farm
KUANTAN: The fate of the proposed Pahang International Spaceport in Nenasi, Pekan now lies in the hands of the Federal Government. State Investment, Industries, Science, Technology and Innovation Committee Chairman Datuk Mohamad Nizar Najib said the Pahang government has submitted its proposal to develop the facility, which would be the first international rocket launch site in Southeast Asia. "The Pahang government fully supports the proposal, but the matter is still under review, and the final decision will be made by the Federal Government. "The project requires approval from Mosti(Ministry of Science, Technology and Innovation), the National Physical Planning Council, and the National Security Council. Establishing the facility involves environmental, security, and geopolitical considerations, so it must be thoroughly screened by the Federal government before it can proceed," he told reporters at the Pahang Skills Development Centre (PSDC) here today. Earlier, Nizar launched and closed the AI for Productivity Transformation and Speed Grid-Connected Photovoltaic (GCPV) programmes respectively at PSDC in Semambu. He was commenting on the status of the Pahang International Spaceport project, which he had announced during the Pahang State Assembly sitting in April this year. If approved, the facility is expected to be completed within the next three to five years. Meanwhile, Nizar said the Chereh dam in Sungai Lembing is among the sites identified for floating solar farms as part of Pahang's renewable energy initiatives. "We are identifying suitable locations such as dams, lakes, and former mining ponds. The Chereh dam shows potential, and we hope to begin the floating solar farm project within the next two years. "Floating solar farms are crucial for land conservation, as they do not require the use of land that could otherwise be used for agriculture or industry," he said. Nizar said that the Pahang government has introduced various initiatives as part of its commitment to sustainability and achieving the Net Zero 2030 target. "Pahang is working closely with a United Arab Emirates-based company to develop the country's first wind farm, with sites identified in Pekan, Rompin, Kuantan, and Lipis. The total cost is projected at RM800 million. "The Pahang State Development Corporation is currently overseeing five solar energy projects, each involving an investment of RM200 million," he said. On the GCPV programme at PSDC, Nizar said the initiative, sponsored by Yayasan Peneraju, is a valuable effort to enhance specialised skills and increase employability in the green technology sector.
Time of India
14-06-2025
- Time of India
Finland completes probe into Baltic Sea cable damage, suspects tanker crew
COPENHAGEN: Finnish prosecutors are considering pressing charges against three senior officers of an oil tanker suspected of damaging undersea power and telecommunications cables in the Baltic Sea in December, police and the prosecutor said on Friday. Finnish authorities suspect the Cook Islands-registered Eagle S of having broken the Estlink 2 undersea power cable connecting Finland and Estonia as well as four internet lines last December by dragging its anchor across the seabed. Finland's National Bureau of Investigation concluded its investigation into the damage on Friday and said in a statement it suspected three senior officers of the Eagle S of aggravated criminal mischief and interference with telecommunications. The head of the police investigation, Sami Liimatainen, told Reuters all three crew denied any wrongdoing. The Baltic Sea region has been on high alert for sabotage after a string of outages of power cables, gas pipelines and telecoms, although subsea infrastructure is also subject to technical malfunctions and outages caused by accidents. A lawyer for United Arab Emirates-based Caravella LLC FZ, the owner of the Eagle S, said he could not comment on behalf of the crew as he does not represent them. Reuters was unable to identify legal representatives for the crew. The lawyer has previously said the ship's alleged damage to undersea equipment happened outside of Finland's territorial waters and therefore Helsinki lacked jurisdiction to intervene.
Yahoo
13-06-2025
- Yahoo
Finland completes probe into Baltic Sea cable damage, suspects tanker crew
COPENHAGEN (Reuters) -Finnish prosecutors are considering pressing charges against three senior officers of an oil tanker suspected of damaging undersea power and telecommunications cables in the Baltic Sea in December, police and the prosecutor said on Friday. Finnish authorities suspect the Cook Islands-registered Eagle S of having broken the Estlink 2 undersea power cable connecting Finland and Estonia as well as four internet lines last December by dragging its anchor across the seabed. Finland's National Bureau of Investigation concluded its investigation into the damage on Friday and said in a statement it suspected three senior officers of the Eagle S of aggravated criminal mischief and interference with telecommunications. The head of the police investigation, Sami Liimatainen, told Reuters all three crew denied any wrongdoing. The Baltic Sea region has been on high alert for sabotage after a string of outages of power cables, gas pipelines and telecoms, although subsea infrastructure is also subject to technical malfunctions and outages caused by accidents. A lawyer for United Arab Emirates-based Caravella LLC FZ, the owner of the Eagle S, said he could not comment on behalf of the crew as he does not represent them. Reuters was unable to identify legal representatives for the crew. The lawyer has previously said the ship's alleged damage to undersea equipment happened outside of Finland's territorial waters and therefore Helsinki lacked jurisdiction to intervene.
Straits Times
13-06-2025
- Straits Times
Finland completes probe into Baltic Sea cable damage, suspects tanker crew
COPENHAGEN - Finnish prosecutors are considering pressing charges against three senior officers of an oil tanker suspected of damaging undersea power and telecommunications cables in the Baltic Sea in December, police and the prosecutor said on Friday. Finnish authorities suspect the Cook Islands-registered Eagle S of having broken the Estlink 2 undersea power cable connecting Finland and Estonia as well as four internet lines last December by dragging its anchor across the seabed. Finland's National Bureau of Investigation concluded its investigation into the damage on Friday and said in a statement it suspected three senior officers of the Eagle S of aggravated criminal mischief and interference with telecommunications. The head of the police investigation, Sami Liimatainen, told Reuters all three crew denied any wrongdoing. The Baltic Sea region has been on high alert for sabotage after a string of outages of power cables, gas pipelines and telecoms, although subsea infrastructure is also subject to technical malfunctions and outages caused by accidents. A lawyer for United Arab Emirates-based Caravella LLC FZ, the owner of the Eagle S, said he could not comment on behalf of the crew as he does not represent them. Reuters was unable to identify legal representatives for the crew. The lawyer has previously said the ship's alleged damage to undersea equipment happened outside of Finland's territorial waters and therefore Helsinki lacked jurisdiction to intervene. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
