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SwissBorg has lost about $41 million worth of Solana after a breach in a third-party API linked to its staking partner Kiln, which facilitated its SOL Earn programme. The incident affected fewer than 1% of users and represented roughly 2% of SwissBorg’s total assets under management.

The vulnerability originated in Kiln’s API — the software interface SwissBorg uses to communicate with Solana’s staking network. By exploiting that interface, attackers manipulated staking requests tied to the SOL Earn product and diverted approximately 192,600 SOL to an external wallet. SwissBorg and Kiln stated that the main SwissBorg app and all other Earn products remain secure. SwissBorg has paused Solana staking transactions while investigations continue.

SwissBorg CEO Cyrus Fazel described the event as “a bad day,” assuring customers that operations remain stable. The company pledged to reimburse all affected users, confirmed it has sufficient treasury reserves to cover losses, and is working with law enforcement, white-hat hackers, and security firms to block stolen transactions and trace funds. Some transfers have already been intercepted, according to its statement.

Kiln acknowledged that the breach involved “unauthorised access to a wallet used for staking operations.” SwissBorg and Kiln jointly activated their incident response protocols upon detection, aiming to contain the damage.

Industry experts flag this as yet another example of how dependence on external service providers exposes crypto platforms to infrastructure-level risk. In recent years, comparable API and smart-contract vulnerabilities have been exploited across the sector, prompting calls for more rigorous audits and redundancy in trust relationships.

Dubai Business Events secured the Association Development Award at the ICCA Middle East Summit, recognising its leadership in fortifying association capacity and fostering knowledge exchange across the region. The accolade was conferred by Fatima Bint Jaafar Al Sairafi, Bahrain’s Minister of Tourism, at Exhibition World Bahrain in partnership with the Bahrain Tourism and Exhibitions Authority.

At the summit, attended by more than 100 destination leaders and industry stakeholders from the region, the bureau’s commitment to advancing collaboration and sustainable development in the meetings industry was spotlighted. This recognition reflects its alignment with the Dubai Economic Agenda D33 and its mission to enhance the region’s global competitiveness in business events.

Dubai Business Events—part of the Dubai Department of Economy and Tourism—participated in a high-level panel discussion titled “The Future of Destination Leadership: Unlocking Regional Potential through Innovation, Inclusivity, and Sustainability,” alongside counterparts from Abu Dhabi, Bahrain, Oman and Jordan. The session highlighted how destinations across the Gulf are leveraging innovation, inclusivity and sustainable practices to shape the future of association meetings.

Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, hailed the accolade as evidence of their strategic foresight. He emphasised that associations—regardless of scale or sector—play a pivotal role in Dubai’s growth by facilitating knowledge exchange, industry development and economic impact.

SriLankan Airlines has suspended services to Kathmandu after authorities closed Tribhuvan International Airport amid nationwide unrest, forcing cancellations on the Colombo–Kathmandu route and disrupting onward travel plans.

Airport officials said flight operations at Kathmandu would remain shut until the evening as security forces moved to stabilise the capital, while armoured patrols and curfews kept streets largely empty following two days of violent demonstrations. Airline pauses Kathmandu services amid escalating unrest.

Protests that began over corruption and economic grievances have turned deadly, with soldiers guarding parliament and key government buildings after arson attacks and clashes. Reuters reported at least 19 fatalities over 48 hours and said the turmoil prompted a nationwide shutdown affecting aviation, retail and public services.

Knock-on effects spread across regional air corridors. Multiple Kathmandu-bound flights were diverted to India, including four routed to Lucknow as the closure took effect, while IndiGo extended a temporary halt of services to and from Kathmandu to the early evening. Other carriers announced cancellations through the day as they assessed security and operational risks.

SriLankan confirmed the cancellation of flights UL181 and UL182 on Wednesday and advised ticketed passengers to contact their booking channels. Local news outlets in Colombo said the airline’s suspension would remain until further notice, aligning with guidance to monitor official updates as authorities reviewed conditions at the airport.

Regional governments urged caution for travellers. India advised its citizens to defer trips to Nepal and for those already in the country to remain indoors, as curfews and transport disruptions left tourists and business travellers stranded across Kathmandu Valley and beyond.

Live updates from Kathmandu indicated authorities were weighing phased resumptions of essential services alongside crowd-control measures. Airports and transport links were prioritised for restoration once security agencies deemed conditions manageable, with the army coordinating road clearance and fire response in affected districts.

Airlines across South Asia adjusted schedules through the afternoon, with Indian and regional carriers cancelling or retiming Kathmandu rotations while offering waivers. Public statements from operators noted the situation remained fluid and that customer notifications would follow as airspace and airport status changed.

SriLankan’s decision underscores how quickly a single-airport closure can ripple through a network heavily reliant on narrow time buffers and daylight slots into high-altitude hubs. For passengers booked to or through Kathmandu, carriers advised monitoring flight status pages and staying in contact with travel agents as curfew orders and airport operating hours evolve.

Bitcoin traded in a tight range near $111,500 to $112,300 as market participants paused, waiting for fresh cues from upcoming Consumer Price Index, Producer Price Index and central bank announcements. This positioning reflects prudence amid heavier macroeconomic noise.

Solana climbed to around $218 to $220, marking a multi-month high as renewed interest drew capital from more established tokens. Meanwhile, Dogecoin extended a weekly gain to approximately $0.24, buoyed by optimism surrounding the imminent debut of the first U. S. memecoin exchange-traded fund.

SignalPlus head of insights Augustine Fan noted that crypto markets have been relatively flat recently, with Bitcoin underperforming both its major peers and traditional assets such as equities and spot gold. That underperformance accompanied weaker inflows into digital asset trusts and reduced activity on centralised exchanges.

Economists have also dialled back inflation and recession worries following revisions to U. S. labour data, prompting some rebound in market sentiment. Bitcoin, alongside European equities, saw support as experts downplayed fears of stagflation.

Prediction markets suggest that a rate cut from the Federal Reserve is increasingly likely, with sentiment split between a further cut or a hold in October. Gold reached record levels in anticipation of looser monetary policy, even as U. S. equity indices pushed higher.

Positioning remains defensive, but the rotation into altcoins signals willingness among traders to explore higher-beta opportunities. Reflecting this, the phrase Traders Push Bitcoin Above $112K captures the shifting dynamic in crypto allocations—but notably, attention remains fixed on upcoming U. S. data releases shaping the next phase of the market.

Liquidity has stayed modest. Reference points in the $110K–$112K zone appear increasingly important as support amid a backdrop of uncertainty.

Abu Dhabi Global Market recorded more than 11,000 active licences and a striking 42 per cent rise in assets under management in the first half of 2025, underpinning its emergence as the Middle East and North Africa region’s leading international financial centre. ADGM Exceeds 11,000 Licences, AUM Surges 42 %.

The expansion sees ADGM surpass AED 500 billion in market capitalisation of its listed entities on the Abu Dhabi Securities Exchange, reflecting its pivotal role in strengthening the emirate’s non-oil economy, which grew to 9.1 per cent in the first quarter of 2025.

More than 2,970 firms—comprising 308 financial and 2,664 non-financial entities—are now operating from ADGM, marking a 42 per cent year-on-year increase. The centre issued 1,869 new licences during the period, the highest ever in a half-year span, up by 47 per cent from the previous year.

Asset management continued to thrive: ADGM is now home to 154 fund and asset managers overseeing 209 funds, driving AUM up by 42 per cent over the year to June 2025.

Powerful global partnerships fuelled the centre’s momentum. Fortress Investment Group set up an office in ADGM and joined a US$1 billion co-investment venture with Mubadala. Kimmeridge opened its ADGM branch and inked an MoU with Mubadala Energy to develop natural gas and LNG projects. Meanwhile, IHC, BlackRock and ADGM-based Lunate launched an AI-native reinsurance platform worth over US$1 billion. A private credit joint venture between Mubadala and Alpha Dhabi scaled to US$2.5 billion—all anchored at ADGM.

ADGM’s increasing workforce reflects its expanding influence: by end-June 2025, nearly 36,000 professionals were working across Al Maryah and Al Reem Islands.

ADGM’s achievements are underpinned by enhanced regulatory frameworks. The Financial Services Regulatory Authority issued 52 In-Principle Approvals and 45 new Financial Services Permissions. The Registration Authority implemented improvements such as the AccessRP digital platform for property interest verification, Commercial Permit Regulations to support non-financial businesses, and revised fees to simplify market entry. Mutual recognition of digital platforms with Astana International Financial Centre and a 223 per cent increase in supervision assessments further underscore ADGM’s commitment to governance and global alignment.

International engagement has also grown: ADGM participated in CityWeek 2025 in London, held roadshows in China and Japan, and concluded MoUs with regulators in Azerbaijan, Bhutan, Hong Kong and Sweden. These moves have promoted cross-border regulatory collaboration, innovation in capital markets, and sustainable finance initiatives.

NMDC Group PJSC and ADNOC Logistics and Services Plc forged a three-year agreement today to assess joint delivery of maritime services for offshore projects, reinforcing their partnership in Abu Dhabi’s energy infrastructure.

The agreement, signed by Engineer Yasser Zaghloul, Group Chief Executive of NMDC Group, and Captain Abdulkareem Al Masabi, Chief Executive of ADNOC L&S, at NMDC’s headquarters, lays the groundwork for a stronger framework for offshore EPC collaboration. It covers marine services and integrated logistics, signalling both organisations’ dedication to supporting the emirate’s offshore energy operations. This expanded collaboration reaffirms the offshore maritime services pact strengthening cooperation between the two groups.

Zaghloul highlighted NMDC Group’s five decades of expertise in multi-sector marine engineering, procurement, construction delivery and complex project logistics. He underscored that the launch of NMDC LTS, the group’s latest business unit, allows the market to leverage these capabilities. He praised ADNOC L&S for its leadership in offshore energy support and hydrocarbon logistics, pointing out that both entities operate some of the region’s largest marine fleets. He said the pact would “ensure a robust framework between our two powerhouse organisations” to drive synergies, market differentiation and value growth, ultimately fortifying the industrial marine sector in Abu Dhabi and beyond.

Captain Al Masabi said the collaboration aligns with ADNOC L&S’s long-term ambition to deliver top-tier, integrated logistics that underpin the UAE’s offshore energy expansion. He commented that combining strengths with NMDC would unlock new opportunities, deliver value to ADNOC, its shareholders and clients, and support the UAE’s broader economic development.

Splash247 noted that the pact establishes an “expanded framework for continued collaboration on offshore EPC projects in Abu Dhabi,” emphasising its role in promoting synergies and value growth. It also highlighted ADNOC L&S’s aim to enhance performance through such partnerships.

This development follows earlier significant milestones and investments by NMDC that demonstrate its pivotal role in regional marine and energy infrastructure. In 2024, NMDC secured a contract worth more than US$200 million from ADNOC for marine dredging works in the Ruwais LNG Project, involving removal of approximately 15 million cubic-metres across a five-kilometre channel and installation of navigational aids. NMDC also launched the NMDC LTS unit as part of efforts to diversify into logistics and technical services, reinforcing its leadership in the UAE’s marine EPC, dredging, and logistics sectors.