This Week's Top 5 News Highlights You Can't Miss

GCC Approves Unified Tourist Visa

During the 40th meeting of the GCC Interior Ministers in Muscat on November 8, the Gulf Cooperation Council (GCC) countries collectively endorsed the introduction of a unified Gulf tourist visa. Members of the GCC have granted approval for a singular tourist visa, facilitating smooth travel for visitors across countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). This newly approved single visa opens up the opportunity for tourists to explore all six Gulf nations.

Nike Files Lawsuits Against New Balance and Skechers for Patent Infringement

Nike initiated federal lawsuits against New Balance and Skechers, alleging patent infringement related to Nike's technology used in crafting the upper portions of sneakers. The legal actions claim that various athletic shoes from New Balance and Skechers unlawfully utilize Nike's patented "Flyknit" technology, particularly in the production of running, soccer, and basketball shoes. Nike has previously taken legal action against Adidas, Puma, and Lululemon for alleged infringement of Flyknit patents.

Operation Monopoly: Dubai Police Arrests 43 Suspects in $36-Million Scam

The Dubai Police has effectively executed a well-coordinated security operation aimed at an international syndicate comprised of cybercriminals and fraudsters. These individuals were exploiting major enterprises across several countries by infiltrating email correspondences between company executives and branch managers. Utilizing their specialized Anti-Cybercrime Team, the Dubai Police successfully traced the gang's two-phase transfers, amounting to an estimated total of $36 million.

UAE Enforces Dh400 Fine for Violations of Bicycle Transport Regulations

Abu Dhabi authorities have provided clarification on the penalties applicable to individuals who do not adhere to the regulations regarding the transportation of bikes. When attaching bikes to the rear of their cars, drivers are required to use an extra number plate to ensure visibility is not compromised. Failure to comply with these regulations will result in a fine of 400 AED. To obtain the additional number plate, individuals can visit any service centre at Abu Dhabi Police stations.?

Ransomware Attack Hits China's Largest Bank, ICBC

A ransomware attack on the financial services division of China's largest bank has disrupted the US Treasury market, compelling clients of the Industrial and Commercial Bank of China (ICBC) to redirect trades. The attack hindered ICBC Financial Services from settling Treasury trades on behalf of other market participants, impacting some equity trades as well. While the attack had some influence on Treasury market liquidity, trading sources noted that it did not impair the overall functioning of the market.

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