Union Bank of India on Monday said its Committee of Directors for fund raising (Non-Capital) has approved the issuance of long-term bonds and green bonds/sustainable bonds to raise funds for infrastructure, affordable housing and other initiatives.

According to a circular issued by the Union Bank of India, the committee approved the “issuance of Long-Term Bonds amounting upto Rs 20,000 crore in one or more tranches for financing of infrastructure & affordable housing.”

The bank added that it will explore raising part of this amount in the current financial year, i.e. before March 31, 2026. The circular stated that “the Board approved plan; out of which bank may explore opportunities to raise Rs 7,500 crore (Base Issue – Rs 3,000 crore + Green shoe option – Rs 4,500 crore) with tenor of 10 years before 31.03.2026.”

In addition, the committee also cleared the plan to raise funds through green or sustainable bonds.
The circular said the committee approved the “issuance of Green Bonds/Sustainable Bonds amounting upto Rs 5,000 crore in one or more tranches.”

The decisions were taken during the meeting of the Committee of Directors for fund raising held on Monday.
As mentioned in the circular, “the Committee of Directors for fund raising (Non-Capital) in its meeting held on 16th March, 2026, inter-alia, considered & approved” the proposals related to bond issuances.The bank also informed that the meeting “commenced at 10.00 A.M. and concluded at 10.20 A.M.”

Dubai, United Arab Emirates — Dubai International Airport (DXB), the world’s busiest hub for international passenger traffic, was temporarily closed early Monday, March 16, 2026, following a drone-related incident that ignited a fire at a nearby fuel tank, but authorities have since announced a gradual resumption of flights as safety assessments continue.

The disruption, attributed to a drone strike in the vicinity of the airport, prompted the Dubai Civil Aviation Authority to suspend all operations around 6:30 a.m. local time as a precautionary measure to protect passengers, staff and crew. No injuries were reported from the incident, which Dubai’s media office described as a “drone-related fire” impacting fuel infrastructure outside the main airport perimeter.

By mid-morning, Dubai Airports — the operator of both DXB and the secondary Al Maktoum International Airport (DWC) — confirmed that limited flight services had begun restarting. Some arrivals and departures were diverted to DWC during the initial closure, helping mitigate the impact on travelers. Emirates, the flagship carrier based in Dubai and one of the largest airlines globally, stated it anticipated partial resumption around 10 a.m. local time (2 a.m. ET), though many scheduled flights remained canceled or delayed for the day.

“Operations are gradually resuming to selected destinations,” a Dubai Airports spokesperson said in an update posted to the official website and social media channels. “Passengers are strongly advised to check directly with their airlines for the latest flight status before heading to the airport.”

The incident underscores the persistent challenges facing Middle East aviation amid heightened regional tensions. While details on the drone’s origin remained limited in initial reports, the event highlighted vulnerabilities in critical infrastructure near major transport hubs. Authorities emphasized that the fire was quickly contained, with emergency teams responding swiftly to prevent any broader threat to airport facilities.

Flight tracking data and airline notices showed widespread cancellations throughout the morning. Emirates, which operates the majority of DXB’s traffic, confirmed suspensions of numerous services, urging affected passengers not to travel to the airport without confirmed rebookings. Sister carrier flydubai also halted operations temporarily before aligning with the phased restart. International carriers including those from Europe, Asia and the Americas reported diversions or outright cancellations, compounding delays already seen in recent weeks due to intermittent airspace restrictions across the region.

Travelers stranded at DXB or connecting through the hub faced long waits in terminals, with airport staff providing updates via announcements and digital boards. Social media footage from eyewitnesses captured plumes of smoke rising near the airport grounds in the early hours, though official sources stressed the blaze did not reach passenger areas or runways directly.

The temporary shutdown added to a pattern of disruptions that have plagued Gulf aviation in early 2026. Previous airspace closures — linked to broader geopolitical developments involving Iran, Israel and U.S. interests — had forced partial suspensions and limited schedules at DXB and nearby Abu Dhabi’s Zayed International Airport. Airlines had only recently begun scaling back to more normal operations before Monday’s event interrupted progress.

Despite the setback, Dubai Airports maintained that the situation remained under control. Real-time flight information on the official dubaiairports.ae website showed a handful of departures and arrivals listed as “on time” or with minor delays by late morning, including services to Zurich, Hyderabad and Dhaka. However, the board reflected significantly reduced activity compared to a typical day, when DXB handles over 1,000 daily flights and millions of passengers annually.

Emirates advised passengers with bookings to monitor its app and website for rebooking options, offering flexibility for changes without fees in many cases. Other carriers echoed similar guidance, with some rerouting long-haul flights to alternative Middle East gateways or extending layovers.

The airport’s resilience has been a point of pride for the emirate, which positions DXB as a critical global connector linking Asia, Europe, Africa and the Americas. Even amid challenges, the hub’s modern facilities — including expansive terminals, extensive retail and efficient transit systems — continued to support those on site.

Officials urged caution for anyone planning travel through Dubai in the coming days. “The safety of all remains our top priority,” the Dubai Media Office reiterated in statements. Travelers were encouraged to use official channels for updates rather than relying solely on third-party apps or social media rumors.

As operations ramp up gradually, the focus shifts to restoring full capacity while monitoring regional security. Aviation experts note that such incidents, though rare in their direct impact on major civilian airports, serve as reminders of the interconnected risks in a volatile area.

For now, DXB is open and functioning on a limited basis, with expectations that more flights will return throughout March 16 and into the week. Passengers affected by cancellations may be eligible for rebooking, refunds or assistance under airline policies and international regulations.

The event has drawn attention from global media and travel advisories, with outlets like Reuters and CNN covering the drone strike and its immediate fallout. No official claims of responsibility had surfaced by midday, leaving questions about the broader implications unanswered.

Dubai’s aviation sector, a cornerstone of the emirate’s economy, has weathered previous crises through rapid response and infrastructure investments. Monday’s resumption signals confidence in returning to routine, even as the industry remains vigilant.

DECATUR, Ga. — The DeKalb County School District (DCSD), Georgia’s third-largest public school system, is navigating one of its most significant challenges in recent years as declining student enrollment prompts a sweeping Student Assignment Project that could lead to the closure or repurposing of up to 27 schools by 2030.

District officials launched the initiative to address underutilized facilities, redistribute resources more equitably and ensure long-term financial sustainability. Initial scenarios released in February 2026 proposed closing or converting schools—including high-profile names like Cedar Grove, Lithonia and Towers high schools—while expanding capacity at 11 others to alleviate overcrowding in growing areas.

Superintendent Dr. Norman C. Sauce III, who assumed the interim role in November 2025 following the resignation of predecessor Dr. Devon Horton amid federal charges, emphasized that the proposals are conversation starters, not final decisions. “These are not decisions,” Sauce and district leaders stated in public communications. “These are conversation starters. We’re in the feedback phase.”

The district serves approximately 92,000 students across 138 schools and programs, employing more than 14,000 staff members. Enrollment has steadily declined in recent years, creating a surplus of seats equivalent to several high schools’ worth of capacity by projections through 2030. Officials argue that empty classrooms reduce per-pupil funding, limit course offerings, strain budgets and hinder program quality.

“Empty seats are not neutral. They cost our students,” a recent district social media post read. “When classrooms have fewer students, schools receive less funding. That can mean fewer teachers, fewer classes, and fewer opportunities.”

Community response has been intense. Parents and residents have voiced concerns at public meetings, virtual forums and through an online survey about potential impacts on neighborhoods, school culture, transportation and equity. Some worry that closures could disrupt established communities, particularly in areas with long-standing schools. Others highlight overcrowding in rapidly developing suburbs, where schools like Stoneview Elementary exceed capacity despite broader district trends.

District officials have assured the public that no closures will occur for the 2026-27 school year. The timeline allows for multiple rounds of community input before any final recommendations reach the DeKalb County Board of Education. The second round of scenarios is scheduled for release on March 20, 2026, followed by additional workshops, including one at Towers High School on March 25.

The Student Assignment Project aligns with the district’s 2024-2029 Strategic Plan, which prioritizes equitable access, academic excellence and fiscal responsibility. Recent achievements underscore progress amid the challenges: In early March 2026, 91 DCSD seniors secured more than $4.29 million in scholarships during Alabama A&M University’s Presidential Scholarship Tour. Eight schools earned recognition as 2025 Title I Reward Schools—the highest number in Georgia—highlighting gains in supporting economically disadvantaged students.

The district has also invested in educator support. The FY2026 budget, adopted in mid-2025 under the prior administration, included competitive salary increases and a revamped teacher pay structure to combat national shortages. DCSD reports 156 teacher vacancies as of early 2026—a near-full staffing level of 99.8%—with programs like IGNITE DeKalb Teacher Residency aimed at recruiting and training new educators.

Capital improvements continue alongside the restructuring discussions. On March 9, 2026, the school board approved a $7.6 million contract for architectural and engineering work to modernize Druid Hills High School, signaling commitment to upgrading existing facilities even as some face potential changes.

The backdrop includes past leadership turbulence. Former Superintendent Devon Horton resigned in October 2025 following a federal indictment on charges unrelated to his Georgia tenure, with the board agreeing to a settlement including one month’s salary and accrued vacation. Sauce, a longtime DCSD administrator who previously served as Area Superintendent for High Schools, stepped in to provide stability.

Legislative priorities for 2026 reflect ongoing advocacy for policies enhancing public education, including funding for safety, professional development and resources to close achievement gaps.

As feedback continues, district leaders stress transparency and inclusion. Community members can submit input via surveys available in multiple languages, attend upcoming meetings or review materials on the official DCSD website.

The outcome of the Student Assignment Project will shape DeKalb County’s educational landscape for years to come, balancing the realities of demographic shifts with the district’s mission to empower every student.

With enrollment trends unlikely to reverse soon and resources stretched, the coming months will test the district’s ability to foster consensus in a diverse, evolving community. Officials remain optimistic that collaborative input will yield a plan strengthening schools rather than diminishing them.

Grammy-winning singer Bruno Mars addressed swirling online speculation on Sunday, March 16, 2026, insisting he harbors no ill will toward fellow pop superstar Taylor Swift after fans accused him of endorsing a social media post that mocked her talent and success.

Mars, 40, took to X (formerly Twitter) to clarify the situation following reports that his Instagram account had liked an Instagram reel criticizing Swift. The post in question reportedly featured footage of Swift performing alongside a caption questioning how she achieved fame, with references to “white privilege” and labeling her “talentless.” The incident quickly spread across social media platforms, prompting fans of both artists to debate whether it signaled tension between the two musicians.

“**Taylor has always been supportive and kind to me. Only love over here**,” Mars wrote in a post on X, directly addressing the allegations. He followed up shortly afterward with another message: “**Spread Love on these apps!**” The statements came amid reports that Mars had since unliked the controversial reel, and the account that originally posted it—identified in some reports as @bopbase—appeared to have been deactivated or altered following the backlash.

The controversy erupted over the weekend when eagle-eyed fans and pop culture accounts, including Pop Faction, noticed the like on Mars’ verified Instagram profile. Screenshots circulated rapidly, fueling speculation about a possible rift. Some online users pointed out that Mars is known for maintaining a low-key social media presence in recent years, making any accidental or intentional engagement stand out more prominently.

Mars has not elaborated further on how the like occurred—whether it was a misclick, an accidental action from a secondary account, or something else entirely. Representatives for the “Uptown Funk” singer did not immediately respond to requests for additional comment.

Swift, 36, has not publicly addressed the matter as of Sunday evening. The “Eras Tour” icon and Mars have crossed paths professionally in the past without any reported friction. Both artists rose to prominence in the late 2000s and early 2010s, with Mars earning acclaim for his retro-inspired R&B and pop sound, while Swift transitioned from country roots to global pop dominance.

The two have occasionally been linked in industry circles through mutual collaborators and award show appearances, though they have not collaborated on a track. Swift has praised Mars in interviews over the years, and there are no prior public instances of animosity between them. Older reports from 2015 show Mars and Ed Sheeran playfully commenting on social media drama involving Swift and Nicki Minaj during the MTV Video Music Awards nominations controversy, but those exchanges were lighthearted and not directed at Swift personally.

This latest episode highlights the intense scrutiny faced by celebrities on social media, where a simple like or retweet can ignite widespread discussion. Swift’s fanbase, known as Swifties, is particularly vigilant about perceived slights against the singer, often leading to rapid online mobilization. Mars’ quick response appears to have de-escalated much of the immediate backlash, with many fans accepting his clarification at face value.

The incident comes at a time when both artists remain active in the music scene. Mars continues to perform select live dates and collaborate on projects, including his ongoing work with Silk Sonic alongside Anderson .Paak. Swift, meanwhile, has been focusing on re-recording her catalog and releasing new material following the massive success of her “Eras Tour,” which concluded in late 2024 after grossing over $2 billion.

Industry observers note that such social media flare-ups are common in an era where artists’ online activity is parsed for subtext. Accidental likes or algorithmic quirks have led to similar misunderstandings for other stars in recent years.

Mars’ denial underscores his desire to keep the focus on positivity. His call to “**Spread Love**” echoes the themes of unity and kindness that have defined much of his public persona, even as he navigates the pressures of fame.

As of now, the brief controversy shows signs of fading, with fans shifting attention back to the artists’ respective music catalogs and upcoming endeavors. Neither Mars nor Swift has indicated any ongoing issue, and the episode serves as a reminder of how quickly narratives can form—and dissipate—in the digital age.

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Benair has acquired two plots to test its new lightweight aluminium vehicle bridging system

A defence sector company has acquired Welsh Government land in Powys to develop and test new military equipment for defence clients in a investment expected to create 30 jobs.

Banair has purchased two plots at Wyeside Enterprise Park, in Llanelwedd, Builth Wells, and has started testing its own-design lightweight aluminium vehicle bridging system at the site.

The value of the land deal has not been disclosed.

READ MORE: Huge company expands into Wales creating 75 jobsREAD MORE: Welsh Government invests £8m in deep water turbine platform firm

Spanning up to 30 metres, the equipment is being developed to enable military operations to cross water or gaps over dry land. Banair is developing this capability with direct innovation support grant funding. Headquartered in the West Midlands and operates from multiple sites, including manufacturing facilities in Dudley and Poland, and sales offices in the USA and Japan – also has aspirations for a new factory nearby.

Banair expects to create around 20 jobs manufacturing its bridging systems and light-gauge steel frames over the next five years and up to 10 jobs for research and developing its defence products.

Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:“The Welsh Government is working hard to increase the availability of commercial sites and premises for businesses in every part of Wales. Banair needed additional space to develop and showcase new military solutions, and we were able to assist the company on a tight timescale to help fulfil its contract obligations and achieve its expansion ambitions.

“Securing skilled manufacturing jobs for the region in the future helps us deliver on our vision for a more prosperous Wales for all.”

Chief executive of Banair Andrew Gunn said: “We are delighted to have acquired this important site in Powys to allow us to develop, test and showcase our military bridging solutions. This new proving ground and manufacturing site will allow Banair to advance our portfolio of defence products, and we are extremely appreciative of the proactive and pro-business support we’ve received from the Welsh Government throughout the process.”

Indian stock markets closed higher in the green on Monday after sharp ups and downs during the session, with Sensex settling more than 900 points higher and Nifty 50 closing above 23,400 level. The benchmark indices have snapped a three-session losing streak as investors may have resorted to value-buying after the sharp selloff last week.

Markets saw an extremely volatile session today, with strong declines and sharper rebounds. Sensex and Nifty had opened with some losses in the red, but soon recovered all of them to move into the green. However, the indices then sharply dropped later in the morning, with Sensex falling over 600 points to drop below 74,000 and Nifty 50 declining below 23,000.

Late in the afternoon, Sensex and Nifty rebounded and erased all morning losses. Sensex jumped over 1,000 points and Nifty 50 surged above 23,500. The benchmark indices erased some gains by the end of the session, but still remained in the deep green.

Sensex closed around 939 points higher at 75,502.85, while Nifty 50 gained 258 points to end the session at 23,409.

Top gainers and losers

UltraTech Cement, HDFC Bank, Zudio-parent Trent, Zomato-parent Eternal and Bajaj Finance were among the top gainers on Sensex, rising 2-3%. Bharat Electronics (BEL), Sun Pharma, Power Grid and NTPC were among the top losers.
Around 1,075 shares advanced on NSE, while 2,213 declined and 84 remained unchanged. Nifty Auto led gains among the sectoral indices, gaining around 2%. Nifty Oil & Gas however led losses, falling over 1.5% as oil prices continued to remain elevated.
Indian government confirmed during the weekend that Indian vessels Shivalik and Nanda Devi, carrying a combined 92,700 tonnes of LPG, safely crossed the Strait of Hormuz. In an interview with the Financial Times UK, the External Affairs Minister S Jaishankar stated that New Delhi is currently engaging with Iran to facilitate the reopening of the Strait of Hormuz.
He noted that these discussions are “already yielding some results,” suggesting that India finds it more effective to “reason and coordinate” with Tehran rather than disengage.

“Certainly, from India’s perspective, it is better that we reason and we coordinate and we get a solution than we don’t. While this is a welcome development, there is continuing conversation because there is continued work on that,” Jaishankar said.

As a result, India Vix, which measures volatility in the markets, dropped more than 4% after soaring last week.

Crude impact

Despite the optimism in the markets, some caution is warranted. Oil prices remain significantly elevated, with Brent crude futures rising more than 2% today to trade above $105 per barrel. The war between Iran and US-Israel has entered its third week, leading to prolonged disruption to the Strait of Hormuz, a critical chokepoint for global trade. The narrow 33 kilometre long waterway connects the Persian Gulf and the Gulf of Oman, and carries over 20% of the world’s oil and gas shipments.

US President Donald Trump said on Sunday that his administration is in talks with seven countries to help secure the Strait of Hormuz amid the hostilities, calling on them to help protect ships in the vital waterway that Tehran has mostly blocked to oil tanker traffic.

“I’m demanding that these countries come in and protect their own territory because it is their territory,” Trump told reporters aboard Air Force One on the way from Florida to Washington. “It’s the ‌place from which they get ⁠their energy.”

Trump also said Washington is in contact with Iran but expressed doubt that Tehran is prepared for serious negotiations to end the conflict. Iranian Foreign Minister Abbas Araqchi meanwhile said that the country is ready to defend itself for as long as it takes.

Rupee

Indian rupee remained close to its all-time low level, ending the session at around 92.42 against the US dollar. Earlier last week, the Indian currency had seen a significant decline as the safe-haven appeal of the American greenback shines amid geopolitical tensions. Oil movements remain a key driver for the rupee, which tends to widen India’s import bill and weigh on the currency, said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities said.

Persistent FII selling

FII extended their selling streak for the 11th consecutive session on Friday, net selling Indian equities worth around Rs 68 lakh crore during the period. Foreign investors net sold Indian equities worth Rs 10,717 crore on Friday.

While this doesn’t reflect their trading behaviour today, persistent selling by foreign investors seen for the past several sessions dampens investor sentiment.

Global markets

Global markets remained volatile, with Japan’s Nikkei and China’s Shanghai Composite falling marginally. Hong Kong’s Hang Seng and South Korea’s Kospi however gained more than 1% each. European markets were trading in the red in the early hours, with UK’s FTSE and Germany’s DAX slipping into the red with marginal losses, and France’s CAC being down 0.7%.

Wall Street extended their decline on Friday, with Nasdaq declining over 0.9% and S&P 500 falling 0.6%

What lies ahead?

The equity market staged a late-session rebound, supported by value buying in domestically oriented sectors such as auto, banking, and FMCG, a relief rally following the recent sell-off, said Vinod Nair, Head of Research, Geojit Investments. The analyst however cautioned that near-term challenges persist, valuations have moderated, narrowing the premium valuation gap across several key sectors.

“In the near term, investor sentiment will hinge on developments in the Strait of Hormuz, where any easing of supply chain disruptions could provide further support. However, persistently elevated oil prices continue to weigh on broader market direction. Globally, attention remains focused on the upcoming U.S. Fed policy outcome. Rates are widely expected to remain unchanged, reflecting ongoing inflationary pressures and heightened geopolitical uncertainty,” he added.

Technical view

Nifty witnessed a decent recovery as the index did not sustain below 23,000 and quickly moved back above this level, noted Rupak De, Senior Technical Analyst at LKP Securities. The analyst said that on the daily chart, the index has formed a piercing line pattern, which is a bullish reversal signal after a prolonged correction. Although the broader sentiment has not changed significantly, a near-term technical pullback cannot be ruled out, he added.

“On the higher side, the index may witness a recovery towards 23,800 or even higher. On the lower end, immediate support is placed at 23,200; a break below this level could push the index back into weakness,” De concluded.

Shares of One 97 Communications, the parent of digital payments platform Paytm, rose nearly 4% to Rs 1014.8 apiece on the NSE on Monday after rival PhonePe said it would temporarily put its initial public offering plans on hold. The rally came as investors interpreted the development as easing near-term competitive pressure in the fintech space, particularly in digital payments and financial services distribution, where both companies operate.

PhonePe said it has decided to defer its proposed public market listing for now, citing heightened geopolitical uncertainty and volatility across global financial markets. The company said it will revisit its listing plans once conditions stabilise.

“We sincerely hope for a swift return to peace in all the affected regions. We remain committed to a public listing in India,” Sameer Nigam, CEO of PhonePe, said in a statement.

The decision comes at a time when escalating geopolitical tensions in West Asia and broader market turbulence have made equity markets more volatile, prompting several companies preparing for IPOs to reassess their launch timelines.

Analysts say companies planning public offerings are increasingly evaluating whether to proceed at reduced valuations or delay launches until investor sentiment improves.

Also read: PhonePe hits pause on IPO as Iran war roils primary market sentiment

PhonePe is one of India’s largest digital payments companies. Launched in 2016, the platform had over 65 crore registered users and a merchant acceptance network spanning more than 4.7 crore merchants as of September 2025.
The company operates a wide range of digital platforms spanning consumer and merchant payments, insurance and lending distribution, and digital commerce. It has also expanded into adjacent businesses such as Share.Market, a stock broking and mutual fund distribution platform, and Indus Appstore, an Android-based mobile application marketplace.
The pause in PhonePe’s IPO plans reflects a broader trend in the primary market, where companies are becoming more cautious about timing their listings amid volatile equity markets.

According to data from Prime Database Group, 141 companies currently have regulatory approvals to launch IPOs that together could raise around Rs 1.64 lakh crore. Of these, at least 80 companies still have three to nine months of validity left to bring their public issues to market.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Catalyst Business Park in Widnes would cover 96 acres

Ambitious plans have been lodged for a huge commercial and industrial development which would reshape vast swathes of Widnes waterfront and create thousands of potential new jobs.

Lea Valley Ltd has submitted a planning application for a scheme dubbed Catalyst Business Park. Spanning 96 acres – the equivalent of around 64 football pitches – the site off Earle Road and Tanhouse Lane would stretch between The Hive Leisure Park and what remains of the now mostly demolished Fiddler’s Ferry power station.

It would see construction of 1.8 million sq ft of floor space in units ranging in size from 1,000 to 500,000 sq ft for varying potential uses.

Depending on which companies move in to the units once complete, roles created could be between 1,675 and 3,367 – with annual wages of between £71.6 million and £127.1 million going in to the local economy.

After launching a consultation on the scheme, the firm has now submitted a planning application. The planned site would consist of five zones – one of which is in Warrington and would require its council’s planning permission.

A planning statement submitted in support of the scheme said: “Catalyst Business Park and its economic effects will be a significant boost to the local and sub-regional economy and long-term prosperity of Widnes.

“And will be a significant benefit to a local area with significant, deep pockets of deprivation that, in part, is linked to lack of access to good quality, employment opportunities.”

Construction would take place in four phases over a period of 10 years. It said:

“As a site that has been extensively used in the past for heavy chemical engineering and related manufacture, and which contains areas of landfill, there are significant matters relating to ground contamination to be dealt with.

“This forms part of the basis for the planned phasing of development across the site.”

Applicant Lea Valley Limited acquired the site in early 2024 as part of its business plan to grow its portfolio of employment land and property.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.