Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
Business
Macron, Putin discuss Iran, Ukraine in first talks since 2022
One week after a ceasefire ended Israel's 12-day war with Iran, the two men also discussed Tehran's nuclear programme, with...
Geostrategy
Geostrategy
First commercial flight in six years leaves Yemen’s capital
The first commercial flight in nearly six years took off from Yemen's rebel-held capital on Monday, a major step forward...
- Before take-off, the plane with red-and-blue tail livery taxied through an honour guard of two fire trucks spraying jets of water. It landed in Amman.
- Sanaa's airport has been closed to commercial traffic since August 2016 because of air strikes by the Saudi-led military coalition, who are fighting Iran-backed Houthi rebels.
Economy
Wheat prices hit record high after Indian export ban
Wheat prices surged to a new record high on Monday after India decided to ban exports of the commodity as...
- The price jumped to 435 euros ($453) per tonne as the European market opened.
- Global wheat prices have soared on supply fears since Russia's February invasion of agricultural powerhouse Ukraine, which previously accounted for 12 percent of global exports.
Renault hands Russian assets to Moscow
Since Putin sent troops into Ukraine in late February, Renault has had difficulty keeping its operations going due to a...
- Renault has also handed over it's Moscow plant, Avtoframos to Russia, which makes Renault and Nissan models
- Renault, the French automaker giant will retain a six-year option to buy back the stake in AvtoVAZ
Geostrategy
Lebanon vote weakens Hezbollah bloc as reformists book gains
Official results later Monday will show whether Hezbollah, a political and military movement seen as a state within a state,...
- Turnout was particularly low in Sunni Muslim areas, after former premier Saad Hariri triggered a de facto boycott in his community by pulling out of the elections.
- Some of the politicians most reviled by the reform camp suffered stinging losses, including several MPs who had traditionally represented the interests of Syria.
Business
Ryanair cuts annual net loss to $369 million
Ryanair expects cost increases as a result of surging oil prices fueled by the war, it hopes "to return to...
- Ryanair average fares fell more than a quarter to 27 euros despite soaring inflation and Ukraine war
- The Irish airlines had expected a much lower loss until the Omicron variant of corona virus spread in 2021
Business
Asian stocks climb up, but inflation sours mood
Asian equities were up on Monday after a rally on Wall Street last week, but analysts say fears of a...
- Asian market opened with a generally positive performance with Tokyo, Sydney, Singapore and Manila trading up throughout the day
- Analyst call it relief as Shanghai's vice mayor announced that reopening of businesses in the city would begin "in stages"
Economy
Lebanon votes to bring about change in dire economic crisis
For many voters, the election was a chance to vent their anger at the entire ruling elite.
- Army was deployed across Lebanon Sunday to secure the election and minor incidents to disrupt were reported in some polling stations
- More than 80 percent of Lebanese population is now considered poor by the UN
Business
Facebook loses shine, decade after its stock debut
The likes of TikTok, LinkedIn, Pinterest, Twitter and even Apple now vie with Meta for people's online attention as Facebook...
- Facebook remains the biggest social media platform with 2.94 billion monthly users
- But like other free online platforms, Facebook makes its money from ads targeted at people's interests
Geostrategy
Saudi King leaves hospital in Jeddah after one week
Saudi Arabia's King Salman has left the hospital one week after being admitted for tests, state media reported. Video broadcast...
- He left "after conducting medical examinations and successfully completing the treatment plan and recovery period," the SPA said on Twitter
- In 2017, Saudi Arabia dismissed reports and mounting speculation that the king was planning to abdicate in favor of Crown Prince Mohammed
Geostrategy
Algerian military officer sentenced to death for ‘high treason’
An Algerian military officer and close ally of the former army chief has been sentenced to death over charges of...
- Bounouira, who served as the once-powerful Gaid Salah's private secretary for a time, was extradited to Algeria by Turkey in 2020
- According to El Watan, Bounouira was accused of taking possession of classified military documents and using them to bargain for protected status
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
Business
Company News
Latest News
Australian media hits back as Facebook scraps news deals
Meta said on Friday it would scrap the Facebook News tab in Australia and would not renew deals with news...
US Vice President calls for ‘immediate ceasefire’ in Gaza
Taking an unusually sharp tone, Harris demanded Israel "do more to significantly increase the flow of aid" into Gaza, where...
Tunisians take to streets to protest economic woes
Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation...
Economy
Most Read
Geostrategy
Polls for Iraq Kurd parliament postponed to June
Iraqi Kurds announced that polls to elect a new parliament in the autonomous region would be held in June, after...
- Regional president Nechirvan Barzani signed the order for the elections to be held on June 10, a presidency statement said.
- In August last year, authorities announced polling would take place on February 25 after consultation with the parties.
Geostrategy
Saudi, UAE and Iraq extend oil cuts, Russia to slash output by 471,000 bpd
An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented...
- Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said, as part of a move to boost prices.
- Iraq will extend its voluntary oil production cut of 220,000 bpd and UAE follows suit, says its production will remain at 2.912 million bpd.
Geostrategy
Iran conservatives secure bulk of seats in elections: media
Authorities were still counting ballots two days after Friday's vote for members of parliament and for the Assembly of Experts,...
- Fears of a low turnout had swirled ahead of the elections after a state TV poll found more than half of respondents were indifferent about the elections.
- Turnout in Tehran was around 25 percent, with ultraconservative candidates securing 12 of the 30 parliament seats allotted to the capital.