G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
Economy
Iran holds state funeral for top brass slain in Israel war
Iran held a state funeral Saturday for some 60 scientists and commanders killed in its war with Israel, after its...
Geostrategy
Science
Videoconferencing hinders creativity, study finds
The pandemic has changed the nature of office work, propelling a massive rise in videoconferencing that looks unlikely to abate...
- Seeking to find out how this huge change affects creativity, US researchers studied 1,500 employees of a telecommunications company in Finland, Hungary, India, Israel and Portugal.
- The pairs who spoke in person came up with around 15 percent more, according to the study published in the Nature journal.
Business
China to cut coal import taxes to ensure energy security
China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast...
- Beijing is the world's biggest importer of coal, but import volumes dropped in the first quarter of the year and energy prices have surged globally
- Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth
Business
Boeing shares dive on $1.2bn loss
The company is set for recovery in 2022-23, said analysts.
- Boeing shares finished 7.5 percent lower at $154.46, beyond the expectations of analysts as the firm is delaying release of its 777X model
- Boeing will lift production of 737 MAX in next quarter of this year as it has reported a jump in the plane deliveries during the first quarter
Business
TotalEnergies makes $4.1 bn writedown on Russian gas project
French energy firm TotalEnergies said Wednesday it had taken a $4.1 billion impairment charge on its Arctic LNG 2 gas...
- TotalEnergies took a stake in the project in 2019, making it its second in Russia's extreme north alongside the Yamal LNG facility
- Chief executive Patrick Pouyanne said last month that TotalEnergies would not suddenly stop its Russian operations completely
Business
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
- Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
- Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Geostrategy
US calls for ‘immediate’ end to Libya oil shutdowns
Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in...
- Libya's output of oil have been halved to around 600,000 barrels per day because of the closing of several sites this month
- Eastern Libyan have forced the closure of oil facilities to force Tripoli-based premier Abdulhamid Dbeibah to step down
Business
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.
- Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
- This was an increase of 58.6 percent year-on-year, beating expectations
Investigation
2016 EgyptAir disaster started by cigarette in cockpit: report
An EgyptAir crash in 2016 that killed 66 people in the Mediterranean was likely caused by a fire that started...
- There was a leak from the co-pilot's oxygen mask and the combustion of a cigarette smoked by the pilot or co-pilot
- EgyptAir flight MS804 suddenly disappeared from radar screens on May 19, 2016 on its way to Cairo from Paris, killing everyone on board
Business
Algeria threatens to cut gas contract with Spain
Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to...
- Algeria, Africa's largest gas exporter, previously also supplied gas through a second GME (Gaz Maghreb Europe) pipeline, which links Spain to Algeria via Morocco
- But Algiers in November shut supply through the GME due to a diplomatic rupture with Rabat, depriving Morocco of Algerian gas
Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
- Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
- GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
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
G7 to exempt US multinationals from global minimum tax
The deal will see US companies benefit from a "side-by-side" solution under which they will only be taxed at home,...
Economy
Company News
Latest News
Bosch to cut 1,500 jobs
Business
Israeli troops kill 3 Palestinians in West Bank’s refugee camp
Tubas, Palestinian Territories - Israeli troops killed three Palestinians in an overnight raid in a refugee camp in the occupied West...
Geostrategy
Oil spills disrupt farming activities in drought-hit Iraq
Oil spills in Iraq -- a country ravaged by decades of conflict, corruption and decaying infrastructure -- have contaminated farmland...
Business
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
Business
Most Read
Arts & Culture
Museum in West Bank displays Gaza’s ‘artistic demonstration’ against war
BIRZEIT, PALESTINIAN TERRITORIES – At a museum in the Israeli-occupied West Bank, Gazan works on display are proclaimed to be an...
- Alongside contemporary pieces, the works include old, traditional paintings and costumes, as well as archeological artifacts.
- Gaza's bloodiest war has devastated the small Hamas-ruled coastal territory, with its cultural heritage just one of the many casualties of war.
Business
Robot dogs and flying cars: mobile gadget highlights
US firm Alef Aeronautics displayed to the public for the first time the working model of what it says is...
- Chinese firm Tecno Mobile showed off a robotic dog inspired by the German Shepherd which uses AI and powerful sensors to understand voice commands.
- Dutch startup Whispp demonstrated a calling app which uses AI technology to covert impaired speech due to conditions such as throat cancer.
Geostrategy
Hizbollah fires new barrage of rockets at Israeli air base
Beirut, Lebanon--Lebanon's Hizbollah said it launched a salvo of rockets at an Israeli air control base on Tuesday in retaliation for...
- The Lebanese armed group said it targeted the "Meron air control base... with a large salvo of rockets from several launchers"
- Hizbollah's rocket assault was sparked off after Israel struck Hizbollah targets near the city of Baalbek, killing two of its fighters