AI chip giant Nvidia becomes world’s first $5 trillion company
New York, United States -- AI chip juggernaut Nvidia became the world's first $5 trillion company on Wednesday, as investors...
Business
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
- Xiaomi CEO Lei Jun has promised that the SU7 EV will be "the best-looking, best-driving and smartest car" costing under $69,200
- Xiaomi is the world's third-biggest smartphone maker, and its experience in that sector has helped shape its EV strategy
Economy
Aramco CEO terms energy transition strategy a failure
Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is...
- ExxonMobil Chief Executive said "we're not on the path" to reaching net zero emissions by 2050
- In November last year, COP28 conference included a call for a transition away from fossil fuels
Geostrategy
Cross-border fire between Hizbollah and Israel leaves 16 dead
Israeli rescue teams searching a damaged building in the border town of Kiryat Shmona "found a 25-year-old who was unconscious,...
- Hizbollah said it had fired a barrage of rockets into northern Israel after its neighbour carried out a deadly strike on southern Lebanon
- The pro-Iranian movement said four of its fighters and two rescuers were killed, while its ally the Amal movement said it had lost two members
Geostrategy
Israel backtracks on canceled Rafah talks: US official
Israel's prime minister cancelled the visit after the US abstained on the UNSC vote, allowing it to pass. But Israel backtracked,...
- Netanyahu last week agreed to a request by Biden to send a team to Washington to hear US concerns
- The United States also insisted its abstention did not represent a shift in policy on Israel
Geostrategy
Israeli troops shoot dead three Palestinians in West Bank
Residents told AFP that Israeli forces entered Jenin and its adjacent refugee camp just after midnight (2200 GMT on Tuesday)...
- Residents told AFP that Israeli forces entered Jenin and its adjacent refugee camp just after midnight (2200 GMT on Tuesday) and forced their way into several houses.
- The health ministry said two men, Muhammad Sabti and Hamza Harawi, were killed in an air strike, and Ayman Azouqa was shot dead by Israeli troops.
Geostrategy
UN expert faces threats after Israel Gaza ‘genocide’ remarks
Francesca Albanese, the UN special rapporteur on the rights situation in the Palestinian territories, said this week there were reasonable...
- The pressure, she said, "pisses me off, of course it does. But it ... creates even more pressure not to step back."
- Israel last month announced a visa ban on Albanese over comments denying that Hamas's October 7 attack was "anti-Semitic".
Geostrategy
Quran burner Salwan Momika says leaving Sweden for Norway
Stockholm, Sweden - An Iraqi refugee in Sweden who stoked international outrage by repeatedly desecrating the Quran last year said Wednesday...
- Salwan Momika, a Christian Iraqi who burned Qurans at a slew of protests in Sweden over the summer, told AFP that he had left Sweden and arrived in Norway.
- The Swedish Migration Agency revoked Momika's residency permit in October, citing false information in his original application.
Arts & Culture
Clowns try to put smiles back on faces of Gaza children
Palestinian Territories - The children of Gaza have little to eat, have had to flee their homes and have survived...
- Clowns and acrobats performed for children in the Nuseirat refugee camp's school where their displaced families have been sheltering the bombing.
- Wassim Lobed, whose support group organized the show, said they are trying to provide psychological relief to trauma-hit children.
Business
Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
- The fall raised speculation that authorities would step into markets to support the currency after officials warned in recent days against speculation
- The weaker yen helped spur a rally in the Nikkei as exporters benefited, making the index the region's best performer
Business
Hyundai to invest $50bn in South Korea
The automaker will make a bigger push to produce EVs.
- With the $50.5bn investment announced, Hyundai said it wants to "secure future growth engines in an uncertain business environment through constant change and innovation"
- Under the plan, Hyundai will create 80,000 jobs in South Korea and build three new EV factories, with the aim of increasing annual EV production to 1.51 million units by 2030
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
Company News
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Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
Arts & Culture
France, 14 other nations urge recognition of Palestinian state, Canada may do so in September
The foreign ministers of 15 countries issued a joint statement following a conference in New York, co-chaired by France and...
Geostrategy
Gaza famine warning as Israel resists ceasefire calls, UNICEF says time running out
"We need to flood Gaza with large-scale food aid, immediately and without obstruction, and keep it flowing each and every...
Geostrategy
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Geostrategy
Russia to face new US sanctions unless ends Ukraine war in 10 days: Trump
US President Donald Trump said his deadline for Russia to end the fighting in Ukraine or face new sanctions will...
- Trump -- flying back from Britain to Washington -- had already said on Monday that he was reducing a previous ultimatum of 50 days to between 10 and 12 days
- "We're going to put on tariffs and stuff," he said, but "I don't know if it's going to effect Russia because obviously he wants to keep the war going."
Geostrategy
UN agencies warn Gaza slipping into famine as Israel resists ceasefire calls
The Integrated Food Security Phase Classification Initiative, a coalition of monitors tasked by the UN to warn of impending crises,...
- The World Food Programme, UNICEF and the Food and Agriculture Organization warned that time was running out and that Gaza was "on the brink of a full-scale famine".
- Britain, France and Germany could send their foreign ministers to Israel next week, German Chancellor Friedrich Merz said.
Business
Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
- The facility marked its busiest first half on record with a 2.3 percent YoY growth, Dubai Airports said in a statement, "despite temporary airspace disruptions in May and June."
- During the 12-day Iran-Israel war, airlines cancelled flights to many Middle East destinations as some governments closed their airspace.