China’s chip challenge: the race to match US tech
Beijing, China - China's push to develop top-end artificial intelligence microchips is gaining momentum, but analysts say it will struggle...
Economy
Bangladesh deploys warships to protect prized hilsa fish
Dhaka, Bangladesh -- Bangladesh's defense force said it has deployed warships and patrol aircraft as part of a special surveillance...
Geostrategy
Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...
- HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022
- The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024
More than 20 countries join coalition to protect Red Sea shipping
The Iran-backed Houthis have repeatedly targeted vessels in the vital shipping lane with strikes they say are in support of...
- Pentagon spokesman said the Houthis are "attacking the economic wellbeing and prosperity of nations around the world," effectively becoming "bandits along the international highway
- Coalition forces will serve as a highway patrol of sorts, patrolling Red Sea and the Gulf of Aden to respond to commercial vessels that are transiting this international waterway
China unveils new gaming curbs, sending tech stocks tumbling
Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...
- New draft restrictions published online by the regulator are aimed at limiting in-game purchases and compulsive playing behavior
- Following the news, Tencent tanked more than 15 percent in Hong Kong while rival Netease was down more than 30 percent
Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...
- The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
- Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion
UN Security Council to vote on Gaza aid as famine fears mount
Separate diplomatic efforts were also under way for a fresh pause in the worst-ever Gaza war, which was triggered by...
- The latest UN draft set to face a vote Friday, calls for "urgent steps to immediately allow safe and unhindered humanitarian access
- The entire population of Gaza faces "an imminent risk of famine", according to a UN-backed global hunger monitoring system on Thursday
Economy
Lebanon economy to plunge into recession due to Gaza war
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for...
- Lebanon's economy collapsed in late 2019, plunging most of the population into poverty, according to the United Nations.
- Real gross domestic product is expected to decline "to between minus 0.6 percent to minus 0.9 percent depending on the extent of the tourism shock," the World Bank said.
Geostrategy
Turkmenistan worried as Caspian Sea continues to shrink
Turkmenbashi, Turkmenistan - On the Caspian Sea coast in Turkmenistan, Batyr Yusupov can no longer ferry his passengers between two ports....
- It is still not entirely clear why that is happening, but scientists say it is down to naturally occurring processes exacerbated by climate change
- Turkmenistan, a former Soviet republic, is one of five countries on the Caspian Sea together with Azerbaijan, Kazakhstan, Iran and Russia
Geostrategy
Greece to join US-led naval coalition against Houthi rebels
The task force announced by US Defense Secretary Lloyd Austin on Monday initially included Britain, Bahrain, Canada, France, Italy, the...
- A Greek navy frigate will join the task force on orders from Prime Minister Kyriakos Mitsotakis, said Defense Minister Nikos Dendias
- As a foremost shipping nation, Greece had a "fundamental interest" in addressing a "massive threat" to global maritime transport, he said
EU agrees on 150-million financial aid for Tunisia
A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian...
- The aid is part of a partnership agreement reached between the two countries in Tunis on July 16, which included a 105 million euros to curb irregular migration
- The joint press by EU commission and the Tunisian foreign ministry release said the 150-million aid will consist of a "direct financial transfer to the Tunisian public treasury
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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
China’s chip challenge: the race to match US tech
Beijing, China - China's push to develop top-end artificial intelligence microchips is gaining momentum, but analysts say it will struggle...
Economy
Company News
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Ford’s US Q1 auto sales dip
Business
Israel warns of more Lebanon strikes if Hezbollah not disarmed, Lebanon says truce violated
Thursday's attacks on what the Israeli military said were underground Hezbollah drone factories came after an Israeli evacuation call on...
Geostrategy
Russia launches major attack on Ukraine, killing 5
The Ukrainian air force said Russia had fired 206 drones and nine missiles and added that "the air attack was...
Geostrategy
Israel army announces 4 soldiers killed in Gaza, thousands more troops needed
News of the soldiers' deaths came as Gaza's civil defence agency reported 38 killed Friday in Israeli attacks across the...
Geostrategy
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Geostrategy
France opens ‘complicity in genocide’ probes over blocked Gaza aid
Paris, France -- French anti-terror prosecutors have opened probes into "complicity in genocide" and "incitement to genocide" after French-Israelis allegedly...
- The two investigations, opened after legal complaints, were also to look into possible "complicity in crimes against humanity" between January and May 2024.
- They are the first known probes in France to be looking into alleged violations of international law in Gaza, several sources with knowledge of the cases told AFP.
Arts & Culture
Inside Saudi’s hajj-only barbershop, shaving thousands of heads in a day
Mina, Saudi Arabia -- Near the holy city of Makkah, men in white robes stand quietly in a long queue,...
- In Makkah, entire streets are lined with barbershops doing brisk business. While men shave their hair, women trim theirs by a fingertip-length.
- About 1.6 million pilgrims have gathered in and around Makkah, Islam's holiest city, for this year's hajj, which all Muslims with the means must complete at least once.
Geostrategy
US slaps sanctions on four ICC judges over Israel, US cases
The United States on Thursday imposed sanctions on four judges at the International Criminal Court including over an arrest warrant...
- The four judges in The Hague, all women, will be barred entry to the United States and any property or other interests in the world's largest economy will be blocked
- The court swiftly hit back, saying in a statement: "These measures are a clear attempt to undermine the independence of an international judicial institution