Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
Business
UK publisher of Daily Express, Mirror tabloids announces job cuts
London, United Kingdom - The British media group which owns the Daily Express and Daily Mirror tabloids on Monday announced...
Business
Business
Aston Martin H1 revenue up
Revenue accelerated 25 percent to US$877 million.
- Losses after tax dropped to £142.6 million ($184 million) in the six months to the end of June
- During the same period last year, the firm suffered a net loss of £290 million ($374.75m)
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Geostrategy
‘Coup attempt’ in troubled Niger as president held by guards
Niamey, Niger -- An attempted coup was underway Wednesday in the fragile state of Niger, where members of the Presidential Guard...
- The head of the West African bloc ECOWAS said Benin President Patrick Talon was heading to Niger on a mediation bid after the region was struck by a new bout of turbulence.
- Both ECOWAS and the African Union lashed what they called an "attempted coup d'état," a term echoed by a source close to Bazoum.
Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
- The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.
Business
Boeing shares surge despite Q2 loss
The aerospace company reported a $149 million Q2 loss.
- A jump in plane deliveries boosted quarterly revenues to $19.8 billion, up 18 percent from the year-ago level and above analyst expectations.
- In the second quarter, Boeing notched a 12 percent increase in commercial plane deliveries. Shares jumped 6.2 percent to $227.45 in early trading.
Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Economy
Will climate change hit Mediterranean tourism?
In Spain, the thermometer has shot 15 degrees above normal summer season levels. Italy has also laboured under heatwaves with...
- In Greece, thousands of tourists have been evacuated in recent days from the islands of Rhodes and Corfu which have been ravaged by fires
- According to a recent note from Moody's, "heatwaves may reduce Southern Europe's attractiveness as a tourist destination in the longer term
Five Moroccan migrants drown off Western Sahara: NGO
On Saturday authorities said six migrants drowned off northern Morocco trying to reach Spain. Mohamed Zendour, of the Moroccan Association...
- Morocco in northwest Africa is a transit country for many migrants trying to get to Europe via Spain's mainland or its Canary Islands in Atlantic
- Spain's coastguard on Tuesday said it had rescued a migrant boat off the Canary Islands, pulled 84 people to safety and also found a man's dead body
Economy
US Federal Reserve likely to lift interest rates to 22-year high
The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more...
- A rate hike on Wednesday would raise the Fed's benchmark lending rate to a range between 5.25 and 5.5 percent - its highest level in 22 years
- Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group
GM reports strong results
Profits jumped 52 percent to $2.6 billion .
- General Motors cited strong consumer demand, which has allowed for solid pricing while keeping incentives in check
- Profits jumped 52 percent to $2.6 billion on revenues of $44.7 billion, which were up 25 percent
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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
Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
Business
Company News
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Intel to slash workforce
Business
Mediators push for Gaza ceasefire as Israel, Hamas remain stuck on hostage, withdrawal demands
Hamas has consistently demanded negotiations for the second phase, which would include a permanent end to the war, a complete...
Geostrategy
Trump, Putin to discuss Ukraine ceasefire this week
US President Donald Trump and Russian counterpart Vladimir Putin are expected to speak this week, officials said on Sunday, as...
Geostrategy
US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
Economy
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Geostrategy
Putin tells Ukraine troops in Russian region to ‘surrender’, amid efforts for a ceasefire
Russia has mounted a rapid counteroffensive in the western border region of Kursk over the past week, recapturing much of...
- US President Donald Trump urged Putin to spare the lives of the Ukrainian troops as he said his envoy had held "productive" talks with Russia's leader
- Defeat in Kursk would be a major blow to Ukraine's plans to use its hold on the region as a bargaining chip in peace talks
Economy
Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...
- Gold, a safe haven in times of uncertainty, rose as much as $3,004 an ounce before paring back gains later in the day to trade under $3,000
- Trump said he would not row back on the metals duties, nor plans for sweeping tariffs on countries worldwide due to kick on April 2
Geostrategy
Hamas says ready to free Israeli-US hostage, remains of 4 others
During the initial six-week phase of the ceasefire, Hamas released 33 hostages, including eight who were deceased, in exchange for...
- Israel has said it wants to extend the first phase of the ceasefire but Hamas has insisted on talks for the second phase of the deal which the US, Qatar and Egypt had mediated.
- Israel halted aid flows into Gaza 13 days ago over the truce impasse. At the weekend, it also cut off the electricity supply, which largely halted water desalination in Gaza.