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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Oman bans network marketing, pyramid schemes

    • Oman has prohibited network or pyramid marketing in the country on any electronic or non-electronic platform

    • Anyone who sells, buys, trades, advertises, or promotes any commodity, product, or service through network or pyramid marketing will be in violation of the ban

    Oman has banned any sort of trading through network marketing and pyramid schemes, said local reports on Sunday, August 1.

    The authorities will impose a fine of OMR 5,000 (nearly $13,000) on anyone who is found violating this ban, said the reports.

    Anyone who sells, buys, trades, advertises, or promotes any commodity, product, or service through network or pyramid marketing could be considered a violator of the law.

    Oman’s Ministry of Commerce, Industry and Investment Promotion is said to have issued a ministerial decision in this regard.

    Through it, the government prohibits network or pyramid marketing on any electronic or non-electronic platform.

    The decision also says that the OMR 5,000 fine is only for first-time violators, and the penalty amount would be doubled the second time.

    The move is expected to be a huge deterrent for fraudulent business models like Ponzi schemes, which rely on members of the scheme adding more people under them in lieu of being paid for them.

    While the system may seem lucrative, it is mathematically not sustainable, with the total membership reaching levels of the world population because each step of the pyramid sees exponential growth in the number of members.