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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.
  • 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

  • 44 large direct deals on IHC worth $1.205 bn at ADX Thursday

    Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...

    Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock

    They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks

  • Angola departure a blow for OPEC+ as cartel tensions rise

    Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...

    Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.

    Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.

  • UAE consumer spending expected to rise by 5% in 2024: Mastercard report

    Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...

    Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.

    GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.

  • UAE central bank cash deposits up by 10.2% in Oct to $187 billion

    Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...

    The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.

    During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.

  • Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023

    Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...

    The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.

    Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.

  • Sony PlayStation 5 sales cross 50 million units

    Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues...

    The PlayStation 5 was launched in November 2020 and its sales initially suffered because of widespread supply chain problems and a global chip shortage

    PS5 reached the 50-million-unit milestone in almost the same period as its predecessor, the PS4, with Sony saying its flagship console enjoyed "strong momentum" in 2023

  • X users report global outage: monitoring site

    With no way to post on X, social media users published updates about the outage on rivals including Facebook, Threads,...

    Reports of the platform's troubles began spiking just before 0600 GMT on monitoring site Downdetector

    Timelines on the platform were emptied and no new posts visible, although the twitter.com site was available