Google to delete incognito search data
The suit filed in June of 2020 sought US$5bn in damages.Business
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...Business Economy Global
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
"Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...The roadmap, which comes less than two weeks before the COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero power sector emissions by 2050.
Under the plan, Indonesia will seek to slash its carbon dioxide emissions to 250 million metric tons for its on-grid power sector by 2030.
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...The state-of-the-art facility, with an annual production capacity of 170,000 tonnes, is being built adjacent to EGA's existing smelter in Al Taweelah.
Completion of the plant is anticipated within the next three years, positioning EGA as the UAE's leading consumer of aluminum scrap.
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
DTC sets IPO offer price range
Final offer price will be fixed through a book-building processThe company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...he agreement is part of the financial cooperation between the two central banks, which works to strengthen collaborations based on mutual interests.
Currency swaps are agreements between two parties to exchange a certain amount of one currency for another and then reverse the exchange at a later date.
US regulator files charges against Kraken crypto exchange
The action against Kraken by the financial markets regulator will likely pour cold water on the hopes of many firms...The proceedings against Kraken began on Monday in federal court in San Francisco, targeting Payward and Payward Ventures, the two legal entities behind the exchange
Kraken's business model is "rife with conflicts of interest that placed investors’ funds at risk," Director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a statement
