US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.Company News Business
Does Anghami and OSN+ collab make financial sense?
A first of its kind in the region, the combination will offer consumers digital services of the best and latest...The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock's average price for the past month.
The combined entity will bring together over 120 million registered users and will be one of MENA’a largest streaming platforms.
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.
Binance to pay billions in US in money laundering case
Binance's guilty plea is part of coordinated action including with the Treasury Department's Financial Crimes Enforcement Network and Office of...Zhao pleaded guilty to failing to maintain an effective anti-money laundering program
Binance's agreements with the Treasury Department's agencies include a civil money penalty of $3.4bn
Iran and Russia to speed up railway project along Caspian Sea
Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor...The two countries consider the 162 km railway line along the Caspian Sea shoreline as a crucial component of the International North-South Transport Corridor
The Iranian first vice president said the design proposals and contracts for the Astara-Bandar Abbas railway have also been reviewed by both the Islamic republic of Iran and Russia
UAE owns 40% of aircraft fleet in Arab region, says ACAO official
Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...UAE's aviation sector enjoys global confidence regionally and internationally, competing with major airlines in Europe and North America, said Abdennabi Manar.
Manar anticipated that the UAE aviation sector would continue its upward growth trajectory, aligning with the substantial growth witnessed in the Arab aviation sector.
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...Only four banks have demonstrated how they have calculated green finance targets
The study questioned some decisions being counted towards meeting green finance targets
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...The new agreement comes on the back of many SPAs signed between the two companies in the recent past to supply energy from Oman
Oman LNG said the company is not just a reliable gas supplier but it contributes to global energy security and adds value to the local economy
Global ESG assets poised to reach $53 trillion by 2025
"This significant growth is driven by a combination of factors, including the impact of the pandemic and the sustainable recovery...Innovative financial instruments are increasingly pivotal in the surging ESG market, drawing heightened investor interest in sustainable, ESG-focused investment products.
On a regional level, the UAE and GCC markets are at the forefront of promoting ESG practices as investor interest is growing in the Green Index and the ESG Index
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
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.
