GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.Company News Business
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...Business
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...Analysts believe China is on track to meet its annual growth target of approximately 5 percent this year.
Data from China’s National Bureau of Statistics revealed a 5.2 percent growth for the first three quarters.
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.
Microsoft announces $3.2 billion investment in Australia
Details of the deal were outlined by bosses at the US tech giant and by Australia's prime minister, Anthony Albanese,...The tech giant will expand its "hyperscale" cloud computing and AI infrastructure in Australia over the next two years
Details of the deal were outlined by bosses at the US tech giant and by Australia's prime minister, Anthony Albanese
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.The company's net profits increased 115 percent to $411 million in the first nine months of 2023
It attributed growth in revenues and net profits to progress of the major projects underway
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem
Startups struggle to monetize intellectual property, and despite universities' support to develop IPs, the main challenge for them is achieving sustainability and profitability
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem
Startups struggle to monetize intellectual property, and despite universities' support to develop IPs, the main challenge for them is achieving sustainability and profitability
Markets fall as traders wary due to Gaza war, Fed interest rates
Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle...Oil prices slid as Israel's expected ground offensive against Hamas in Gaza was delayed, with diplomats trying to secure the release of more hostages.
The concerns about US interest rates have also been affecting bond markets, with the yield on 10-year US government bonds rising above 5.0 percent.
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
