OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...Business
Borouge Q1 net profit $281 million
The total dividend paid to shareholders in 2024 $1.3bn.Company News Business
TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...The PIF now boasts assets under management exceeding $700 billion and says it has created more than 560,000 "direct and indirect" jobs.
The PIF's high-profile investments in foreign firms include stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing...Musk announced in August that voice and video calls were in the works at X in what was seen as a step towards turning the former Twitter into an "everything app"
The calling features of X, previously known as Twitter, would work on iOS, Android, Mac and PC systems, and no phone number would be needed, he said at the time
Volvo Cars posts profit
Its operating profit shot up to US$400m for the third quarter.The car maker reported an operating profit of 4.5 billion kronor ($400 million) for the third quarter -- up from two billion kronor a year earlier
Volvo Cars saw a more than fourfold increase in net income for the period, reaching 3.2 billion kronor, compared to 665 million for the same period a year before
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.The company's revenue dropped 1.4% to $39.21bn , partly because passenger car sales were around five percent lower in the quarter
The German automaker left its outlook for 2023 unchanged, with revenue and operating profit seen at the same level as last year
Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...Meta made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier
Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50
