UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
AI revolution in video games has industry players treading warily
The ultra-connected industry is eyeing the innovation warily, with fears growing that jobs could be made redundant and artistic creations...Attracting thousands of video game lovers every year, Gamescom, one of the video game industry's biggest fairs, is an opportunity for studios to showcase their latest creations.
Many gamers turn up in cosplay costumes, as they throng the stands to try out the potential new hits -- this year including some that prominently feature AI.
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...The Jordan Chamber of Commerce stressed on the importance of attracting new Yemeni investments to the Hashemite Kingdom.
The JCC said the Kingdom offers several opportunities in multiple commercial, service and industrial sectors for investors.
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDAN - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade, with the financial sector bearing the brunt, a report points out
AI and automation notably shorten data breach lifecycles and costs, while phishing emerges as the predominant cause of breaches in the region, the IBM study adds
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...AI tools have shown in recent months the ability to generate essays, create realistic images, mimic voices of famous singers and even pass medical exams
But there are also worries that chatbots could flood the internet with disinformation, that biased algorithms will churn out racist material
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.
US Federal Reserve prepared to raise interest rates further
The US Federal Reserve is prepared to raise interest rates higher - and hold them there - to bring down...After 11 rate hikes in less than 18 months, the US benchmark lending rate now sits at a range between 5.25 and 5.5 percent - its highest level for 22 years.
The rapid cycle of interest rate increases has failed to definitively quash inflation, which remains stuck above the Fed's long-term target of two percent.
