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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

  • Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver

    Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...

    According to GASTAT, Saudi Arabia's inflation rate is considered the lowest among the G20 countries.

    CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items.

  • OpenAI board rejects Elon Musk-led $97.4 billion buyout offer

    San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...

    Musk filed court documents saying he will withdraw the offer to buy OpenAI if its board returns the artificial intelligence pioneer to a non-profit "charity" model.

    OpenAI currently operates a hybrid structure, as a non-profit with a money-making subsidiary.

  • AD Ports Group 2024 net profit $484m

    The Group's revenue increased 48 percent year-on-year.

    Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.

    Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.

  • Nissan, Honda shares surge after merger talks scrapped

    Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...

    Nissan shares soared 8.17 percent to 449 yen in early trade before easing to 439.5 yen

    Honda shares rose 4.46 percent to 1,498 yen, before easing to 1.487 yen

  • Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes

    London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...

    London was a rare faller owing to sharp losses to share prices of big companies, including Unilever, Barclays and British American Tobacco.

    With Russia being a major producer of oil, crude futures fell heavily on easing supply concerns, while the dollar lost some of its safe-haven support.

  • TAQA net income $1.93bn in 2024

    The company's revenues increased 6.7 percent year-on-year.

    TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.

    The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.

  • ADNOC L&S 2024 net profit $756m

    The company's revenue increased by 29 percent to $3.54 billion.

    EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.

    The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).

  • UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai

    Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...

    The UAE is betting big on the transformational technology as part of its push to diversify its economy away from fossil fuels.

    The UAE launched Falcon in 2023, a large language model that compared favorably with industry leaders including OpenAI's ChatGPT.

  • ADNOC Distribution 2024 net profit down 7%

    Minus UAE corporate tax, it would have grown by 2.4% to $725m

    The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.

    The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.

  • Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues

    After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...

    Musk is suing OpenAI's restructuring plans from a non-profit to a for-profit

    In a repartee, Altman offered to buy Twitter (X) for US$9.74 billion