Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.Company News Business Energy
Dubai records $3.70 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,244 real estate transactions worth over AED 13.6 billion ($3.70 billion) were conducted during...The DLD report showed that 323 plots were sold for AED 3.33 billion, while 2,237 apartments and villas were purchased for AED 5.37 billion.
A total of 196 properties were granted between first-degree relatives worth AED 2 billion.
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...Minutes from the Federal Reserve's last meeting showed officials plan to ramp up borrowing costs again this month.
Equity-buying sentiment was hammered again by news that US private firms created twice as many jobs as expected in June.
Facebook hands US users controls over fact-checked content
For years, Facebook's algorithm automatically moved posts lower in the feed if they were flagged by one of the platform's...Fact-checked posts can be made less visible with an option called "reduce more", which means the posts "may be moved even lower in feed so you may not see them at all".
Another option labeled "don't reduce" triggers the opposite effect, moving more of this content higher in their feed, making it more likely to be seen.
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Samsung Q2 profit may drop 95%
Global glut of semiconductors hurts company's core memory sector.The tech giant Samsung Electronics said in a regulatory filing that April-June operating profits were expected to drop 95.7 percent to 600 billion won ($458 million)
The announcement comes as securing supplies of advanced chips has become a crucial issue internationally, with US and China locked in a fierce battle to control the market
Hours after Threads takes off, Elon Musk threatens lawsuit
Threads is the biggest challenger yet to Musk-owned Twitter, which has seen a series of potential competitors emerge but not...In a letter to Zuckerberg, Musk lawyer accused the company of "unlawful misappropriation of Twitter's trade secrets and other intellectual property."
Meta is accused of hiring former Twitter staff who 'had and continue to have access to Twitter's trade secrets and other highly confidential information'
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...The term of embattled three-decade chief Riad Salameh ends this month with no successor in sight, setting the stage for a leadership crisis.
"Unless the political class names a successor, the vice-governors will resign before (Salameh's) mandate ends" on July 31, an official said.
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Volkswagen to test self-driving cars
Commercial launch of self-driving vehicles is planned for 2026.The vehicles will collect data during the trials and, in the initial test phase, will have human safety drivers, VW said.
"Moving into this next phase will help us test, validate and refine technology," said Christian Senger, a Volkswagen official.
