Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.Company News Business Banking & Finance
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.Business
LinkedIn closes China service, citing ‘fierce competition,’ cuts 700 jobs
Microsoft-owned LinkedIn was one of the few US technology companies to successfully operate a social media site in China, where...An email from LinkedIn CEO Ryan Roslansky published online added that pulling out of China would result in "a reduction of roles for 716 employees"
Most US internet giants including Facebook, Twitter, Instagram and YouTube have long been blocked in China as they fail to comply with strict regulations
Twitter canceling accounts that haven’t been used for a long time
Since Musk bought Twitter, the company has relaxed the moderation of content on the network, letting back many users banned...The move comes as Twitter's new boss Elon Musk tries to ramp up engagement, and opportunities to make money, at the online platform he bought for $44 billion last year
Musk-mandated changes at Twitter from slashing staff to doing away with free verification check marks seen as stamps of authenticity have alienated users and advertisers
Uzbekistan calls for launch of ‘forum for businessmen’ in Doha or Tashkent
Doha, Qatar-- Uzbekistan has called for establishing a joint forum for businessmen in Doha or Tashkent to review investment opportunities...The minister highlighted opportunities for investment in the Central Asian state, saying large foreign companies have begun investing in various sectors
He lay emphasis on building trade and investment alliances between Qatari and Uzbek companies that contribute to boosting of trade exchange between the two nations
Aramco Q1 earnings take a hit
The Saudi company posts net profit of $31.9bn, down 19.25 percent from a year earlier.The result was lower than the $39.5 billion reported in the same period in 2022, when Russia's invasion of Ukraine caused oil prices to surge
Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's Vision 2030
Kuwait’s central bank issues US$1.05bn worth of bonds and tawarruq
Kuwait City, Kuwait--The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued...Early this month, the bank issued bonds and tawarrruq worth US$ 660 million for three-months term
It said the value of the first issuance amounted to $528 million for three months with a return rate of 4.250 percent
AI could replace 80% of jobs ‘in next few years’: expert
Goertzel was in provocateur mode last week at Web Summit in Rio de Janeiro, the world's biggest annual technology conference,...AI is not capable of becoming like human level general intelligences, because they can't do complex multi-stage reasoning, said Ben Goertzel
AI is not a threat, I think it's a benefit as people can find better things to do with their life than work for a living, US-Brazilian researcher said
Net profit of QSE listed companies dips by 10% in Q1
Doha, Qatar - Fifty companies listed on Qatar Stock Exchange (QSE) have reported a combined net profit of $3.45 billion...The industries sector saw the biggest decline of 44.18 percent, resulting in a net profit of $656.22 million
The insurance sector recorded the highest growth with a 79 percent increase, generating a net profit of $102.94 million
Arab Federation for Digital Economy signs deal with Union of Arab Chambers
Abu Dhabi, UAE-- Designed to achieve a common Arab vision for the digital economy, the Arab Federation for Digital Economy...The agreement is designed to bolster the Arab digital economy, strengthen intra-Arab trade, and increase the reality of Arab trade exchange
Rated as the fastest growing market in the world, the e-commerce market in the MENA region was valued at $49 billion at the end of 2022
Top car brands adopt sustainable mobility
Sustainable mobility necessitates taking into account the entire lifecycle of a vehicle, not just the use phase. This includes sustainable...Bentley, BMW, Porsche, and Audi lead the way in sustainability by introducing environment-friendly vehicles, aiming to cut CO2 emissions and be sustainable luxury brands by 2030
BMW Group, for example, aspires to be the world's most sustainable premium car manufacturer by utilizing circular economy principles and secondary materials, says an official
Abu Dhabi GDP grew by 9.3 percent in 2022, says SCAD in estimates report
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report...Abu Dhabi's impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework.
As per the estimates, in Q4 2022, Abu Dhabi achieved real GDP growth of 5.9 percent worth US$75 billion.
