Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...Business Economy
HSBC shareholders defeat proposal to split the bank
Ping An had called on HSBC to engage in a "strategic restructuring" that would see it create a separately-listed bank...Of the shareholders who voted, more than 80 percent opposed the call to break up the Asia-focused bank, HSBC said in a statement
The vote took place during HSBC's annual general meeting in Birmingham, central England, which faced disruption from climate protesters
Alpha Dhabi logs $2bn profit
Revenues also grew significantly to reach $3.26 bn.Alpha Dhabi continues to pursue acquisitions and investments as part of its growth strategy and to this end the company partnered with Mubadala
The two companies aim to collectively deploy up to $2.5 billion over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo
Sharjah exhibits futuristic tourism technologies at ATM 2023
Sharjah, UAE-- Sharjah showcased its technology-enabled approach to the tourism industry at the Arabian Travel Market (ATM) 2023, highlighting the...The emirate displayed cutting-edge technologies and groundbreaking concepts, offering a glimpse into the emirate's tourist destinations
A robot known as "Shj Al Guide" offered information, pictures, and promotional videos of events, activities, and tourist attractions in the emirate
UAE delegation explores investment opportunities in US
“The United States is a long-standing trade and investment partner for the UAE – and an important ally in the...The delegation held multiple meetings with leading Austin-based start-ups, deploying technologies such as AI, blockchain and quantum computing.
UAE minister Thani bin Ahmed Al Zeyoudi highlighted UAE’s unique innovation ecosystem during his meetings with US businesses.
EIIC acquires additional 7.6% stake in Abu Dhabi Islamic Bank
Abu Dhabi, UAE - Emirates International Investment Company (EIIC) has acquired a 7.6 percent stake in Abu Dhabi Islamic Bank...ADIB reported a growth in net profit of 54 percent to reach AED1.1 billion (0.29 billion), driven by significant growth as well as higher margins
The strong financial results for the Q1 2023 demonstrate ADIB's ability to weather challenging economic conditions and deliver robust financial performanceÂ
British Airways slashes loss
The airline was helped by "strong" demand from holidaymakers.Net losses totalled $96 million in the first three months of 2023, down sharply from 787 million euros a year earlier, the aviation conglomerate said
Operating profit before exceptional items hit 9.0 billion euros in the quarter, which contrasted with a loss of 718 million last time around
Adidas posts Q1 loss
Its operating profit came in at 60m euros.The company booked a net loss of $43 million from January to March, compared to a profit of 482 million euros in the period a year earlier
Its operating profit came in at 60 million euros, a fall of more than 85 percent from a year earlier, while sales were almost flat at 5.28 billion euros
Vote to decide HSBC split
The bank has urged shareholders to vote down the proposal.Asia-focused HSBC has urged shareholders to vote down the proposal at its annual general meeting in Birmingham, central England
Ping An has argued that the bank lags international peers and a recent improvement in performance was tied to rising interest rates
Iran seeks trade boost with Syria during Raisi’s visit to Damascus
Iran's president hailed his visit to Damascus as a "turning point", after Tehran's support helped Syria retake most of the...Raisi said Iran and Syria had signed 15 "cooperation documents" which would allow "both countries to open a new chapter in economic relations".
Raisi and Assad signed a deal on "long-term strategic cooperation", covering fields including oil, aviation, railways and agriculture.
ECB raises interest rate but says more steps likely to fight inflation
Frankfurt, Germany - The European Central Bank delivered a smaller interest rate hike Thursday as higher borrowing costs begin to take...It was the seventh-straight increase in the ECB's unprecedented campaign of monetary tightening that began last year after costs of everyday goods began to soar.
Thursday's increase brings the ECB's deposit rate to 3.25 percent, its highest level since 2008.
