TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.Company News Business
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.Business
UAE Banks Federation ratifies plan to develop banking sector
Abu Dhabi, UAE-- Looking to employ 5,000 UAE national by 2026, and designing a program to groom future banking and...The naitonal anti-fraud campaign launched by the federation to strengthen customer confidence in the banking and financial sector was commended in the meeting
Abdulaziz Al Ghurair, the Chairman of the UBF, applauded the Central Bank of the UAE for supporting the federation and guidance to its members
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...Silicon Valley Bank's management failed to adequately manage risk prior to the bank's swift collapse.
Federal Reserve supervisors failed to take forceful action after they had identified issues at the bank.
Uzbekistan, IsDB ink pacts worth US$396.7m for infrastructure, education
JEDDAH, SAUDI ARABIAÂ - Islamic Development Bank (IsDB) President and Group Chairman Dr. Muhammad Al-Jasser and Uzbekistan Minister of Investments,...Under the agreement, IsDB will provide US$260 million in financing for the Integrated Rural Development Project.
The project will empower local communities, improve their access to quality and resilient infrastructure.
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
The highest standards of food safety in line with International biosecurity standards will be followed.
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...Credit Suisse's share price plunged on March 15, causing the central bank to step in with a $54-billion lifeline for the second-biggest bank in Switzerland.
The Swiss government, Swiss National Bank and the financial market regulator strongarmed UBS into a $3.25-billion takeover on March 19.
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.
DFM net profit surges 30%Â
The consolidated revenue rose 13 percent to $24.2 million.The total consolidated revenue rose 13 percent to $24.2 million in Q1 2023, compared to $21.4 million in Q1 2022.
Operating income amounted to $12.9 million, while investment returns and other income reached $11.3 million
Mercedes Q1 profit rises 12%
The German automaker said its revenues were up 8%.The German automaker said its revenues were up 8% compared to the same period last year, reaching 37.5 billion euros, despite supply chain disruption
Sales in its top-end car range which includes the Mercedes-Maybach shot up by 18 percent to 91,772 units, pulling up the carmaker's bottom line
Sony profit beats forecast
The company reported record full-year sales of 11.5trn yen.The revenue figure was the largest ever for the Japanese conglomerate, beating the last financial year's record of 9.9 trillion yen ($73 billion)
The company's net profit for the year to March was 937.1 billion yen, up 6.2 percent year on year and beating a forecast of 870 billion
Intel, Samsung post fall in sales as chips demand plummets
The crucial semiconductor industry, that powers everything from personal computers, smartphones to fighter jets, suffered a dismal first quarter as...Intel's revenue fell 36 percent to $11.7 billion in the three-month period and the semiconductor giant posted a loss of $2.8 billion, its biggest ever for a quarter
Rising prices, a global chip glut and poor demand for hardware also punished Samsung Electronics, which on Thursday reported its worst quarterly profits in 14 years
