89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...Business
Reliance posts Q1 profit rise
It posted better-than-expected profit increase to US$2.35bn.According to a poll by an Indian newspaper, the result exceeded analysts' expectations of slower profit growth of around $2.04 billion
The company's telecom wing reported a 13.01 percent increase in net profit to $574.76 million from a year ago
US inflation now ‘broad-based,’ top Fed official says
Signaling its resolve to keep fighting price rises, the US central bank has said that interest rates may need to...Lisa Cook, Fed governor, said on Friday that overall inflation, and other underlying measures of consumer price increases, remained high
She noted that interest rate hikes would be determined by the impact of the recent financial sector turmoil on bank lending
GCC countries take steps to close gender pay gap
TRENDS Twitter poll suggests 48% candidates face discrimination during job recruitment process in the Gulf region, while 30% do not,...Recent updates to labor laws in the UAE, Saudi Arabia, and Bahrain aim to bridge the gender pay gap and address discriminatory practices
These updates include prohibiting discrimination between male and female employees who perform the same job and introducing paternity leave in the UAE
Google stops work on big Silicon Valley campus: report
The internet titan is scheduled to release its most recent quarterly earnings figures next week. A site in San Jose...Google's parent company Alphabet early this year announced it would cut about 12,000 jobs globally, citing a challenging economic reality
Alphabet reported lower revenue and profit than expected in the final three months of last year as harsh economic times cooled its ad business
London seeks to keep Europe fintech crown despite Brexit
London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion...Britain's exit from the European Union without an EU-London deal on financial services has complicated access to the gigantic market and talent.
The UK last year saw injections of funds into its fintechs slump by 56 percent to just over $17 billion.
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Norway’s sovereign wealth fund posts $84 billion quarterly profit
According to a ranking by the Sovereign Wealth Fund Institute (SWFI), the Norwegian fund is the biggest in the world,...The robust showing, representing a return of 5.9 percent, erases about half of the fund's massive $165.4-billion loss last year amid turbulence over the start of the war in Ukraine
The fund, one of the world's biggest investors, was worth a dizzying $1.34 trillion at the end of March, or almost $245,000 for each of Norway's 5.5 million inhabitants.
Musk all the way: Pope loses Twitter verification Tesla’s stock fall, rocket explodes
Shares of Tesla slumped after reporting a drop in quarterly earnings and hinting the Musk-led company could face further profit...Twitter began the mass removal of blue ticks, with the symbol previously signifying a verified account vanishing from users including the Pope, Trump and Justin Bieber
Despite the failure to complete the flight test and reach orbit, SpaceX and Musk, the founder and CEO of the private space company, declared it a success
Digital platforms are transforming the way GCC countries attract investments
Since the beginning of 2023 alone, three digital and physical platforms have been launched by Qatar, Oman and Kuwait to...The Qatar Investment Promotion Agency launched the latest Gulf investment platform on April 4, 2023
The most prominent investment platform in the UAE is "Invest in Dubai", launched in February 2021
