DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...Business
Algeria’s Sonatrach and Italy’s ENI sign $1.35 billion deal
Algiers, Algeria - Algeria's state-run hydrocarbon company Sonatrach and the Italian energy company Eni on Monday signed a production sharing...The 30-year contract covers the exploration and exploitation of hydrocarbons in the Zemoul El Kbar contract area, in the Berkine Basin, 300 km east of Hassi Messaoud
The total investments planned for exploration and exploitation in this area are approximately $1.35 billion, including $110 million allocated to research and exploration
Saudi chocolate industry booms with over 3,500 commercial records
Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...Riyadh leads the Kingdom in chocolate manufacturing, boasting 1,490 commercial records.
Saudi Arabia is the region’s biggest market for chocolates and, in 2024, the Kingdom imported a whopping 123 million kg of chocolate.
Eyeing early release, prison inmates produce Bulgaria’s coveted dairy products
Smolyan, Bulgaria -- At a prison nestled deep in Bulgaria's southern Rhodope mountains, Georgi Filyanov stirs a large tank of...From tending to herds of goats and cows, to making white cheese, prisoners are involved throughout the entire process.
Coveted by cheese lovers and often sold out at specialty stores outside prison, production has not been able to keep up with demand.
AI robots pluck weeds in California fields, make up for shortage of laborers
Los Banos, United States -- Oblivious to the punishing midday heat, a wheeled robot powered by the sun and infused...As farms across the US face a shortage of laborers and weeds grow resistant to herbicides, startup Aigen says its robotic solution -- named Element -- can save farmers money.
Element the robot resembles a large table on wheels, solar panels on top. Metal arms equipped with small blades reach down to hoe between crop plants.
‘Wadeem’ sold out for $1.49bn
This is the highest Abu Dhabi real-estate release to date.The strong interest in Wadeem is testament to individual and investor confidence in our capabilities, said Bill O’Regan, Group CEO of Modon Holding.
The launch reinforces Hudayriyat’s position among Abu Dhabi’s most desirable residential destinations, said Ibrahim Al Maghribi, CEO of Modon Real Estate.
Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...Earlier this week the country pledged to work with the United States, India and Australia to ensure a stable supply of critical minerals.
Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.
Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...The cloud computing tech giant did not disclose the total amount of lost jobs but as of June 2024 it employed 228,000 people, bringing the latest layoffs to about 9,000 people.
The job cuts follow a round in May that saw about 6,000 positions culled from its global workforce.
Tesla Q2 sales down 13.5%
Shares rally after the disclosure, better than some forecasts.The sales figures released Wednesday, which are global, reflect the more contested nature of the EV market, which Tesla once dominated.
Musk's political activism on behalf of right-wing figures has also made the company a target of boycotts and demonstrations, weighing on sales.
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...The coalition said it would work to increase the number of countries taxing plane tickets, including business-class travel, and private jets.
Greenpeace welcomed an "important step" to raise more money from "the most elite and polluting form of travel", which has remained "undertaxed".
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...OpenAI CEO Sam Altman recently complained that Meta has offered $100 million bonuses to lure engineers away from his company.
Several OpenAI employees have accepted Meta's offers, prompting executives at the ChatGPT maker to scramble to retain their best talent.
