Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.Company News Business
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.Business
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Russia agrees to grain export deal extension for 60 days
Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for...The grain export deal has helped ease the global food crisis triggered by Russia's full-scale invasion of Ukraine in February 2022.
The invasion saw Ukraine's Black Sea ports blocked by warships until a deal signed in July allowed for the safe passage of exports of critical grain supplies.
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Containers handled by Saudi ports increase by 7.76 percent in Feb 2023
Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year,...Saudi ports received 100,903 passengers, an increase of 61.16 percent over the corresponding month in 2022, which recorded 62,611 passengers.
Incoming containers increased by 5.95 percent to reach 193,937 containers compared to 183,051 containers in Feb 2022.
‘Bad governance, lack of solid regulation fuel blockchain violations’
There is chaos in the crypto market and the dust rises with an episode of failure, but failures must not...Dubai not only inspires the world to embrace new financial instruments, but it has been a hub for digital financial products, says Tapscott.
Banks need to work hard to find ways to avoid intermediation. but we intermediate to create new value in the middle, he adds.
Middle East fragrances market to hit $4.41 billion by 2027
Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019,...Online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets.
Over the past couple of years, however, the traditional mass market fragrance business has witnessed a decline in its sales as customers seek more upmarket brands.
OPEC Fund to provide $40m loan for Vietnam SME financing needs
Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial...The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses.
Vietnam has more than 500,000 private firms, and more than 95 percent of these are micro and small enterprises,
Biden vows to fix ‘mess’ as US regulators rush to contain SVB fallout
Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out...Joe Biden vowed to hold accountable the people responsible for SVB collapse and said he would deliver remarks Monday on maintaining a resilient banking system
In a joint statement, financial agencies including US Treasury said SVB depositors would have access to "all of their money" starting Monday, March 13
HSBC buys UK arm of SVB
In a rescue deal, it bought SVB for a nominal price of $1.2.Jeremy Hunt, finance minister, disclosed that no government cash was involved and all customer deposits have been safeguarded
HSBC chief executive Noel Quinn said that the buyout made "excellent strategic sense for our business in the UK"
ADNOC Gas gains US$9.2bn on first day after IPO
Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued...Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest
The final price was set at 2.37 dirhams ($0.65) per share, towards the top of its range, raising about $2.5 billion and implying a market capitalization of around $50 billion
