Pausing production, raising prices: Automakers shift gears after Trump tariffs
Paris, France -- Automakers have already started to adapt to the 25-percent tariff imposed on car imports by US President...Business
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.Company News Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
The move brings the state's ownership of Aramco shares to 82.19 percent.
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Lufthansa profit spikes in 2023
Its net profit shot up to US$1.82bn as demand booms.The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022
The profit was slightly below an estimate of about 1.8 billion euros by analysts surveyed by financial data firm FactSet
Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...The tech show featured hundreds of speakers, more than 600 startups, besides 170,000 participants from around 180 countries
HONOR, Chinese consumer electronics brand, announced regional expansion plans with an investment of US$100 million
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...Gold hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 2130 GMT
Among digital assets, bitcoin briefly hit a record high above $69,000 - beating a record of $68,991 struck in November 2021
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
The leadership of these daring females not only drives economic growth but also inspires a new generation of women to pursue careers in finance in the region.
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.The automaker will make two "flex hybrid" models in Brazil -- using either petrol or ethanol as well as batteries -- creating around 2,000 jobs
Japan's automakers, in spite of the boom in electric cars, have relied on hybrid vehicles that combine internal combustion engines and batteries
OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...Musk launched a legal case against OpenAI last week, arguing in documents filed in a San Francisco court that the firm was always intended as a nonprofit entity
The Tesla Boss was one of the co-founders of OpenAI in 2015 along with Sam Altman but left the organization in 2018 and is now one of its most vocal critics
FAB shareholders approve dividend
The 50% cash dividend would be to the tune of US$2.12bn.The annual meeting commended the bank's three consecutive years of accelerated business momentum, and its strong platform for future growth
The bank's CEO said that FAB achieved a record net profit of $4.46bn and $7.56bn in revenue in 2023, fueled by growth across all core businesses
