Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...Business Geostrategy
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.Company News Business
SAL Saudi Arabia, Menzies sign MoU
The MoU is aimed at improving services at kingdom's airports.Menzies will provide all studies to SAL Saudi Arabia on the transfer of best practices globally to improve the level of passenger services and baggage management.
It also involves smooth passenger services, from issuing a boarding pass to take-off.
Russia exit, soaring costs hit H&M
The company reported a big drop in profits in 2022.H&M was also set back by a historically strong dollar and increases in the costs of freight and raw materials
The group posted a 68 percent drop in net profit in 2022 to almost 3.6 billion Swedish kronor ($346 million)
LVMH sales, profit reach new highs
LVMH is headed by French billionaire Bernard Arnault.LVMH sales have soared 23 percent to 79 billion euros ($86 billion) and net profit jumped 17 percent to 14 billion euros for 2022
The LVMH is Europe's most valuable company, with a market capitalization that soared to 400 billion euros ($430 billion) last week
Saudi Arabia, Italy sign MoU to set up reinsurance framework
Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which...The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and Italian Credit Export Agency CEO Alessandra Ricci at her agency’s headquarters in Rome.
The MoU is expected to boost cooperation in the areas of professional development, transfer of knowledge of best practices in export credit,
7 UAE banks report $9bn profit in 2022
Emirates NBD's profits climbed by 40% to $3.53 billion.The highest share of the overall profits was claimed by the country's main lender, First Abu Dhabi Bank which generated net profits of roughly $3.64 billion
Dubai Islamic Bank's net earnings increased by a record 26 percent Year-on-Year to $1.4 billion from $1.1 billion in 2021
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated marketsMonument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth.The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
Adani group ‘exploring’ legal action against Hindenburg Research
Mumbai, India - An Indian conglomerate owned by Asia's richest man Gautam Adani said Thursday it was exploring legal action against...Hindenburg's report accused Adani Group of engaging in a "brazen stock manipulation and accounting fraud scheme over the course of decades".
Shares in flagship Adani Enterprises fell as much as three percent on Wednesday, before recovering to trade 1.07 percent lower at the close in Mumbai.
Markets rise on better-than-expected US growth
Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year...For 2022 as a whole, the US economy grew at a slower pace than the previous year, expanding 2.1 percent, the Commerce Department said.
Investors are also focused on the next move of the US Federal Reserve, which has hiked rates since last year in a bid to tame galloping inflation.
US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net...Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year.
Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021.
