Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.Company News Business
AI in focus as world’s biggest mobile fair gets underway in Spain
Barcelona, Spain - The world's biggest mobile phone fair throws open its doors in Barcelona Monday with the sector looking to...Phone makers are expected to focus on the unique AI-powered tools of their latest handsets at the four-day Mobile World Congress in Barcelona
Telecoms operators will use the event to explore how AI can help improve their operations, from boosting security to providing better customer service
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...The RA fined Baker Tilly US$50,000 and Sturgeon US$12,500 for serious failings and gaps in the financial audit
The RA expects ADGM firms to conduct and prepare audit reports in accordance with professional standards.
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...The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes
Premiums for ships have "increased significantly" following the Houthi attacks, according to Frederic Denefle, head of Garex, a French firm specialized in marine risk insurance
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation.The MoU...The MoU was signed during the visit to China of Saudi civil-aviation officials
The areas of cooperation outlined in the MoU include expanding the number of air transportation stops
MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are investing heavily to safeguard their futures.
A surge is seen in security and risk management spending, highlighting critical need for robust cybersecurity measures and a proactive approach to manage digital risks.
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole."The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...Highly anticipated earnings results from Nvidia beat expectations late Wednesday, with the firm reporting a quarterly profit of $12.3 billion
Hong Kong, Shanghai and Seoul stocks closed higher, and markets in Taipei, Bangkok, Manila and Wellington were also up
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.Vietjet signed MoU with Airbus for the widebody aircraft, which will replace its current fleet of leased A330-300 planes, Airbus said in a statement
At list prices, the Vietjet order would be worth $5.9 billion, but customers usually get a discount when making bulk aircraft orders
