OpenAI valued at $80bn in new deal
With this deal, the value of the firm has tripled in 10 months.Business
Tech giants sign pact against AI-made political deepfakes
Under the agreement, AI-generated content could be given a watermark or tagged in the metadata at source, although the signatories...Business
Elon Musk briefly loses top spot as world’s richest person
According to Bloomberg's ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed...Musk's fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the Centre of controversy after the Twitter takeover
Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion
US state brings two lawsuits against TikTok over child safety, security fears
The legal salvo came as problems are mounting for TikTok in the United States, with multiple accusations that the extremely...US sued TikTok for allegedly deceiving customers into believing that "reams of highly sensitive data and personal information" were protected from China
TikTok is facing a growing front of opposition in the United States, with several states and the US military banning its use on government devices
ADEX to provide US$25m funding to Togo to raise solar park capacity
The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the...The Abu Dhabi Exports Office will provide a loan of US$25 million, while the Emirati company EMEA Power will undertake the construction and operation of the new complex
In 2021, Abu Dhabi Fund for Development financed the first phase of Mohamed bin Zayed Solar Energy Complex at a value of $15 million
Pentagon gives cloud contracts to Amazon, Google, Microsoft and Oracle
Pentagon announced Wednesday it has awarded $9 billion in cloud computing contracts to Amazon, Google, Microsoft and Oracle.Commander Jessica McNulty, Defense Department spokesperson, told AFP that JWCC is "composed of four contracts with a shared ceiling of $9Â billion
In 2019, Microsoft won the contract, sparking a challenge by Amazon on grounds that vengeful politics by then-president Donald Trump may have improperly influenced the outcome
IATA expects airline losses in 2022 to slide down to US$9.7bn
Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
Turkey seeks proof of insurance from Russian oil tankers as EU imposes price cap
Istanbul, Turkey - Turkey said Wednesday it has started requesting proof of insurance from tankers loaded with Russian crude oil...The European Union and the Group of Seven leading industrialized nations agreed last week to block Western insurers from covering ships that intend to sell Russian oil above $60.
One source told AFP that Turkish officials began requesting proof of insurance from tankers passing from Russia at the start of the month.
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU
Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
AD Ports Group, Africa Finance Corporation sign collaboration agreement
Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider...They will collaborate on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
Both parties will bring their technical expertise and financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
