OpenAI says it raised $40 bn at valuation of $300 bn
San Francisco, United States - OpenAI on Monday said it raised $40 billion in a new funding round that valued...Business
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...Business Economy
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a latest report.
Despite global economic challenges and geopolitical uncertainties, prudent risk management has positioned UAE banks for continued success, it adds.
Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...Under the new rules, people in Europe will be able to transfer money within 10 seconds at any time of the day, including outside business hours
The law is expected to enter into force formally by April, and banks in the eurozone single currency area must allow instant payments within 18 months of that date
Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...Renault is the only European automaker with a presence at this year's industry gala.
Volkswagen and Stellantis, whose brands include Peugeot and Fiat, decided to skip the event.
Japan’s Moon craft SLIM revives after lunar night
TOKYO, JAPAN – Japan's Moon lander has produced another surprise by waking up after the two-week lunar night, the country's space...The unmanned Smart Lander for Investigating Moon (SLIM) touched down last month at a wonky angle that left its solar panels facing the wrong way.
As the sun's angle shifted, it came back to life for two days and carried out scientific observations, Japan Aerospace Exploration Agency (JAXA) said.
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...The focus on AI comes amid sluggish smartphones sales as consumers are taking longer to upgrade their devices due to a lack of significant innovations.
Global smartphone shipments declined 3.2 percent to 1.17 billion units in 2023, its second consecutive yearly decline.
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce during the meeting scheduled to run until Thursday in Abu Dhabi.
But big deals are unlikely as the body's rules require full consensus among all 164 member states -- a tall order in the current climate.
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
It has been anticipated that the average daily oil production will surpass 390 cubic meters.
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
Disney and India’s Reliance to merge
The merger will create a powerful entertainment giant.The report of the deal comes as billionaire tycoon Mukesh Ambani readies to host Disney chief Robert Iger on March 1 for his son's wedding
The deal is expected to see the media unit of Reliance and its affiliates hold at least a 61% stake in the merged entity, with Disney holding the rest
