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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.
  • Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

    ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...

    Analysts say gold is currently trading at $2,016 and could surge by about 50 percent if central banks dramatically increase purchases.

    Another factor that could drive gold prices is the global economy's deep recession, which could prompt the Federal Reserve to cut rates rapidly.

  • Saudi National Bank launches US dollar-denominated sukuk

    RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...

    The sukuk are offered to qualified investors inside and outside Saudi Arabia.

    The amount and sukuk’s terms of offer will be subject to market conditions.

  • China steps up green transition drive to meet carbon-emission goals

    Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...

    According to data, in 2023 a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity

    Some 5,095 green factories have been established at national level, contributing to over 17% of the total output value of the manufacturing industry

  • Capital One to buy Discover for US$35.3bn

    Its shareholders will own 60% of the combined company.

    Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday

    Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO

  • BP to pour US$1.5bn into Egypt oil exploration

    It plans to hike investments in the country to US$5 billion.

    Its CEO said the company plans to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas

    The production plans are being stepped up to meet the growing demand of the local market and to support Egypt's endeavours to export the surplus energy

  • BHP net profit tumbles 86%

    Its sales jumped 6% to US$27.2bn in half-year results.

    The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items

    The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide

  • Consumer products sector grows amid rising prices

    The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...

    The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10 percent year on year in 2023, says a report.

    However, the sector remain at a crossroads, with inflation, digital transformation, and sustainability shaping the future, adds the latest report by Bain & Company.

  • stc 2023 revenues is $19.28bn

    Gross profit for 2023 rose 1.1 percent compared to 2022.

    The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent

    It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.

  • Construction in China-Saudi Arabia ethylene project begins

    FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...

    The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.

    The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.

  • Iran-EU trade surpasses US$5bn in 2023, says Eurostat

    TEHRAN, IRAN - The Statistical Office of the European Union (Eurostat) reported that Iran and the 27 European Union member...

    Trade between Iran and member states of the EU recorded a decrease of 9 percent from January to December 2023.

    During that period, the exchange of products between Iran and the EU member states was valued at US$5 billion.