Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...Technology Business
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...Business Economy Geostrategy
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report.
Global demand is also driven by the "comparatively buoyant economy" of the US where oil consumption is gaining momentum on rising petrochemical operations, it said.
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
The cash generated from the company's operating activities rose to $4.5 billion in 2023.
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Foxconn net profit jumps 33%
Its net profit for October-December rose to US$1.6bn.The company said net profit for October-December rose to Tw$53.1 billion (US$1.6 billion)
The strong figures follow better-than-expected profits in its third quarter thanks to rising demand
OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...OpenAI will be able to use content from Le Monde and Prisa Media publications including El Pais, Cinco Dias, and El Huffpost to train the models powering its AI
In the coming months, ChatGPT users will be able to get summaries of news content from the publishers along with links to original articles, according to OpenAI
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...The even will be co-organised by Capital Events and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference
The hosting of the conference marks a significant milestone in the world's largest Bitcoin conference’s expansion into the MENA region
Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
From altered shopping hours to a rise in e-commerce and spending on traditional foods and gifts, Ramadan shapes retail landscape in unique ways.
Inditex posts record net profit
Inditex, the world's biggest fashion retailer, is owned by Zara.The net profit of Inditex reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022
The figure was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros
Adidas posts 2023 loss
In 2024, it expects sales to grow at a "mid-single-digit rate".The loss of 75 million euros ($82 million) followed a profit of 612 million euros the previous year
Two Yeezy sales in 2023 brought in 750 million euros, well below the 1.2 billion euros of revenue the logo had generated in 2022
Volkswagen profit up
It delivered some 9.2 million cars to customers in 2023.Its profit rose 13.1 percent to $19.6 billion from the previous year
The German auto giant expects vehicle deliveries to advance this year
