In Middle East, ‘manufacturing’ is a new buzzword
Form Saudi Arabia to the UAE, Qatar to Kuwait, governments of the region compete to jumpstart an industrial sector. But...Business Economy
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.Company News Business
US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President...The latest GDP figures reflect increases in exports, consumer spending and government spending, said the US Commerce Department.
Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to Commerce Department data.
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Equal fee for India’s men and women cricketers
Match fees are however separate from annual pay packets -- there will still be enormous differences between what men and...Board of Control for Cricket in India (BCCI) secretary Jay Shah said, "We are implementing pay-equity policy for our contracted @BCCIWomen cricketers."
Shah said that men and women players will now get 1.5 million rupees ($18,000) for each Test, 600,000 rupees for one-day internationals and 300,000 rupees for T20 internationals.
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Credit Suisse launches radical overhaul to stabilize bank
Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken...Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September
Its investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022
Samsung posts 31% decline in Q3 operating profit
It, however, reported a 3.79% increase in sales.The third-quarter results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker
Operating profit for July to September 2022 fell to 10 trillion won ($7 billion), down from 15.8 trillion won for the same period last year, the company said
Wary of online theft, most MENA shoppers still prefer in-store buying
According to a TRENDS poll, fear of being robbed online by fraudsters prowling on the web is keeping many MENA...Some 36.4 percent of respondents still shop in malls or stores most of the time, while 27.8 percent buy their stuff online
Some 21.1 percent of MENA customers said that falling victim to online fraud had left them wary of using online services.
Aramco to launch US$1.5bn sustainability fund for energy transition
Riyadh, Saudi Arabia— Aramco will launch a $1.5 billion sustainability fund to invest in stable and inclusive energy transition technology....According to its CEO Amin Nasser, the fund will be managed by the company's venture capital arm Aramco Ventures
The company is also developing its blue ammonia and hydrogen business to produce up to 11 million metric tons of blue ammonia per year by 2030
Improved real-time payment infrastructure set to boost digital payments across GCC
With an estimated 209 million people making purchases online at the height of the pandemic, e-commerce in the MENA area...Saudi Arabia's payment revenues are projected to reach US$ 28.3 billion by 2031, increasing at a CAGR of 11.2 percent between 2021 and 2031
Payment revenues in the UAE is likely to hit US$18.7 billion by 2031, a 7.7 percent increase in CAGR between 2021 and 2031
