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
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...Business Economy
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.HSBC reported pre-tax profits of $30.3 billion, up from $17.1 billion the year before, in a statement to the Hong Kong stock exchange
The bank said the profits included a "favorable year-on-year impact" of $2.5 billion due to the sale of its French retail banking operations
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations
Dubai to host the world’s biggest ‘airport industry show’ in May
Dubai, UAE-- In the month of May scores of airport developers, officials, and suppliers from around the world will troop...Some 150 exhibitors from more than 20 countries and 7,500 visitors from over 30 countries will take part in the event
The aviation market in the Middle East valued at US$60 billion in 2023 has seen a 26% growth in air connectivity in 2022
Saudi tech firm Alat to ally with Softbank, Carrier Corp, Tahakoum, Dahua Tech
Riyadh, Saudi Arabia - Alat Company, a subsidiary of the Saudi Public Investment Fund (PIF), has announced four global partnerships...Amit Midha, global CEO of Alat, said the goal is to aid partner companies in reducing emissions and transitioning towards carbon-neutral production
Midha emphasized Alat's commitment to leveraging clean energy sources such as solar, wind, and green hydrogen integrating sustainability measures across operations
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...ADIB launches a framework aimed at supporting environmental protection and social justice projects.
The Abu Dhabi-based bank is first global financial institution to issue US dollar-denominated green sukuk.
Crypto crimes rise in GCC amid digital currency boom
The GCC is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says...The Gulf region is at a critical juncture, facing the dual challenge of embracing blockchain innovation while combating crypto crime, says Nicola Buonanno of Chainalysis.
Crypto crime encompasses activities from theft and scams to money laundering and ransomware attacks, all orchestrated to exploit cryptocurrencies for illicit gains, he adds.
Walmart to buy TV maker Vizio
The acquisition of the TV maker is worth $2.3 billion.With the all-cash purchase, the US shopping behemoth gains access to Vizio's more than 18 million accounts.
Vizio is known for what Walmart called "immersive entertainment" through a "customer-centric platform".
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.
