UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.Company News Business
Disney profit beats forecasts
The company is looking to tap into the passion for video games.Business
OPEC+ angers US with biggest oil output cut since pandemic
The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two...The cut raises fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.
National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+".
EU ‘ready to discuss’ plans to counter rising energy price
The EU is "ready to discuss" a price cap on gas within the bloc to bring down soaring energy costs,...Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in the price of gas.
Russia, which used to be Europe's main gas supplier, has turned off the taps after being hit by EU sanctions over the war in Ukraine.
WTO curtails global trade forecast for 2023 as Ukraine war takes toll
Presenting a revision of their annual trade forecast, WTO economists said they expected the volume of global merchandise trade to..."The picture for 2023 has darkened considerably. Today the global economy faces multi-prong crises," said WTO Director-General Ngozi Okonjo-Iweala.
The WTO said surging energy prices in Europe, stemming from the war in Ukraine, were expected to squeeze household spending and raise manufacturing costs on the continent.
Alpha Pharma signs MoU for plasma
It becomes first Saudi firm to enter plasma products' field in GCC region.Under the MoU, Biotest AG will provide the knowledge and technical expertise and supply plasma medicines to Saudi until Alpha Pharma becomes capable of producing them.
Biotest AG will continue to guarantee the supply of plasma-derived products to the kingdom through the supply and distribution agreement with Cigalah Healthcare.
Lebanese lawmaker stages bank sit-in to free trapped savings for surgery
Cynthia Zarazir, who was elected to parliament in May, is the latest in a growing number of angry depositors who...Zarazir entered her bank branch in Beirut o demand $8,500 to pay for surgery costs not covered by her health insurance.
Also on Wednesday, a retired member of Lebanon's Internal Security Forces entered a bank in Beirut's southern suburbs to demand access to his savings.
Burjeel IPO raises $300m
VPS Healthcare Holdings will continue to own a 70 per cent stake.Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion).
Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion.
SEIC strikes US$150m deal
The PIF-backed firm buys 34% stake in an Egyptian firm.SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International
B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company
Renewables grow to meet global electricity demands: study
In its new analysis, energy think tank Ember compared data from the first six months of the year -- which...Renewable energy sources are seen as crucial in global efforts to combat climate change
The study found that global electricity demand grew by 389 terawatt hours (TWh) in the first half of 2022, while together wind, solar and hydro increased by 416 TWh
DMCC, Fresh Water Norway partner to expand water supply chain
The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a...The collaboration could see a staggering one billion litres of natural drinking water flow through Dubai every year, over a period of 50 years
Fresh Water Norway will be able to avail of DMCC’s services, global connections and network across supply chains and its ability to drive trade flows through Dubai
Wall Street stocks shine amid hopes of US policy pivot
US equities posted gains for a second straight session amid hopes of a US monetary policy pivot, after a bruising...The tech-rich Nasdaq Composite Index led the major indices, powering up 3.3 percent to close at 11,176.41
The Dow Jones Industrial Average rose 2.8 percent to 30,316.32, while the broad-based S&P 500 jumped 3.1 percent to 3,790.93
