Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most...Business Economy
Nvidia marks Paris tech fair with Europe AI push
Paris, France -- Drawing high-powered tech CEOs and a presidential visit, the Vivatech trade fair opened in Paris on Wednesday...Technology Business Geostrategy
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021
The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel.
The world's 71 steel-producing countries produced 148.1 million tons of steel in January 2024.
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.
Ministers' negotiations also focused on fisheries and agriculture, but progress could be made on a new global agreement on fisheries subsidies.
AI entity is Board Observer in IHC
IHC is a pioneer in leveraging AI for decision-making.Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...The stowaway rodent was spotted enjoying the SriLankan Airlines Airbus A330 flight from the Pakistani city of Lahore on Thursday
An airline official said the plane has now resumed flights, but that the grounding had a knock-on effect on the entire schedule
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.The acquisition seamlessly complements the group’s existing portfolio, which includes Media 247 and Viola Communications
BackLite Media, a premier advertising company, has assets in landmark locations in the UAE with revenues of $63.17m in 2023
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...For the entire year of 2023, smartphone shipments in the MEA region increased by 11% YoY, reflecting an upward trend in consumer sentiment
The MEA region demonstrated the highest YoY growth globally during this period, attributed to improved economic conditions and rebounding consumer demand
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.IHC's earnings per Share (EPS) saw huge growth, more than doubling from AED 6.81 to AED 12.55
Its revenue jumped to $16.33 billion, a jump of 17.9 percent from the previous year's $13.85 billion
