Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.Company News Business
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...Technology Business
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.
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...According to data, in 2023 a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity
Some 5,095 green factories have been established at national level, contributing to over 17% of the total output value of the manufacturing industry
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.Under the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, a premium of 26.6 percent over Discover's closing price on Friday
Acquisition of Discover will help "build a payments network that can compete with the largest payments networks and payments companies," said Capital One founder and CEO
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.Its CEO said the company plans to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas
The production plans are being stepped up to meet the growing demand of the local market and to support Egypt's endeavours to export the surplus energy
BHP net profit tumbles 86%
Its sales jumped 6% to US$27.2bn in half-year results.The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items
The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10 percent year on year in 2023, says a report.
However, the sector remain at a crossroads, with inflation, digital transformation, and sustainability shaping the future, adds the latest report by Bain & Company.
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...The project is being built in the Gulei petrochemicals base in Zhangzhou city, in eastern China’s Fujian Province.
The project entails a total investment of $6.3 billion from SABIC and Fujian Energy Petrochemical Group Co. Ltd.
