Walmart to buy TV maker Vizio
The acquisition of the TV maker is worth $2.3 billion.Company News Business
BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.Business
BP sees its profit triple to $9.3bn on back of high energy prices
British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a...BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia's invasion of Ukraine
BP said in its earnings statement that it expects oil prices "to remain elevated in the third quarter due to ongoing disruption to Russian supply
Aramco buys Valvoline’s petro unit
The Saudi oil giant acquired the company for $2.65bn.With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Chimera Capital unveils new ETF
The Income Share Class B fund will be listed on ADX.The fund is a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF), and will track the performance of Türkiye-listed, Shariah-compliant securities
The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-complaint stocks listed on the Borsa Istanbul
Swvl drops plan to buy Zeelo
The agreement was broken off due to a market downturn.The $100 million acquisition plan has been terminated because of a market downturn
Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023
KSA and Egypt champions to inaugurate Qatar’s World Cup final stadium
Qatar announced Monday that the club champions of Saudi Arabia and Egypt will inaugurate the Lusail stadium to be used...The 80,000 capacity gold coloured venue, in the Lusail new city just north of Doha, was the last of the eight World Cup stadiums to be completed
A test event is to be staged there on August 11 when a Qatar championship match between Al-Arabi SC and Al-Rayyan is held
Here’s why Saudi Arabia is buying more Russian oil
The Kingdom has for several years imported Russian oil, which helps to reduce its need to refine crude for products...The Kingdom’s crude imports from Russia allow it to free up its own oil for export to reap profits from the record-high prices in the global market, Pat Thaker of EIU tells TRENDS
Saudi Arabia, the latest data suggest, imported 647,000 tonnes, or 48,000 barrels per day (bpd), of fuel oil from Russia via Russian and Estonian ports in April-June this year
Boeing shares surge
The company is all set to resume 787 jet production.The 787's travails date to late summer 2020, when the company uncovered manufacturing flaws with some jets. Boeing subsequently identified additional issues.
The difficulties curtailed deliveries between November 2020 and March 2021. Boeing suspended deliveries later in spring 2021 after more problems surfaced.
NFT cumulative trading volume exceeds $65bn in Q2 2022
According to the data from TradingPlatforms.com, the total volume of Non-Fungible Tokens (NFTs) exchanged recently surpassed 20 million ether (ETH)...The total volume of Non-Fungible Tokens, a cryptographic asset which is unique, surpassed 20 million ether (ETH) - a cryptocurrency - in Q2 2022
The NFT market is expected to increase at a compounded annual growth rate of 35 percent.
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
