Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...Business
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...Business Economy
Samsung profit dips 34.57 percent
Its operating profit for Q4 was US$2.1bn.The company posted a 73.4 percent drop in net profit to $4.8 billion
It blamed interest rate policies and geopolitical issues for the drop
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.
The surge in the GCC project awards, especially in gas and construction sectors, reflects a robust economic recovery and strategic investments driving growth.
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.Three-quarters of the reductions are set to come in the first half, UPS CEO said.
The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...The report found that 35 percent were already using AI in a "large number of areas related to music creation".
The report added that estimated incomes would fall 27 percent by 2028, equivalent to some US$2.9 billion.
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
Ras Al Khaimah witnesses rise in issue of valid business licenses in 2023
RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of...The industrial sector in Ras Al Khaimah achieved a 5.3 percent annual growth rate in valid licence capital.
Commercial licences experienced a 14.4 percent annual increase, bringing their total capital to $1.3 billion.
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.Demand for electric vehicles in the UAE market has steadily increased over the past few years.
The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
