Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...Business
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...Business
WTO hopes to finalize fishing agreement
GENEVA, SWITZERLAND - The head of the World Trade Organization's fisheries talks voiced optimism on Tuesday about striking an agreement on...The 164 WTO members kicked off a month of negotiations this week at the global trade body's headquarters in Geneva.
The draft text is intended to help members reach agreement on a so-called "clean text" for submission to ministers in Abu Dhabi.
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...The worries of escalation grew after United States and United Kingdom strikes on scores of sites in rebel-held Yemen.
The Houthis have been targeting what they deemed Israeli-linked vessels, but after the strikes, they declared US and British interests "legitimate targets."
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s. The airline...The airline is inviting fresh graduates with internships or part-time jobs on their résumés.
It is inviting individuals keen to embark on an exciting career travelling the globe. .
Nespresso faces $330 m lawsuit in Switzerland over capsules
Zurich, Switzerland - A French television star and a group of investors are demanding 280 million Swiss francs ($330 million) from...A French television show host Jacques Essebag, who goes by the name Arthur, is leading the suit against the Nestle subsidiary
Nespresso, when contacted by AFP, acknowledged the lawsuit filed by ECC but said it did not comment on ongoing legal proceedings
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually
The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...Equities soared at the end of 2023 as falling inflation saw the Fed indicate that it was preparing to reverse more than a year of hikes to US interest rates
However, January has seen the wind come out of the sails with Fed officials saying they were keen to keep rates elevated for some time
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...The total value of sales above this price point grew by 91 percent last year to US$7.6 billion, 28 percent of which was achieved in Q4 alone.
The Palm Jumeirah remains at the epicenter for luxury home sales in Dubai, according to Knight Frank.
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.