Europe new car sales rebound in 2023: industry group
Automakers are facing a 2035 deadline set by the European Union to phase out sales of new combustion engine vehicles....Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
 Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
SAMA directs banks to stop opening online accounts
SAMA, the Saudi Central Bank, has directed banks in the kingdom to put a stop to the opening of online...As per the new measures that will take effect starting April 10, accounts are to be opened through branches only
Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours
Tesla recalls 128,000 cars
The company said the fault could increase the risk of vehicle collision.It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns.
Tesla sold a record 70,847 cars in China in December, facing stiff competition from homegrown brands such as Nio and XPeng.
Saudi Re endorses capital hike
The hike to SR1.336bn will be used to fund expansion plans.The hike from SR891 million ($237.5 million) to SR1.336 billion through a rights issue would support its future expansion activities
Pending approval of the Saudi Central Bank, the Capital Market Authority, and other regulatory authorities, this move will strengthen Saudi Re’s capital base
Ma’aden extends MoU with Emirates Global Aluminium
The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies.The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies
Ma’aden’s operates the largest vertically integrated aluminium complex in the world in Ras Al Khair on Saudi Arabia’s east coast
Shanghai lockdown snarls world’s busiest port and China supply chains
Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and...Shanghai has been sealed off almost entirely for a week following a Covid-19 outbreak fueled by the Omicron variant
The financial hub of China, Shanghai is home to multinational firms and as well as the country’s busiest port
First private mission readies for launch to ISS
Takeoff is set for 11:17 am (1517 GMT) from the Kennedy Space Center in Florida on a SpaceX rocket.Commanding the Axiom-1 mission will be former NASA astronaut Michael Lopez-Alegria, a dual citizen of the United States and Spain
He accompanies American real-estate investor Larry Connor, Canadian businessman Mark Pathy, and Israeli fighter pilot-turned-entrepreneur Eytan Stibbe
Air travel recovery gathering steam as Covid restrictions eased: IATA
The accelerated growth recorded in February 2022 compared to a year ago, is helping passenger demand catch up to 2019...The traffic of Middle Eastern airlines rose 215.3 percent in February compared to February 2021
This was well up compared to the 145.0 percent rise in January 2022, versus the same month in 2021
Toshiba pauses spin-off plan
The Japanese firm will now weigh the possibility of going private.It was the latest setback for the engineering giant, which was once a symbol of Japan's tech and business prowess
Toshiba has since then faced a series of scandals, financial troubles and shock high-level resignations in recent years
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
