BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year.Business
Investors eye UAE’s booming sustainable finance sector
"Numerous opportunities exist in sustainable investments, especially in sectors like building systems, renewable energy, water, food and agriculture, shipping, among...Business Banking & Finance Uncategorized
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.
EU passengers can claim compensation for delays even outside Europe
EU travelers who book flights through a European airline can claim compensation in the event of a major delay of...The European Court of Justice said that the entirety of a journey that was subject to a single reservation fell under the EU's rules on flight delays.
The court was hearing a case that involved a journey booked through German carrier Lufthansa for three passengers from Brussels to San Jose in California.
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
EGA has developed its own aluminum smelting technology for more than 25 years.
