European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...Business
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...Business Economy
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...The trade balance showed a decrease of about QR 9.5 billion, or 33.7 percent, compared to December 2022.
The YoY decrease was mainly due to lower exports of Petroleum Gases and Other Gaseous Hydrocarbons.
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.The aircraft are scheduled to be delivered in 2025.
DAE owns and manages 96 737 MAX family aircraft.
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.The company said customers will be able to leverage Noatum’s global network of 16 terminals and 143 international offices, presence across 67 ports
The rebranded firm will embark on a rebranding campaign in the next few weeks, which will see its brand reflected across key assets and locations in the region.
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.The company said it had arrived at a "consent decree" deal with US authorities that consists of a "roadmap" of targets to allow Philips to conform with regulatory requirements
In November last year the US Food and Drug Administration warned that Philips new "DreamStation 2" machine that helps patients sleep risked overheating.
