Big-ticket events boost international tourism and economic growth
Dubai, UAE -- ‘Big-ticket’ events are playing a pivotal role in driving international tourism and accelerating economic growth, according to...Business
Gucci owner says profit fell 17%
Sales retreated 4 percent to 19.57 billion euros.Kerin reported a 17 percent drop in net profit to $3.2 billion
Sales of the Gucci owner retreated four percent to 19.57 billion euros
Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.Maersk said its net profit reached $3.8 billion last year, slightly more than forecast by analysts but down sharply from the $29.2 billion logged in 2022
The group lowered its 2024 forecast for its core profit -- earnings before interest, tax, depreciation and amortization -- to a range of between $1 billion and $6 billion
Uber posts first annual net profit
The company reported $37.3 billion in sales in 2023.Uber booked a net profit of $1.9 billion in 2023, compared with a loss of $9.1 billion in 2022, according to a statement
The company's shares were down slightly in trading on Wednesday, but they have doubled in value in the past year
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse impacts on regional markets.
Kuwait led with a 6.6% gain, while declines in Qatar, Saudi Arabia, and Abu Dhabi were balanced by other markets, amid notable drops in energy, materials, and real estate.
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Czech farmer cull 140,000 birds to halt spread of bird flu outbreak
Prague, Czech Republic - Czech farmers have killed about 140,000 birds since the start of the year in a bid to...The infected birds had the highly pathogenic H5N1 bird flu strain, which is potentially transmissible to humans
The three commercial farms, all in central Czech Republic, have had to cull 50,000 ducks and 90,000 chicken
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
The company recommended a dividend of $350 million for the second half of 2023.
Gaza solidarity boycott hits global food chains
As customers in the Middle East shun international restaurants, local businesses report they have benefited from the boycott.Starbucks sales grew at their slowest pace in a year, and profits fell short of Wall Street estimates as a spending slowdown took its toll.
McDonald's shares declined for the second day after the company failed to achieve targeted sales for the first time since 2020 due to the war in the Middle East.
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.The company's net profit slumped 59 percent last year to $11.9bn, dragged down by a decline in energy prices
Anders Opedal, the company CEO, said that in 2023 the group "continued to contribute to energy security in Europe"
