Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...
Business
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.
Business
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
- Chinese consumers place more value on interior comfort compared to other markets, according to European carmakers.
- Visitors at Auto Shanghai queued to sit in luxurious minivans with chrome radiator grilles and reclining rear seats.
Business
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
- Whether it's the luxury, electronics or pharmaceutical sectors, US President Donald Trump's unpredictability complicates the calculations of firms.
- Some companies didn't wait for Trump's April 2 announcement of massive "reciprocal" trade tariffs: they had already begun shipping more of their goods to the United States.
Business
‘Something new for the honey market’: Austria trials DNA testing to uncover fraud
Voels, Austria -- At a laboratory in Austria's mountainous Tyrol province, scientists are DNA testing about 100 honey samples a...
- With fake honey flooding markets, and only a few European laboratories running such analysis, the small Austrian company Sinsoma began offering the tests two years ago.
- Between 2021 and 2022, 46 percent of the honey tested under an EU investigation as it entered the bloc was flagged as potentially adulterated, up from 14% in the 2015-17 period.
Business
Chinese firms extend EV range with petrol generators
The generator, known as a range extender, is connected to the cars' batteries and feeds them only when needed. Since...
- This technology grew faster in China last year than any other type of powertrain, the system that propels a vehicle forward.
- More than one million EREVs were sold, representing a total market share of six percent, according to the McKinsey consultancy.
Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.
Business
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
- The event has achieved a near 12 percent year-on-year increase in exhibitor participation, making it the largest edition to date, now spanning 14 halls.
- The 32nd edition of ATM will focus on the theme: “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity”.
Business
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...
- At this week's Auto Shanghai, the largest global industry show of its kind, foreign firms pitched dozens of electric, high-tech models made "in China for China".
- Volkswagen, the largest foreign automaker operating in the country, announced that by 2027 it would release more than 20 new cars for the local market.
Business
Boeing says China not accepting planes over US tariffs
New York, United States -- Boeing's CEO confirmed Wednesday that China had stopped accepting new aircraft due to the US-China...
- President Trump's trade conflicts with China and other countries loom as a question mark for Boeing, a major US exporter, despite Wednesday's solid results.
- Boeing had planned to send around 50 aircraft to China in 2025, said Ortberg, who told the network that the company wouldn't "wait too long" to send the jets to other customers.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...
Business
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Equinor signs $27 bn gas deal
Business
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Leaders warn race for minerals could turn seabed into ‘wild west’
Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening...
Geostrategy
MENA Mergers & Acquisitions deal value up 66% in Q1, hits $46 Billion
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a record-breaking first quarter...
Business
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Business
Apple under pressure to shine after AI stumble
Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC)...
- The event comes a year after the tech titan said a suite of AI features it dubbed "Apple Intelligence" was heading for iPhones, including an improvement of its Siri voice assistant
- Industry insiders will be watching to see whether Apple addresses the AI stumble or focuses on less splashy announcements.
Business
Gamers get hold of Nintendo’s hotly awaited Switch 2
Tokyo, Japan -- Gamers finally got their hands on Nintendo's new Switch 2 on Thursday, the console that could score...
- The device, which features a bigger screen and more processing power, is an upgrade to the Switch that became a global phenomenon with hit games such as "Animal Crossing".
- The original Switch has sold 152 million units since its 2017 release, making it the third-best-selling console ever.
Business
Equinor signs $27 bn gas deal
The 10-year contract was signed with Centrica.
- Natural gas accounts for 38% of UK's total energy supply, according to the IEA, making it the top fuel source, and the nation depends heavily on imports.
- Russia's invasion of Ukraine and Western sanctions roiled energy markets, sparking a rise in prices that British consumers are still struggling with.