Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
Market Report
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
Business
Business
Lebanon taps Dubai’s ENOC for fuel swap
Lebanon is expected to use ENOC’s fuel to generate electricity, as the Iraqi oil is deemed unsuitable for the process.
- As part of the deal, Lebanon will give ENOC 84,000 tons of Iraqi high-sulfur fuel oil
- In return, the country will receive 30,000 tons of Grade B fuel oil and 33,000 tons of gasoil
Economy
Israel gives hospitals $31 million to end partial strike
Finance Minister Avigdor Liberman said the Treasury had transferred the amount to the public hospitals.
- Staff and administrators at these hospitals have been protesting against the government’s failure to provide adequate healthcare funding
- Since Wednesday morning, several public hospitals in Jerusalem have not been admitting patients from brought by the emergency services
Iran steel production rises 10% in 2021
The country has kept its position as the 10th largest producer of steel in the world this year.
- The performance of some leading Iranian steel companies indicates they exported 916,236 tons of steel in June
- This which indicates a growth of 104 percent compared to June 2020
Business
$1.68 billion weeklong realty deals recorded in Dubai
DUBAI: Real estate and property transactions worth AED 6.2 billion were recorded in Dubai during the week ending Thursday. Dubai...
- The most expensive plot of land sold for AED33 million in Hadaeq Sheikh Mohammed Bin Rashid.
- Jabal Ali First recorded the most transactions for this week by 75 sales transactions worth AED315 million.
Business
Facebook may launch digital wallet
The wallet, Novi, would let users store cryptocurrencies.
- Facebook said in 2019 it planned to introduce a cryptocurrency called Libra, which changed its name to Diem in 2020 after facing regulatory resistance.
- Company says it would have preferred to release Novi alongside Diem, but the latter's timing was uncertain.
Business
Majid Al Futtaim secures $1.5bn SLL
Women to form 30 percent of board members under agreement.
- The revolving credit facility is the largest in the MENA region.
- Company also plans to have all its malls certified LEED Gold or better.
Business
Disney, Delta, Big Tech dampen movie theater party at CinemaCon
After a year-and-a-half of big film releases placed on hold due to Covid, the CinemaCon trade summit has seen studios...
- After a year-and-a-half of big film releases placed on hold due to Covid, the CinemaCon trade summit has seen studios show off a glut of forthcoming blockbuster offerings
- But beneath the talk of theatrical renaissance is a great deal of uncertainty -- highlighted by the absence from Caesars Palace of Disney
Business
Qatar gets first batch of Boeing F-15 fighter jets
They were produced by the United States and Boeing in partnership with Qatar itself.
- The rollout took place on Wednesday in a ceremony at Boeing’s headquarters in the US state of Missouri
- Qatar’s Minister of State for Defense Affairs Khalid bin Mohamed Al Attiyah was in attendance
Business
Saudi Arabia taps Alibaba to help Chinese tourists
Alibaba Cloud is expected to help promote Saudi Arabia as a tourist destination to travelers in the Chinese market.
- The deal establishes the framework for a collaborative arrangement for Chinese tourists traveling to Saudi Arabia
- The agreement is part of Saudi Arabia’s strategy to employ the latest technology to deliver seamless traveler experiences
Siemens hydrogen plant in Egypt
Siemens Energy expects to kickstart the hydrogen industry in Egypt.
- Siemens Energy and EEHC will pursue the development of a pilot project, comprising 100-200 MW of electrolyzer capacity
- This is will drive early technology deployment, establish a partner landscape, and set up off-take relations, among other things
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
Market Report
Company News
DFM net profit surges 30%Â
Business
Latest News
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.
Business
Upskilling key to offset AI banking job losses
Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025....
Videos
Realty projects worth $1.10 billion completed in H1 in Dubai
Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1...
Business
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Business
Meta posts big earnings
It posted a profit of US$7.8bn in the recently ended quarter.
- Meta reported a profit of $7.8 billion on $32 billion in revenue during the recently ended quarter, as the number of people using Facebook monthly rose to 3.03 billion
- Meta is seeing "good progress" in bringing in money from Reels, with the video snippets played more than 200 billion times daily across Facebook and Instagram, Zuckerberg said
Israel troops kill Palestinian teen in West Bank: ministry
So far this year, violence linked to the Israeli-Palestinian conflict has killed at least 203 Palestinians, 27 Israelis, one Ukrainian and one Italian,...
- The shooting occurred in the city of Qalqilya in the northern West Bank where the army confirmed it had conducted "counter-terrorism activity"
- The Palestinian health ministry identified the dead teenager as Fares Abu Samrah, 14, and said he died of bullet wounds to the head
Samsung Q1 profit falls 95%
This is firm's worst quarterly profit since Q1 2009.
- Samsung's second-quarter net profit fell 84.5 percent to 1.72 trillion won, and sales dropped 22.3 percent to 60 trillion won
- The firm blamed weak demand for its chips and mobile phones, but offered an optimistic outlook for the remainder of the year