G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Business
Qatar Airways annual profit $2bn
This was a record 28% jump in annual net profit.
- Qatar Airways Cargo, the group's air freight service, saw revenues increase by 17 percent on the year before, the airline said.
- In 2024, the Qatari airline reported a $1.7 billion net profit following an annual increase of 39 percent, another record.
Business
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
- The increase is primarily driven by a 5.9 percent increase in housing prices and a 2.8 percent rise in the prices of goods and services.
- The culture and entertainment group recorded a 1.8 percent increase, while both the food and beverages group and the education group rose by 1.2 percent each.
Business
EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...
- The plant is expected to have a production capacity of 600 thousand tons of primary aluminum per year.
- Some 85 per cent of the aluminum needs of American industries, from automotive to aviation and construction, are currently met by imports.
Business
US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in...
- The broad-based S&P 500 added 0.1 percent at 5,923.30, while the tech-rich Nasdaq Composite Index gained 0.2 percent to 19,146.48.
- Broadband and cable company Charter Communications gained 2.5 percent after announcing a deal to acquire Cox Communications for $34.5 billion.
Business
Masdar issues $1bn bond
Its green bond program hits $2.75 billion.
- The bond was issued in two equal tranches of US$500 million, with tenors of 5 and 10 years and coupons of 4.875% and 5.375%.
- The bond attracted significant oversubscription with a peak orderbook of US$6.6 billion.
Business
Trump says urged Apple to manufacture in US not India
Doha, Qatar - US President Donald Trump said Thursday he urged Apple to manufacture its products in the United States...
- Trump said he told Cook: "We're not interested in you building in India... we want you to build here and they're going to be upping their production in the United States"
- Apple announced in February it would invest more than $500 billion in the United States over the next four years and promised to hire 20,000 people in the country
Business
OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...
- The issue had become a serious point of contention for the artificial intelligence trailblazer, with major investors demanding the change to better guarantee returns
- But AI critics worried about the dangers of pursuing big profits on such powerful technology without the oversight of a nonprofit board of directors who acted in society's interest
Business
Luberef net profit falls 7% in Q1
A fall in by-products sales leads to profit dip.
- This is in addition to a decrease in by-products crack margins, despite an increase in base oil crack margins.
- Total shareholders’ equity, no minority interest, stood at SAR 4.07 billion as of March 31, 2025.
Business
SABIC net loss $322 million
The company's net profit was $66m in Q1 2024
- Losses were driven by a SAR 1.05 billion drop in gross profit on higher feedstock prices.
- On a sequential basis, net loss shrank from SAR 1.89 billion in Q4 2024.
Business
PureHealth posts $137m Q1 net profit
The Group's revenue increased 8 percent YoY.
- EBITDA grew 5 percent year-on-year to AED 1.1 billion and net profit grew 3 percent year-on-year to AED505 million in Q1-2025.
- haista Asif, Group Chief Executive Officer at PureHealth, commented, “PureHealth’s first quarter results reflect the solid growth witnessed across all core segments."
Company News
TomTom cuts 300 jobs
Business
Latest News
Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
Business
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
Business
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Business
TomTom cuts 300 jobs
The firm said it was realigning its organization as it embraces AI.
- The Amsterdam-based company was an early pioneer of digital navigation in cars, but has been struggling as people no longer use a separate device to move around..
- TomTom announced in a statement that it was "realigning its organization as it embraces artificial intelligence", resulting in "organizational changes".
Business
Meta spending big on AI talent but will it pay off?
New York, United States - Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up...
- OpenAI boss Sam Altman recently lamented that Meta has offered $100 million bonuses to engineers who jump to Zuckerberg's ship, where hefty salaries await
- A few OpenAI employees have reportedly taken Meta up on the offer, joining Scale AI founder and former chief executive Alexandr Wang at the Menlo Park-based tech titan
Business
Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
- At Independent Can's factory in Belcamp, Maryland northeast of Baltimore, CEO Rick Huether recounts how he started working at his family's business at age 14.
- Huether, now 73, says he is determined to keep his manufacturing company afloat for generations to come. But Trump's tariffs are complicating this task.