Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
Business
Business
ADQ launches new firm in healthcare sector
Arcera will aim to improve the quality of "human life."
- It will seek to build a global life sciences powerhouse set to make significant contributions to realizing Abu Dhabi’s 2030 Healthcare Life Sciences Vision
- With a workforce of over 6,500 people in 90 countries all over the world, Arcera aims to offer groundbreaking solutions that foster longer and healthier lives
Economy
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
- The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
- The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
- The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt.
- This will further establish the Kingdom's position as a global logistics hub that bridges three continents,
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
- Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
- A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
Business
Expo Centre Sharjah gives peek into its plan to attract new exhibitors
Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector...
- The ECS intends to expand its operational capacities, augment exhibition areas and venues thereby enticing a broader spectrum of international exhibitors
- The plan was outlined in a meeting of the board of directors designed to meet the business community's aspirations, by providing premier platforms for showcasing products
Economy
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
- The PMI jumped to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction
- The PMI data showed that the new export orders rose into positive territory, breaking an 11-month slump
Business
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
- Japan bought nearly 71 million barrels of oil for February and 96.7% of that came from five Arab countries
- The rest of Japan’s oil imports came from Asia (0.4%), Central and South America (1.7%), and the US (1.1%)
Business
Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
- This is in line with Rotana’s ambitious goal of launching eight properties in Saudi Arabia.
- Dar Rayhaan by Rotana offers 133 keys, including 113 rooms and 20 suites,
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Company News
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Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
Qatar strikes new 15-year 3 mtpa LNG supply deal with KuwaitÂ
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
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Business
Telegram chief Pavel Durov arrested at French airport: officials
Paris, France - French police arrested Telegram chief executive Pavel Durov on Saturday at an airport near Paris for alleged offences...
- The Franco-Russian billionaire, 39, was detained at Le Bourget airport north of the French capital on Saturday evening, one of the officials told AFP
- "Enough of Telegram's impunity," said one of the investigators, adding they were surprised Durov came to Paris knowing he was a wanted man
Business
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
- Annual global market for humanoid robots could reach $38 billion by 2035
- Tesla, reiterated it expected to move beyond prototypes to start producing Optimus in small volumes next year
Business
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
- "An essential component of Anthropic’s business model is the larges scale theft of copyrighted works"
- This case follows another lawsuit brought against Anthropic last October by Universal Music