Gold prices fall 1 percent on Fed rate rise expectations, gold edges higher
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel by 0026 GMT, while U.S. West Texas Intermediate...
Business
AD Ports launches UAE-Iraq integrated logistics service
Dubai, UAE -- AD Ports Group has launched an integrated logistics service linking the UAE's Khalifa Port with Iraq's Umm...
Business
Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
- The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue, says a latest report.
- Revenues for crypto scamming and stolen funds fell significantly in 2023, with total illicit revenue down 29.2 percent and 54.3 percent, respectively, it adds.
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
- The sum of transactions was 3,697 and 184 plots were sold for US$547 million.
- 2,770 apartments and villas were sold for US$2 billion (AED 7.46 billion).
Business
Qatar real estate trading volume reaches US$91m between January 7-11
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin from January 7 to January 11 were US$15 million.
- The volume of real estate trading in sales contracts from December 31, 2023 to January 4, 2024, exceeded US$222 million.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
- Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
- President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.
Business
15 million tons of Lithium deposits found in Thailand
Bangkok, Thailand - Thailand has discovered nearly 15 million tons of lithium deposits, a government spokesman said Friday, a boost for...
- The 14.8 million tons of lithium are distributed between two separate sites in the southern province of Phang Nga, a government spokesperson said.
- The find means Thailand has the third largest lithium resources, behind Bolivia and Argentina, but it is not yet clear how much can be exploited commercially.
World Economic Forum
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
- Over the course of the week, more than 3,000 policy makers, business executives, academics and innovators discussed some of the world's most pressing issues at the annual meet.
- The Forum announced it will hold a special meeting, hosted by Saudi Arabia, on “Global Cooperation, Growth and Energy for Development” on 28-29 Apr 2024 in Riyadh.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Business
Middle East only region to overcome pre-Covid tourism levels: UNWTO
"International tourism is expected to fully recover pre-pandemic levels in 2024, with initial estimates pointing to 2.0 percent growth above...
- Europe, the world's most visited region, also saw a strong performance with tourism reaching 94 percent of its 2019 figures, with African figures reaching 96 percent.
- In relative terms, the Asia-Pacific region was the weakest with just 65 percent of pre-pandemic levels, despite China's lifting of health restrictions a year ago
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
- Tesla has lost over US$90 billion in market cap, a rough landing in 2024, and a continuation of a slide that could crash the EV maker’s stock value, data from Refinitiv revealed.
- There is declining growth in EV production and a wider slowdown in the market that has Tesla investors nervous.
Gold prices fall 1 percent on Fed rate rise expectations, gold edges higher
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel by 0026 GMT, while U.S. West Texas Intermediate...
Business
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Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
Geostrategy
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
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Business
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
- OpenAI CEO Sam Altman recently complained that Meta has offered $100 million bonuses to lure engineers away from his company.
- Several OpenAI employees have accepted Meta's offers, prompting executives at the ChatGPT maker to scramble to retain their best talent.
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