Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
Business
Business
Japan to invest $13 billion on semiconductors and generative AI
Tokyo, Japan - Japan's government said on Friday that it plans to spend 2 trillion yen ($13 billion) to boost domestic...
- The planned outlays will include 700 billion yen ($4.6 billion) to support the construction of a Taiwan Semiconductor Manufacturing Company (TSMC) plant in Kumamoto.
- Japanese trade ministry said the government will also spend 650 billion yen ($4.3 billion) to support Japanese startup Rapidus, which aims to develop next generation microchips.
Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
- The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
- The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.
Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Samsung to add real-time translation to smartphone model
Samsung is the world's largest smartphone maker accounting for a fifth of global sales between July and September, as Apple...
- The new real-time translation feature will be incorporated into Samsung's new Galaxy flagship model, which will launch next year
- It will enable "real-time translation in audio and text as the callers are on the line", the spokesman of Samsung said
Business
NEOM opens London office as base for UK and European business
London, United Kingdom – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international...
- The opening of the office is part of the NEOM’s effort to expand its international footprint
- As the first international office, the UK office will also serve as a base to support NEOM’s business across Europe
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
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MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...
Business
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...
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Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
- Vietjet signed MoU with Airbus for the widebody aircraft, which will replace its current fleet of leased A330-300 planes, Airbus said in a statement
- At list prices, the Vietjet order would be worth $5.9 billion, but customers usually get a discount when making bulk aircraft orders
Business
Nestle net profits up 20.9%
Sales grew 7.2% in value terms, fell 0.3% in volume.
- Nestle said turnover fell as a rising Swiss franc and a slight fall in sales volumes balanced out higher prices
- The maker of Nespresso, Maggi seasonings, and the Smarties range of sweets said turnover fell 1.5 percent
Business
Qantas half-year profits slide
Its net profit dropped 13.2% to US$570 million.
- Qantas said its net profit dropped 13.2 percent year-on-year to US$570 million in the six months to December 31
- The airline said travel demand was strong, led by the leisure sector but with business travel now approaching pre-Covid-19 levels