Global travel firms reaffirm confidence in UAE tourism growth
Dubai, UAE --- Global travel companies and tourism industry leaders expressed confidence in the UAE's tourism sector during the "Engage...
Business
Tesla launches Shanghai battery plant project
The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...
- The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"
- Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion
Business
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...
- Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
- They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
Business
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
- The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
- During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
Business
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
- The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.
Sony PlayStation 5 sales cross 50 million units
Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues...
- The PlayStation 5 was launched in November 2020 and its sales initially suffered because of widespread supply chain problems and a global chip shortage
- PS5 reached the 50-million-unit milestone in almost the same period as its predecessor, the PS4, with Sony saying its flagship console enjoyed "strong momentum" in 2023
X users report global outage: monitoring site
With no way to post on X, social media users published updates about the outage on rivals including Facebook, Threads,...
- Reports of the platform's troubles began spiking just before 0600 GMT on monitoring site Downdetector
- Timelines on the platform were emptied and no new posts visible, although the twitter.com site was available
Business
Warner Brothers Discovery explores merger
Warner Brothers Discovery brands include CNN and HBO.
- Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies
- Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name
Global travel firms reaffirm confidence in UAE tourism growth
Dubai, UAE --- Global travel companies and tourism industry leaders expressed confidence in the UAE's tourism sector during the "Engage...
Business
Company News
Latest News
Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
Meta releases standalone AI app, competing with ChatGPT
San Francisco, United States -- Social media behemoth Meta unveiled its first standalone AI assistant app on Tuesday as it...
Business
Amazon launches first Starlink-rival internet satellites
Project Kuiper, a subsidiary of the online retail giant founded by Jeff Bezos, is playing catch-up with Starlink - SpaceX's...
Business
Most Read
Amazon set for launch of its first batch of Starlink-rival satellites
Washington, United States -- After delaying an earlier attempt due to bad weather, Amazon is preparing to launch its first...
- The mission, called Kuiper Atlas 1, is scheduled to lift off from Cape Canaveral Space Force Station in Florida at 7:00 pm local time (2300 GMT).
- The $10 billion initiative plans to deploy 3,200 satellites into low Earth orbit -- the region of space up to 1,900km above the planet.
Business
Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
- The airline highlighted the aircraft's enhanced guest experience, including a first-class offering typically found on larger planes.
- The aircraft features new First Suites with sliding doors and lie-flat beds, 14 lie-flat business-class seats with direct aisle access, and upgraded economy seating.
Gen Z travellers in UAE seek purposeful, tech-enabled journeys: Wyndham study
Dubai, UAE - Gen Z travellers in the UAE are reshaping the future of tourism, prioritizing cultural immersion, sustainability, and...
- The study, conducted by YouGov, found that nearly two-thirds (63%) of Gen Z respondents prefer accommodations that reflect local culture
- Meanwhile, social media platforms like Instagram and TikTok are driving travel choices for 26% of them, with 79% already using or eager to use AI tools to plan their trips