US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...
Economy
Microsoft unveils autonomous AI agents for business tasks
San Francisco, United States - Microsoft on Monday said it was enhancing its AI offerings with new autonomous agent capabilities as...
Science
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
- The move comes after the European Union approved the airline's takeover of smaller rival Asiana.
- The deal involves the purchase of 27 A350-1000 and six A350-900 aircraft, Korean Air said.
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Business
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
- The respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
- The proposed would create one of the most valuable publicly listed space companies in the world with potential for significant global growth.
Meta, Microsoft slam Apple over app store policy
The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that...
- The Apple Plan comports with neither the letter nor the spirit of the Court's mandate," Meta, Microsoft, X and Match said in their joint filing on Wednesday, in support of Epic
- The plan's "new restrictions are plainly designed to render alternatives to Apple's in-app purchases impractical for developers, and inaccessible to consumers," the companies said
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
- Equity markets in New York and across Asia surged and the dollar retreated
- Gold traders also joined the party to push the precious metal to as high as $2,220 per ounce
Business
Reddit to make trading debut on NYSE
It comes amid a slowdown in the tech sector IPOs.
- The company is set to debut Thursday on the NYSE under the ticker RDDT after an IPO priced at $34 dollars a share
- It was created in 2005 and was quickly sold to Conde Nast, the publisher of Vogue and the New Yorker magazine
Geostrategy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
- Israel accused some of UNRWA's employees of involvement in the October 7 Hamas attack
- The UN has said that Israel has not provided it with any evidence for the allegations
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
- Suleyman is one of the biggest names in the artificial intelligence revolution that is taking the technology world by storm and his hiring is a major move by Microsoft
- Suleyman said that some key collaborators at Inflection, including co-founder Karén Simonyan, had "chosen to join" his team at Microsoft
Business
Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
- French regulators said the fine was for "failing to respect commitments made in 2022" and accused it of not negotiating in "good faith" with news publishers
- France has been a test case for the rules and after initial resistance Google and Facebook agreed to pay some French media for articles shown in web searches
US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...
Economy
Company News
Latest News
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported. Dar Global and...
Business
Boeing offered 737 MAX plea deal, lawyer of crash victims’ families says
Washington, United States - The US Justice Department is offering Boeing a plea deal that will allow it to avoid a...
Business
Aramco, Sempra ink Port Arthur LNG royalties deal
Aramco's 25% participation in Port Arthur LNG Phase 2 aims to expand its gas portfolio and meet the world's growing...
Business
Most Read
Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
- Long before the current craze surrounding generative AI, the energy sector employed traditional artificial intelligence through its use of data to identify oil and gas deposits
- The new AI programs can also be employed broadly in the workforce instead of being limited to programmers and data analysts, as has been the case with traditional AI
Business
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
- The chip giant in December said it was going to expand an ongoing $10 billion plan at the Kiryat Gat site, in the south of the country, currently under construction
- Solicited by AFP, Intel on Monday gave no reason for the pause for the next phase and made no link to the ongoing conflict with Hamas in Gaza
Business
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
- Aramco ended trading on Sunday at 28.60 Saudi riyals ($7.63) per share, after opening at 27.95 riyals, giving it a market capitalisation of around $1.85 trillion
- Aramco, the mostly state-owned jewel of the Saudi economy, announced on May 30 that it would sell 1.545 billion shares, or approximately 0.64 percent of its issued shares