Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Business
Birkenstock to enter stock market
Birkenstock employs around 6,200 workers globally.
- The footwear brand announced Tuesday it was preparing to take another step into the big leagues with an IPO in New York.
- Birkenstock's most famous sandal is the Arizona, which features two wide straps with buckles, on trademark cork and latex soles.
Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
Business
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...
- Electric cars are predicted to represent a significant portion of this growth, accounting for 97% of total EV shipments in the upcoming year
- Battery electric vehicles (BEVs) are poised for substantial growth, increasing from 9 million units in 2022 to an estimated 11 million units by the end of 2023
Market Report
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
- GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report
- Despite some sectors showing gains, the overall trend was downward, with Qatar leading the decline and Dubai emerging as the best performing market
Economy
Qantas loses court fight over Covid lockdown layoffs
The airline is already under fire over soaring ticket prices, allegations it sold tickets for cancelled flights, and claims that...
- The court said Qantas had failed to disprove that one reason for the mass sacking was to prevent the workers from taking industrial action in the future
- The Transport Workers Union (TWU), which took Qantas to court over the layoffs, hailed the decision and called for the airline's board to be replaced
Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
Business
US govt face Google in landmark antitrust lawsuit
Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine...
- "This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer Kenneth Dintzer
- The US government launched its case against Google during the Trump administration and the suit carried over in the transition to President Joe Biden
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
- Agthia Group had announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to US$599 million.
- EBITDA increased 18.3 percent supported by margin expansion in snacking, protein, water and food, and a 6.6 percent increase in group net profit.
Company News
China looks to woo back global elites at Davos forum
World Economic Forum
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Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
Business
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Business
Apple logs US$119.6bn in sales
But its sales in China dropped during October to December.
- The company's profits came in at $33.9 billion during the quarter with diluted earnings per share above expectations at $2.18.
- Its net sales in Greater China -- including mainland China, Hong Kong, and Taiwan -- declined from a year ago to $20.8 billion
Business
US stocks rebound from sell-off on Fed disappointment
New York, United States - Wall Street stocks rose early Thursday, rebounding from the prior session's pullback as markets awaited more...
- Major indices had tumbled on Wednesday after Federal Reserve Chair Jerome Powell dampened expectations for an imminent cut in interest rates.
- Adam Sarhan of 50 Park Investments said the market is recovering from the "knee jerk" selloff after Wednesday's Fed meeting.
Geostrategy
US to sell drones worth $4bn to India to bolster its defenses against China
The United States approved a $4 billion sale of state-of-the-art drones to India, offering a new edge to the growing...
- Indian officials had discussed the drones during a state visit by Prime Minister Narendra Modi last year.
- After months of discussion, the State Department said it had informed Congress of the sale..