US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.
Business
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of...
- The total number of hotel guests grew by 25.8 percent to 1.09 million by the end of July 2023.
- Hotel occupancy posted a growth of 10.3 percent. The number of Omani guests reached 411,551.
Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
Videos
GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
- The GCC countries are generally stable and have a good track record of protecting foreign investments.
- The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Business
ChatGPT turns to business as popularity takes a tumble
ChatGPT Enterprise will be powered by GPT-4, OpenAI's highest performing model, much like ChatGPT Plus, the company's subscription version for...
- ChatGPT Enterprise will offer business customers a premium version of bot
- The ChatGPT business version resembles Bing Chat Enterprise, an offering by Microsoft
Economy
Toyota factories across Japan hit by massive glitch
The news of system glitch sent Toyota's stocks into the red, trading 0.64 percent lower at 2,421.0 yen. But the...
- Twelve vehicle factories, affecting 25 lines, are not able to process orders for parts due to a system glitch, a Toyota spokesman said
- The Toyota factory in the southern Kyushu region and subsidiary Daihatsu's factory in Kyoto remained operational, the spokeswoman said
Interview
Kross Studio redefines high-end horology by crossing tradition and innovation to tick luxury revolution
Launched amidst the pandemic, Marco Tedeschi's venture seamlessly blended traditional watchmaking with modern technology, collaborating with major brands to achieve...
- Launched amidst the pandemic, Marco Tedeschi's venture seamlessly blended traditional watchmaking with modern technology, collaborating with major brands to achieve success.
- Kross Studio partnered with franchises like Star Wars and Game of Thrones, offering timepieces priced between $90,000 and $150,000, with the Middle East as a prime market.
Business
UAE’s PureHealth acquires UK’s largest private healthcare group for $1.19bn
Dubai, Riyadh - PureHealth, the largest healthcare group in the Middle East, has entered into an agreement to acquire Circle...
- The acquisition aligns with their broader expansion strategy, which encompasses acquisitions in the US and other international markets
- Circle Health Group, with over 50 hospitals spread across the UK, is known for its extensive network of private healthcare facilities
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...
Market Report
Company News
Honda unveils futuristic EV series
Geostrategy
Latest News
GSK to buy Aiolos Bio
Business
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
Business
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
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Business
AD Ports launches Noatum Logistics Middle East
The firm said the new brand will replace MiCCO Logistics.
- The company said customers will be able to leverage Noatum’s global network of 16 terminals and 143 international offices, presence across 67 ports
- The rebranded firm will embark on a rebranding campaign in the next few weeks, which will see its brand reflected across key assets and locations in the region.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Business
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.
- The company said it had arrived at a "consent decree" deal with US authorities that consists of a "roadmap" of targets to allow Philips to conform with regulatory requirements
- In November last year the US Food and Drug Administration warned that Philips new "DreamStation 2" machine that helps patients sleep risked overheating.