Norway closes in on objective of 100 percent electric car sales
Oslo, Norway -- Norway came close to its objective of selling only zero-emission cars in 2025, with electric vehicles accounting...
Geostrategy
Emirates mining company challenges Guinea license withdrawal
Dakar, Senegal -- Mining company Axis International said Monday it was seeking World Bank arbitration against Guinea for withdrawing its...
Business
Business
Asian stocks drop as Israel-Hamas conflict threatens to expand
Markets had enjoyed a healthy run Tuesday on optimism that while Israeli Prime Minister Benjamin Netanyahu was preparing for a...
- Asian markets mostly fell, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta, Taipei and Manila all down, along with London, Paris and Frankfurt.
- Crude jumped more than two percent at one point on worries about supplies from the oil-rich region in the event of a wider war.
Business
ACWA Power signs clean energy agreements with Chinese partners
Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
- The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China.
- The agreements, which include green hydrogen and water desalination projects, the third Belt and Road Forum held in Beijing on October 17-18.
Business
Dubai’s tech ambitions take center stage at GITEX Global
Dubai, UAE - Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying...
- Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying their latest advancements at the event.
- The 2023 edition has attracted 180,000 technology specialists from 180 countries, a 40 percent increase from previous years.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Tech giants Foxconn, Nvidia announce they are building ‘AI factories’
The world's largest contract electronics maker, Foxconn -- officially known as Hon Hai Technology Group -- already plays a lynchpin...
- The "AI factories" would include "digitalization of manufacturing and inspection workflows, development of AI-powered electric vehicle and robotics platform
- If successful, Foxconn's customers could use these systems to deliver generative AI services and use simulation to train autonomous machines
Musk’s X starts charging new users for basic features in two countries
Tech billionaire Elon Musk, who bought Twitter last year for $44 billion, has long complained about fake accounts, bots and...
- New users in New Zealand and the Philippines will have to pay an annual fee for the ability to write on X, like and reply to posts, and bookmark content
- Those who decline to pay will be able to access X in read-only mode, limited to viewing content and following accounts, the company said
Economy
World must add or replace 80 million km of grids by 2040: IEA
Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines...
- The IEA said that unless policymakers act to improve and expand the world's electricity grids it could put reliable sources of electricity at risk
- The report also identifies a large and growing queue of renewables projects waiting for the green light to be connected to the grid
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Qatar signs 27-year gas deal with UK’s Shell
Last year Shell inked a deal with QatarEnergy for a 9.4% stake in Qatar's North Field South project, the second...
- Qatar will supply 3.5 million tons of gas a year under the deal, QatarEnergy said
- The gas-rich country is set to raise its output of liquified natural gas by 60 percent
Business
ADNOC Gas inks $500-700m LNG supply pact with JERA Global Markets
Abu Dhabi, UAE - ADNOC Gas on Wednesday announced a multi-year liquified natural gas (LNG) supply agreement, valued between $500...
- This agreement builds on the long-standing relationship between the UAE and Japan and reinforces ADNOC Gas’ position as a global LNG export partner of choice
- ADNOC’s LNG production facilities on Das Island supplied LNG to the Tokyo Electric Power Company, one of the parent companies of JERA Co, for over 40 years
Norway closes in on objective of 100 percent electric car sales
Oslo, Norway -- Norway came close to its objective of selling only zero-emission cars in 2025, with electric vehicles accounting...
Geostrategy
Company News
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Microsoft beefs-up its AI assistant with voice, vision
San Francisco, United States - Microsoft on Tuesday doubled down on deploying artificial intelligence to consumers, releasing an updated version of...
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
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Economy
No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...
- The oil cartel's prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade
- In the group's annual World Oil Outlook (WOO), OPEC Secretary General Haitham Al Ghais said oil and gas make up well over half of the energy mix today
Business
Boeing lifts wage hike to 30%Â
The 30% general wage hike improves upon the 25% in the earlier offer.
- The International Association of Machinists and Aerospace Workers District 751 walked out on September 13, in a strike involving 33,000 workers in the Pacific
- The 30 percent general wage increase improves upon the 25 percent in the earlier offer, which was initially endorsed by IAM leaders
Business
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
- No games or devices are being cancelled, nor are any studios being closed as part of the "adjustments" made at Microsoft's gaming unit on Thursday, according to Spencer
- Layoffs have become common in the video game industry, with Sony PlayStation early this year announcing it was laying off eight percent of its global workforce