Warner Bros rejects Paramount bid, sticks with Netflix, says terms of Netflix merger were better
Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming...
Business
Netflix’s $83 billion takeover of Warner Bros reshapes Hollywood as regulators prepare intense antitrust scrutiny
Streaming giant Netflix said Friday it will buy film and television studio Warner Bros. Discovery for nearly $83 billion, the...
Business
Business
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
- In the capital city, new-build flats sell for around $1,300 per square foot and older ones go for 10,700 euros. The average cost of a house is 1.5 million.
- Housing crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday.
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
- Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
- Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Business
Saudi MATARAT inks pact with Brazil’s Union of Airports
Rio de Janeiro, Brazil - The Saudi MATARAT Holding Company signed Wednesday a memorandum of understanding (MoU) with Brazil’s Union...
- The agreement aims to enhance cooperation and integration between the two parties in aviation and airport management
- The signing of the MoU took place on the sidelines of the Saudi-Brazilian Aviation Conference in Rio de Janeiro
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
- Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report
- Between July 2022 and June 2023, the MENA region registered $389.8 billion in on-chain value, with Saudi Arabia experiencing a 12% annual crypto transaction growth
Economy
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
- The volume of world merchandise trade is now expected to grow by 0.8 percent this year, "less than half the 1.7 percent increase forecasted in April", the WTO said.
- "The exact causes of the slowdown are not clear, but inflation, high interest rates, US dollar appreciation, and geopolitical tensions are all contributing elements," it said.
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.
Geostrategy
West responsible for Ukraine war, Russia wants ‘New World’ says Putin
Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony...
- Putin has portrayed Russia's full-scale military intervention in Ukraine -- launched in February 2022 -- as part of a long-standing confrontation with the West
- Putin said the conflict in Ukraine was "not a territorial" one and that Moscow has "no interests from the point of view of conquering some territories"
Geostrategy
X removes headlines from news articles shared by users
The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the...
- Elon Musk said the change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text
- When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics."
Business
Vietnam plans to auction rights to its largest rare earth mine
Hanoi, Vietnam - Vietnam plans to auction the rights to exploit its largest rare earth mine, a project partner said Thursday,...
- A tender for the mining of the Dong Pao mine, in northern Lai Chau province, is being planned by Australian mining company Blackstone Minerals.
- "Any party that succeeds in the auction will be able to exploit the mine and we will use the ore from this mine for production," a Vietnamese official said.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Warner Bros rejects Paramount bid, sticks with Netflix, says terms of Netflix merger were better
Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming...
Business
Company News
EDGE Group, Indra form JV
Business
Salik revenue soars to US$574m
Business
Latest News
Boeing to plead guilty to criminal fraud charge stemming from 737 Max crashes
Boeing agreed to plead guilty to a criminal fraud charge tied to the fatal 737 Max crashes, the Justice Department...
Business
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
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Business
UK’s richest family get jail terms for exploiting staff at Swiss villa
Geneva, Switzerland -A Swiss court handed jail sentences to four members of Britain's richest family on Friday, branding them "selfish" for...
- The Hindujas were acquitted of human trafficking, but convicted on other charges in a stunning verdict for the family, whose fortune is estimated at 37 billion pounds
- Prakash Hinduja and his wife Kamal Hinduja each got four years and six months, while their son Ajay and his wife Namrata received four-year terms
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