IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Business
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...
- Royal Mail, which is partnering with Skyports Drone Services, said the use of drones would also improve safety by ensuring postal workers can deliver between ports without risks.
- The world's first drone delivery service was launched in Reykjavik in 2017, with people in the Icelandic capital able to receive goods direct at their doors via an AFV.
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
- The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
- The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
HSBC reports bumper profits
Revenue jumped $12.3 billion to $36.9 billion.
- The massive jump from $8.8 billion from the first half of 2022 came as central banks around the world have ramped up borrowing costs to fight inflation
- The firm also said second-quarter earnings came in better than forecast, jumping almost 90 percent to $8.8 billion, thanks to the bumper income from surging interest rates
Toyota posts bumper Q1 net profit
The automaker's profit surged 78 percent to US$9.1 billion.
- Toyota said net profit in the three months to June was $9.1 billion on sales of 10.55 trillion yen, up 24.2 percent from a year
- The company also maintained its annual targets, including net profit of 2.58 trillion yen and sales of 38 trillion yen
BP profit plunges to $1.8bn
Despite the drop, BP hiked dividend.
- Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement
- Oil prices have tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling
Business
Brazil midfielder Fabinho quits Liverpool, signs deal with Al-Ittihad
Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by...
- He joined Liverpool from Monaco in 2018, winning the Champions League, Premier League, FA Cup, League Cup and Club World Cup
- Fabinho's departure comes after Liverpool captain Jordan Henderson decided to move to Saudi Arabia to play for Al-Ettifaq
Economy
Musk caves in to furore, removes giant, flashing X sign
The X, installed on the roof of the company's downtown office last week, was part of owner Elon Musk's bid...
- San Francisco's Department of Building Inspection and City Planning received 24 complaints about the sign
- The owner of the property where X is renting offices will have to pay the cost of permits to install and remove the sign
Business
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.
- Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
- The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
Business
Thriving businesses elevate UAE’s position globally
The country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as...
- The Gulf country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as a tech hub with 4,000+ startups
- Jordan, Saudi Arabia, Qatar, Kuwait, Oman, and Lebanon debut on the Kearney's 2023 GSLI, while Egypt's ranking has dropped due to rising labor costs and digital focus deficit
Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Company News
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Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
Business
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...
Business
Tata Group retains IPL sponsorship rights for record $300m
New Delhi, India - Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for...
Business
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Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
- The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue, says a latest report.
- Revenues for crypto scamming and stolen funds fell significantly in 2023, with total illicit revenue down 29.2 percent and 54.3 percent, respectively, it adds.
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
- The sum of transactions was 3,697 and 184 plots were sold for US$547 million.
- 2,770 apartments and villas were sold for US$2 billion (AED 7.46 billion).