Emirates breaks ground on Dubai South engineering hub
The $5.1 billion engineering complex targets advanced aircraft maintenance capabilities, sustainability benchmarks, and expanded aviation infrastructure. The facility is being...
Business
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Saudi chocolate industry booms with over 3,500 commercial records
Riyadh, Saudi Arabia -- On the World Chocolate Day, Saudi Arabia's Ministry of Commerce announced that the total number of...
- Riyadh leads the Kingdom in chocolate manufacturing, boasting 1,490 commercial records.
- Saudi Arabia is the region’s biggest market for chocolates and, in 2024, the Kingdom imported a whopping 123 million kg of chocolate.
Business
Eyeing early release, prison inmates produce Bulgaria’s coveted dairy products
Smolyan, Bulgaria -- At a prison nestled deep in Bulgaria's southern Rhodope mountains, Georgi Filyanov stirs a large tank of...
- From tending to herds of goats and cows, to making white cheese, prisoners are involved throughout the entire process.
- Coveted by cheese lovers and often sold out at specialty stores outside prison, production has not been able to keep up with demand.
Business
AI robots pluck weeds in California fields, make up for shortage of laborers
Los Banos, United States -- Oblivious to the punishing midday heat, a wheeled robot powered by the sun and infused...
- As farms across the US face a shortage of laborers and weeds grow resistant to herbicides, startup Aigen says its robotic solution -- named Element -- can save farmers money.
- Element the robot resembles a large table on wheels, solar panels on top. Metal arms equipped with small blades reach down to hoe between crop plants.
Business
‘Wadeem’ sold out for $1.49bn
This is the highest Abu Dhabi real-estate release to date.
- The strong interest in Wadeem is testament to individual and investor confidence in our capabilities, said Bill O’Regan, Group CEO of Modon Holding.
- The launch reinforces Hudayriyat’s position among Abu Dhabi’s most desirable residential destinations, said Ibrahim Al Maghribi, CEO of Modon Real Estate.
Geostrategy
Japan plans ‘world first’ deep-sea mineral extraction from Jan
Tokyo, Japan -- Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest...
- Earlier this week the country pledged to work with the United States, India and Australia to ensure a stable supply of critical minerals.
- Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.
Business
Microsoft laying off several thousand employees
San Francisco, United States -- Microsoft on Wednesday said it was slashing a little less than four percent of its...
- The cloud computing tech giant did not disclose the total amount of lost jobs but as of June 2024 it employed 228,000 people, bringing the latest layoffs to about 9,000 people.
- The job cuts follow a round in May that saw about 6,000 positions culled from its global workforce.
Business
Tesla Q2 sales down 13.5%
Shares rally after the disclosure, better than some forecasts.
- The sales figures released Wednesday, which are global, reflect the more contested nature of the EV market, which Tesla once dominated.
- Musk's political activism on behalf of right-wing figures has also made the company a target of boycotts and demonstrations, weighing on sales.
Business
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
- The coalition said it would work to increase the number of countries taxing plane tickets, including business-class travel, and private jets.
- Greenpeace welcomed an "important step" to raise more money from "the most elite and polluting form of travel", which has remained "undertaxed".
Business
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
- OpenAI CEO Sam Altman recently complained that Meta has offered $100 million bonuses to lure engineers away from his company.
- Several OpenAI employees have accepted Meta's offers, prompting executives at the ChatGPT maker to scramble to retain their best talent.
Business
TomTom cuts 300 jobs
The firm said it was realigning its organization as it embraces AI.
- The Amsterdam-based company was an early pioneer of digital navigation in cars, but has been struggling as people no longer use a separate device to move around..
- TomTom announced in a statement that it was "realigning its organization as it embraces artificial intelligence", resulting in "organizational changes".
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Emirates breaks ground on Dubai South engineering hub
The $5.1 billion engineering complex targets advanced aircraft maintenance capabilities, sustainability benchmarks, and expanded aviation infrastructure. The facility is being...
Business
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Kimberly-Clark to buy Kenvue
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Kuwait signs $4.1 billion deal with China to build port
Kuwait City, Kuwait -- Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a...
Business
Tech stocks lead Wall Street higher, gold hits fresh record
Tech firms also led the rally in Asia, with South Korea's Samsung Electronics, Taiwan's TSMC and Japan's Renesas among the...
Business
Billionaire Ellison offers personal guarantee for son’s Warner Bros bid
Washington, United States -- Oracle tech tycoon Larry Ellison is offering a $40.4 billion personal guarantee to back Paramount's hostile...
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Famed Jerusalem stone still sells despite West Bank economic woes
Sair, Palestinian Territories - Despite the catastrophic state of the Palestinian economy, Faraj al-Atrash, operator of a quarry in the...
- The war in Gaza, triggered by Hamas's October 2023 attack on Israel, dealt a severe blow to a Palestinian economy that was already in poor shape
- Israel, which has occupied the West Bank since 1967, has recently set up hundreds of new checkpoints across the territory, paralysing commercial transport
Business
Netflix boss promises Warner Bros films would still be seen in cinemas
Netflix will continue to distribute Warner Bros. films in cinemas if its takeover bid for the storied studio is successful,...
- "We're going to continue to operate Warner Bros. studios independently and release the movies traditionally in cinema," chief executive Ted Sarandos said
- In early December, Netflix announced that it had reached an agreement with Warner Bros. Discovery (WBD) to acquire most of the group for $83 billion
Business
Trump demands CNN get new owners in Warner bidding war
US President Donald Trump said Wednesday that he wants to ensure CNN gets new ownership as part of the Warner...
- Warner Bros Discovery has become the center of a bidding war between Paramount — led by CEO David Ellison, son of Trump ally Larry Ellison — and streaming giant Netflix
- "I think any deal should — it should be guaranteed and certain that CNN is part of it or sold separately," Trump told business leaders Wednesday at the White House