Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
Business
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
- Vodafone has been on a cost-cutting campaign that has included layoffs and the offloading of divisions abroad
- Its CEO said the deal with Swisscom marked the "third and final step in the reshaping of our European operations"
Business
Nissan, Honda in tie-up for EVs
The alliance will take on China's dominant EV makers.
- The MoU could include cooperation on a common EV powertrain and joint procurement of batteries and other components
- The firms announced a joint news conference at 3:30 pm (0630 GMT) in Tokyo without giving further details at this point in time
Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
- Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the unit, according to Embracer.
- Embracer said the divested assets included "38 ongoing game development projects," amounting to a book value of 2.3 billion kronor ($225 million).
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
- The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
Former US treasury secretary says preparing buyout of TikTok
Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to...
- Mnuchin, former US Treasury Secretary, said that TikTok was "a great business and I’m going to put together a group to buy" the embattled app.
- "This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China," Mnuchin said.
Business
Ajman records real estate transactions worth US$195m in February
AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said...
- A total of 129 real estate valuation transactions took place in the emirate in February.
- There was a rise of 44.7 percent in commercial property value in February compared to January.
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
- The London-listed group added that the transaction would bolster its rare diseases division Alexion.
- AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Geostrategy
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
- The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report.
- Global demand is also driven by the "comparatively buoyant economy" of the US where oil consumption is gaining momentum on rising petrochemical operations, it said.
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
Exclusive: Green investments lead to tangible returns, says WEF’s PhilipsÂ
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Company News
Latest News
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
OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...
Business
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...
Economy
Most Read
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
Business
Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
- The tech giant has a lot riding on the new iPhone 16 and hopes that customers are enticed to buy the latest models, attracted by new AI powers
- The features are similar to tools recently released by Meta, Microsoft and Google, which can produce well-crafted content simply by querying in everyday language
Business
UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
- Etihad Airways, which operates five of the Airbus A350-1000s, is the only airline in the United Arab Emirates that has this aircraft type in service
- "Etihad has discovered no issues, nor experienced any similar events with the engine, so does not anticipate any impact on its operations," it added