FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Business
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...
- The GCC region is leveraging competitive energy rates, crypto-friendly regulations, and essential infrastructure to become a global crypto powerhouse, says an expert.
- Oman's substantial $1.1bn investment in crypto mining aims to boost its Bitcoin sector, with predictions of Bitcoin reaching $100,000, adds, Ritu Singh of Stone X Group.
Business
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
- Fossil fuels accounted for 82% of global consumption last year, according to KPMG report
- The International Energy Agency has said oil demand could hit a record this year
Nvidia unveils ‘superchips’
The company also announced other AI developments.
- Nvidia's powerful GPU chips and software are an integral ingredient in the creation of generative AI, with rivals like AMD or Intel still struggling to match the power
- Apple, Microsoft and Amazon have also developed chips with AI in mind, but for now are stuck trying to get their hands on Nvidia’s coveted products
Business
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
- The Kingdom's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision 2030.
- With the Aramco IPO on the horizon and a series of reforms attracting global attention, Saudi Arabia is setting the stage for a financial revolution.
Geostrategy
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
- Unable to repay interest on its loans, China’s real estate firm Evergrande formally defaulted in 2021, sending shockwaves through the industry.
- The company has struggled to repay creditors for years, defaulting in 2021 and becoming subject to a winding-up order by a Hong Kong court earlier this year.
Geostrategy
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
- The Council reviewed updates of the demand side management strategy for 2030 and 2050.
- This is part of the efforts to make Dubai a leading example in efficient energy and water demand management.
Business
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
- Japan's benchmark Nikkei 225 index surpassed the 40,000 mark for the first time, with analysts predicting it could advance even further
- Taiwanese chip giant TSMC rose to a record high Monday, gaining 5.2 percent on the global rally in semiconductor stocks
Business
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
- This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector.
- This initiative represents a significant step in bolstering the role of King Abdulaziz Port in Dammam in enhancing the maritime transport sector.
Business
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
- The MoU will strengthen educational ties, foster mutual understanding, and enhance bilateral relations in the realms of academia, culture, and knowledge exchange
- The curriculum for the EKLYA students will encompass a variety of subjects, including cross-cultural studies, project management, event management, and geopolitics
Company News
Boeing lifts wage hike to 30%Â
Business
Latest News
Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Boeing CEO says company can’t afford another mistake: report
Boeing CEO Ortberg told workers a trade war with China would weigh heavily on Boeing. The meeting came about two...
Iraq holds its first census in nearly 40 years
The Iraqi census is scheduled for Wednesday and Thursday, and will provide sorely needed up-to-date demographic data for the country...
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Business
TikTok makes AI driven ad tool available globally
San Francisco, United States - TikTok on Thursday began letting all marketers on its platform use an artificial intelligence-powered tool for...
- The news came with word that Getty Images will make its stockpile of pictures and video available to TikTok's AI‑powered video generation tool called Symphony Creative Studio
- Brands will be able to use Getty's licensed images and videos to create AI-generated ads, including marketing messages featuring characters resembling real people
Business
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
- Organizations must liken preparing for migration to how pilots train to resolve the unexpected
- Data freedom is about ensuring data remains accurate, secure, and usable during migrations
Economy
US Fed expected to look beyond Trump win and cut rates again
The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a...
- Fed policymakers are expected to focus instead on the health of the US economy
- Their favored inflation gauge eased to 2.1 percent in the 12 months to September