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...
Business
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Business
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...
- The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
- The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
Business
UAE tops MENA region in overall skill proficiency
Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report...
- Learners across the country excel in business skills, communication, leadership, management, and human resources skills, Coursera's latest Global Skills Report points out
- The UAE, according to the report, showcases strong commitment to learning with over 800,000 Coursera learners, representing 7.98% of the working-age population
Economy
US first quarter economic growth 2 percent after strong consumer spending
Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department...
- The growth of 2 percent for US economy is markedly higher than the annual rate of 1.1 percent originally estimated.
- However, GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022.
Business
BMW to put in $218m in S Africa
BMW's Pretoria plant has made over 1.6 million vehicles.
- The investment will make the country the second after the US to manufacture and export the X3 hybrid.
- Adrica's most industrialized economy began manufacturing the X3, BMW's best-selling model, in 2018.
Geostrategy
UAE Head of Cyber Security leads delegation to conference in Israel
ABU DHABI, UAEÂ - Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the Government, led a high-level UAE delegation...
- The UAE delegation met with the stakeholders in the Israeli cyber ecosystem including investors and top experts.
- The visit provided valuable insights into the latest global trends in cybersecurity and allowed the participants to explore potential collaborations.
Business
H&M shares up
The company had reported a net profit of 3.29bn kronor ($305m).
- It was down from 3.68 billion kronor the year before but above expectations of 2.84 billion kronor in a Bloomberg survey of analysts.
- The company also reported a near five percent drop in operating profit to 4.74 billion kronor, but this was also better than analysts' expectations of 4.26 billion kronor.
Business
Virgin Galactic finally takes its first paying customers to space
Italian Air Force officers unfurled their nation's flag and peered out windows at the Earth's curvature while enjoying a few...
- Fifty miles is considered the border of space by NASA and the US Air Force, though the internationally recognized boundary, known as the Karman Line, is 62 miles high.
- The flight came almost two years after Virgin Galactic's founder Richard Branson flew to space in a test flight meant to usher in a new era of lucrative space tourism.
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Business
Gaming navigates financial woes amid inflation rise
The GCC gaming industry, bolstered by Saudi Arabia's $38 billion investment, is poised for significant growth that may make it...
- The GCC gaming industry, bolstered by Saudi Arabia's $38 billion investment, is poised for significant growth that may make it a global leader by the year 2030, says an expert
- With the largest gaming community in the GCC, Saudi Arabia recognizes the potential of esports and gaming as drivers of economic growth and cultural development, he adds
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...
Business
Company News
Silal and MBZUAI sign MoU
Business
Latest News
ACWA Power-led consortium signs deal for wind energy project
Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power...
Business
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
Most Read
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
- Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
- The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn