Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
Gemini’s inaccurate AI racial images warn of tech titans’ power
AUSTIN, US – For people at the trend-setting tech festival here, the scandal that erupted after Google's Gemini chatbot cranked out...
Science
Business
UK considering taking over country’s biggest water supplier
Responding to reports of a possible renationalization, a government statement said Thames Water's present situation was "a matter for the...
- Britain privatized its water industry in 1989 when Margaret Thatcher was PM. The country's water companies have accumulated combined debt of £54 billion since privatization.
- Thames Water's CEO Sarah Bentley stepped down with immediate effect Tuesday amid mounting worries over the company's debt which totals nearly $18 billion.
Business
Greater data access and control for users as EU modifies digital policy
"Once the data act enters into force, it will unlock the economic and societal potential of data and technologies and...
- Negotiators from the European Council, which represents the 27 member states, and the European Parliament struck a deal late on Tuesday on the data act.
- The new rules also include safeguards against unlawful data transfer by cloud service providers and make it easier to switch providers of data processing services.
Business
Kuwait and South Korea sign MoU to regulate airline operations
Kuwait -- Kuwait's General Administration of Civil Aviation (GACA) and the South Korean Ministry of Land, Infrastructure and Transport signed...
- The MoU amends the agreement signed between the two countries in 1981 will be in effect for five years with the possibility of renewal.
- It will also encourage international airlines to increase their flights to and from Kuwait International Airport and facilitate the movement of passengers and air cargo.
UBS to cut more than half its workforce after Credit Suisse rescue
Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted...
- Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world's most important banks
- A media report said employees had been told of three coming waves of jobs cuts this year - the first at end-July, the others in September and October
Business
Israeli drones, AI, big data to help farmers adapt to climate change
While younger generations in Israel no longer share their predecessors' farming ambitions, the country's agricultural experience wed with its innovative...
- A recent report by Start-Up Nation Central, a non-governmental organisation that promotes Israeli technology, listed more than 500 agri-tech companies in Israel
- Shmuel Friedman, whose Green Wadi company provides agricultural consultancy to countries in Africa, Asia and the Gulf, said there was demand for Israeli technology and expertise
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
- Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
- Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority
Business
Saudi Gamers8 with a $45m prize pool brings Razer back as gaming gear partner
Riyadh, Saudi Arabia - The Saudi Esports Federation (SEF) on Tuesday announced that Razer, the world’s leading lifestyle brand for...
- Razer will provide premium hardware from their range of gaming peripherals for VIPs and influencers during the esports festival
- Gamers8 has a prize pool of $45 million and the festival concludes with the Next World Forum, a gaming and esports forum
Science
New WEF report reveals technologies to impact world in the next five years
TIANJIN, CHINA - The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential...
- The new technologies include flexible batteries, generative AI and sustainable aviation fuel.
- These would be disruptive, attractive to investors, researchers, and achieve considerable scale within five years.
Business
Lordstown sues Foxconn
The US-based electric vehicle startup also files for bankruptcy.
- A main supplier for Apple's iPhone, Foxconn has turned to EV production as part of its diversification and plans to make auto assembly a key part of its future growth.
- Foxconn's parent company, Hon Hai Technology Group, said in a statement that it had maintained a "positive attitude" during negotiations with Lordstown.
Business
Europe agrees tougher rules on banks to avert repeat of 2008 financial crisis
The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.
- The draft law is the European Union's interpretation of the Basel III reforms of international standards on how banks evaluate credit and market risks.
- They include stipulations that banks have adequate capital and liquidity. The rules will apply from Jan 1, 2025, two years later than the 2023 deadline agreed under the reforms.
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
Company News
Latest News
ENEC, X-energy sign agreement
Business
Bosch to cut 1,500 jobs
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
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...
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
Most Read
Business
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".
- Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
- The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
- Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
- The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.