Americans would dominate board of new TikTok US entity: W.House
A deal for the Chinese parent company of popular video-sharing app TikTok to sell its US operations would see the...
Business
US says ‘framework’ deal with China on TikTok ownership
Donald Trump said -- without directly naming the social media giant -- that a deal was reached with a "certain...
Business
Business
US trade deficit narrows in June on bigger imports pullback
Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to...
- The overall trade gap came in at $65.5 billion in June, down from a revised $68.3 billion figure in May, Commerce Department data showed.
- While stronger than expected consumer spending has helped to boost US trade, analysts have noted that this could weaken going forward.
Business
Norway to fine Meta $100,000 a day for flouting user data ban
Oslo, Norway - Norway's data protection agency said Tuesday it would start fining Facebook and Instagram owner Meta nearly $100,000 per...
- Norwegian watchdog Datatilsynet announced the ban on July 17 and originally said that Meta had until August 4 to take corrective measures.
- "Meta's behavioral advertising entails intrusive surveillance of its users, negatively impacting their right to data protection," Datatilsynet head Tobias Judin said.
Business
SoftBank Group Q1 loss $3bn
The investment giant was hit by a drop in the share prices of major holdings.
- The firm has made huge bets to find and grow hot new tech ventures around the world, but that has left its earnings vulnerable to market forces.
- The company suffered investment losses "due to declines in the share prices of Alibaba, Deutsche Telekom, and T-Mobile US.
Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
- The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
- The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
Business
Eshraq Q2 profit $9.79m
The company had posted a loss of AED7 million in Q2 2022.
- The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
- To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Business
Yahsat H1 net income up 5%
The company reported a revenue of $205m in H1 2023.
- Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
- Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.
Business
Boeing looks to get Starliner spaceship ready to fly by March
Right now, based on the current plans, we're anticipating that we're going to be ready with the spacecraft in early...
- The troubled program has experienced numerous postponements but was finally meant to send astronauts to the International Space Station on July 21
- NASA hopes to certify Starliner as a second "taxi" service for its astronauts to the space station -- a role that Elon Musk's SpaceX has provided since succeeding in a test mission
Business
ADQ ties up with Dutch firm to set up greenhouse at AgTech Park in KEZAD
Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered...
- The facility operating under a cooling system that reduces carbon and water footprint will enable the year-round cultivation of tomatoes and cucumbers
- The Dutch firm's experts will work with local agronomists to encourage the development of technology adapted to the local climate and growing conditions
Business
QEWC reports 12% profit jump
The Qatari company's net profit for H1 stands at US$211.26m.
- The company's earnings per share (EPS) amounted to QR 0.70 as of 30th June 2023, as against QR 0.62 for the same period in 2022
- According to a company statement, its revenue stood at $379 million compared to $329.67 million during the same period in 2022
Americans would dominate board of new TikTok US entity: W.House
A deal for the Chinese parent company of popular video-sharing app TikTok to sell its US operations would see the...
Business
Company News
Naver profit jumps 129% in Q4
Business
Latest News
Apple logs US$119.6bn in sales
Business
Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
Business
Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
Business
Most Read
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
- The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts bitcoin's price
- The rally was helped by news that Britain's Financial Conduct Authority had said it would allow the creation of crypto-related securities
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%