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
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
Economy
Business
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
- ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
- Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
- Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
- The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Amazon, Apple beat earnings forecasts
Apple views AI as integral to its growth.
- Profits for Apple's third fiscal quarter were $19.9 billion, up 2.3 percent from the year-ago period, revenues again declined, this time by 1.4 percent to $81.8 billion
- Bright spots for the tech giant included an "all-time high" in services revenue, comprised of the App store, Apple pay and Apple TV and other subscription services
Business
Estithmar H1 profit rises 3.7%
The Earnings per Share amounted to QR 0.059.
- The Earnings per Share stood at QAR 0.059, marking a slight decline from the EPS of QAR 0.065 for the corresponding period in 2022
- The company has a portfolio spanning 51 companies operating across five strategic sectors comprising healthcare, services, ventures, contracting, and industries
Business
Abu Dhabi International Airport sees 67% surge in H1 passenger traffic
Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
- The airport also recorded 67,835 flights, a rise of 36 percent compared to 49,919 flights during H1 2022
- The destination with the highest passenger traffic served by the airport during the period was Mumbai
Business
Oil prices fluid amid geopolitics, economic recovery
Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves...
- Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert
- OPEC's decisions to extend oil production cuts have stabilized markets, but challenges from non-OPEC+ producers and the global economic outlook continue to impact oil prices.
Business
Adidas posts $92m Q2 profit
Adidas now expects to end the year with an operating loss of $492m.
- The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
- Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.
Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
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
Company News
GSK profit in 2023 falls
Business
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TECOM Group net profit up 49%
Business
GCC records surge in women’s workforce participation
Driven by resilience, legislation, and determination, the female populace is reshaping the socio-economic fabric of the Gulf countries, a TRENDS...
Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
Business
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Business
Stable credit conditions make GCC firms resilient
Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a...
- Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a report.
- GCC entities are poised to handle higher refinancing and interest costs through improved performance and non-oil growth, maintaining stable debt levels, it adds.
Geostrategy
Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...
- The Italian Data Protection Authority said it was concerned over “the possible implications for the processing of personal data of users.”
- The watchdog said OpenAI -- which also makes chatbot ChatGPT and the image-generating DALL-E -- has 20 days to provide information.
Business
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
- The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the agreement.
- The partnership is vital as it coincides with exceptional growth and transformation in the global tourism industry.