Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
Business
Europe hyperloop test hits new speed record in Dutch trial
The Hague, Netherlands -- A Dutch tech startup said Wednesday it had set a European speed record for its futuristic...
Geostrategy
Business
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...
- Royal Mail, which is partnering with Skyports Drone Services, said the use of drones would also improve safety by ensuring postal workers can deliver between ports without risks.
- The world's first drone delivery service was launched in Reykjavik in 2017, with people in the Icelandic capital able to receive goods direct at their doors via an AFV.
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
- The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
- The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
HSBC reports bumper profits
Revenue jumped $12.3 billion to $36.9 billion.
- The massive jump from $8.8 billion from the first half of 2022 came as central banks around the world have ramped up borrowing costs to fight inflation
- The firm also said second-quarter earnings came in better than forecast, jumping almost 90 percent to $8.8 billion, thanks to the bumper income from surging interest rates
Toyota posts bumper Q1 net profit
The automaker's profit surged 78 percent to US$9.1 billion.
- Toyota said net profit in the three months to June was $9.1 billion on sales of 10.55 trillion yen, up 24.2 percent from a year
- The company also maintained its annual targets, including net profit of 2.58 trillion yen and sales of 38 trillion yen
BP profit plunges to $1.8bn
Despite the drop, BP hiked dividend.
- Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement
- Oil prices have tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling
Business
Brazil midfielder Fabinho quits Liverpool, signs deal with Al-Ittihad
Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by...
- He joined Liverpool from Monaco in 2018, winning the Champions League, Premier League, FA Cup, League Cup and Club World Cup
- Fabinho's departure comes after Liverpool captain Jordan Henderson decided to move to Saudi Arabia to play for Al-Ettifaq
Economy
Musk caves in to furore, removes giant, flashing X sign
The X, installed on the roof of the company's downtown office last week, was part of owner Elon Musk's bid...
- San Francisco's Department of Building Inspection and City Planning received 24 complaints about the sign
- The owner of the property where X is renting offices will have to pay the cost of permits to install and remove the sign
Business
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.
- Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
- The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
Business
Thriving businesses elevate UAE’s position globally
The country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as...
- The Gulf country ascends four spots in Kearney's 2023 Global Services Location Index, reflecting its thriving business environment and emergence as a tech hub with 4,000+ startups
- Jordan, Saudi Arabia, Qatar, Kuwait, Oman, and Lebanon debut on the Kearney's 2023 GSLI, while Egypt's ranking has dropped due to rising labor costs and digital focus deficit
Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
Business
Company News
UPS says will cut 12,000 jobs
Business
Pfizer reports loss in Q4
Business
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Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
Gold, bitcoin pull back from records as US stock markets slip
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended...
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Business
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
- The automaker will make two "flex hybrid" models in Brazil -- using either petrol or ethanol as well as batteries -- creating around 2,000 jobs
- Japan's automakers, in spite of the boom in electric cars, have relied on hybrid vehicles that combine internal combustion engines and batteries
OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
- Musk launched a legal case against OpenAI last week, arguing in documents filed in a San Francisco court that the firm was always intended as a nonprofit entity
- The Tesla Boss was one of the co-founders of OpenAI in 2015 along with Sam Altman but left the organization in 2018 and is now one of its most vocal critics
Business
FAB shareholders approve dividend
The 50% cash dividend would be to the tune of US$2.12bn.
- The annual meeting commended the bank's three consecutive years of accelerated business momentum, and its strong platform for future growth
- The bank's CEO said that FAB achieved a record net profit of $4.46bn and $7.56bn in revenue in 2023, fueled by growth across all core businesses