Trump, Intel announce deal giving US a 10% stake in chipmaker
Chipmaker Intel has agreed to give the US government a 10-percent stake in its business, the company and President Donald...
Business
Google and Australia’s national newswire strike AI deal
Sydney, Australia - Australia's national newswire has agreed to provide content to Google's Gemini artificial intelligence to improve its responses,...
Business
Economy
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
- The term of embattled three-decade chief Riad Salameh ends this month with no successor in sight, setting the stage for a leadership crisis.
- "Unless the political class names a successor, the vice-governors will resign before (Salameh's) mandate ends" on July 31, an official said.
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
- The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
- Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Business
Volkswagen to test self-driving cars
Commercial launch of self-driving vehicles is planned for 2026.
- The vehicles will collect data during the trials and, in the initial test phase, will have human safety drivers, VW said.
- "Moving into this next phase will help us test, validate and refine technology," said Christian Senger, a Volkswagen official.
Economy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
- The official reserves consist of major components, which are foreign bonds and bills, cash balances with foreign banks and gold holdings.
- Qatar's gold reserves increased, as of the end of June 2023, by about QR 8.617 billion to reach QR 20.853 billion.
Business
May expat remittances in Saudi Arabia marginally down: SAMA
Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01...
- On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR 1.35 billion, Argaam reported.
- Remittances by Saudi nationals to other countries also fell 6 percent YoY to SAR 5.84 billion in May.
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
Business
UN report confirms success of UAE investment endeavors: Al Marri
"The UNCTAD report for 2022 reaffirms the remarkable and unprecedented achievements resulting from the cumulative balance of FDIs flows in...
- UAE received the fourth largest number of greenfield projects (997), behind only India (1008), the UK (1230) and the US (2075), according to the UN Investment Report 2022.
- Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said the report confirmed the UAE’s position as a "compelling destination for global capital".
Business
Taiwan chip giant sees no production hit from China curb on rare metals
Taipei, Taiwan -- Taiwan's chip giant TSMC said Thursday it did not expect any direct effect on production from China's latest...
- China's Ministry of Commerce and Customs announced Monday that exports of gallium and germanium will require a license from Aug. 1 over security concerns.
- TSMC did not elaborate on the long-term indirect impacts but said it would monitor the situation closely.
Business
ADQ acquires stake in Canada’s Sagard
The wealth fund invests in Sagard alongside Bank of Montreal.
- As part of the transaction, Great-West Lifeco (GWL), an international financial services holding company, will increase its existing minority share in Sagard.
- In a statement, the entities said that BMO, ADQ and GWL agreed to invest in Sagard to boost its growth including through mergers and acquisitions.
Trump, Intel announce deal giving US a 10% stake in chipmaker
Chipmaker Intel has agreed to give the US government a 10-percent stake in its business, the company and President Donald...
Business
Company News
Latest News
Global challenges hit M&A activity in Middle East, GCC
Sovereign Wealth Funds emerge as pivotal players, driving economic diversification and strategic cross-border partnerships, says Riccardo Molinari of Bain &...
Business
Ratcliffe unveils electric Ineos car
Jim Ratcliffe is the co-owner of the Manchester United.
Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
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Dow, S&P 500 hit fresh records, but Nasdaq ticks lower
The tech-rich Nasdaq slipped by 0.3 percent to 15,996.82 -- a day after surging by 3.0 percent following strong earnings...
- The Dow Jones Industrial Average, America's blue-chip index, rose 0.2 percent to end the day at a record high of 39,131.53
- The broad-based S&P 500 was barely positive for the day, rising by well under 0.1 percent. Nevertheless, it inched higher to a new record of 5,088.80
Business
Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...
- ALUPCO, headquartered in Dammam, Saudi Arabia, is recognized as a leading aluminum solutions provider in the Middle East and North African region
- Array Technologies, known for manufacturing solar tracker technology for over 30 years, has operations in Arizona, Australia, Brazil, England, South Africa, and Spain
Science
American spaceship lands on moon, images expected soon
The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that...
- The Houston-based company's stock price soared by 40 percent in early trading before paring back to 24 percent.
- Intuitive Machines said Odysseus, which is the size of a large golf cart, is upright.