Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals.According...
Business
Business
Lufthansa profit spikes in 2023
Its net profit shot up to US$1.82bn as demand booms.
- The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022
- The profit was slightly below an estimate of about 1.8 billion euros by analysts surveyed by financial data firm FactSet
Business
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...
- The tech show featured hundreds of speakers, more than 600 startups, besides 170,000 participants from around 180 countries
- HONOR, Chinese consumer electronics brand, announced regional expansion plans with an investment of US$100 million
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...
- Gold hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 2130 GMT
- Among digital assets, bitcoin briefly hit a record high above $69,000 - beating a record of $68,991 struck in November 2021
Business
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
- The leadership of these daring females not only drives economic growth but also inspires a new generation of women to pursue careers in finance in the region.
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
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Business
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
- Tokyo finished flat, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000 points for the first time.
- Sydney, Seoul, Mumbai, Jakarta, Bangkok, Singapore, Manila and Kuala Lumpur were down, while Taipei and Wellington were up.
Geostrategy
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
- Emergency services were called to reports of a burning electricity pylon southeast of Berlin in the early hours, in the area the factory is located
- But it knocked out power to the Tesla factory, as well as surrounding villages, and police have launched an investigation into suspected arson
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Company News
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Telegram chief Pavel Durov arrested at French airport: officials
Paris, France - French police arrested Telegram chief executive Pavel Durov on Saturday at an airport near Paris for alleged offences...
Business
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
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Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...
- A post Saturday from X's Global Government Affairs department said Moraes had "threatened our legal representative in Brazil with arrest if we do not comply with his orders."
- It said the office closure was necessary "to protect the safety of our staff," adding, "the responsibility lies solely with Alexandre de Moraes."
Economy
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
- Research by Chainalysis found that flow of crypto funds to legitimate services has reached their highest levels since 2021
- Aggregate illicit activity over the same period fell by an impressive 19.6 percent
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
- Iran and its Lebanese ally Hezbollah have vowed revenge for the killings of Ismail Haniyeh and Fuad Shukr
- The White House warned that a "significant set of attacks" by Iran and its proxies was possible as soon as this week