Turkish Airlines says offer to buy stake in Spain’s Air Europa accepted
Turkish Airlines on Tuesday said Air Europa had accepted its 300-million-euro ($350 million) offer to purchase a minority stake in...
Business
Larry Fink, André Hoffmann take interim helm at WEF, pledge renewed push for global cooperation
The World Economic Forum has named BlackRock CEO Larry Fink and Swiss entrepreneur André Hoffmann as interim co-chairs, with both...
Business
Business
China to restrict export of semiconductor making materials
BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of...
- Exports of gallium and germanium, of which China is a major producer, will require a license from August 1, said a Chinese guideline
- China accounted for 80 percent of global gallium production, according to a 2020 report by the European Commission
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Science
Google to add seven new features for Google Chat
WASHINGTON, US- Google revealed seven new features to be added to Google Chat, a communication and collaboration tool, to enhance...
- One of the standout features coming to Google Chat is "Smart Compose," a familiar function from Gmail.
- Smart Compose offers auto-complete suggestions while typing, allowing users to swiftly complete sentences by swiping or pressing the tab key.
Business
Dubai records $381 million in real estate transactions
Dubai, UAE -- Dubai's real estate market recorded deals worth AED1.4 billion on Monday, according to Dubai Land Department. The...
- The deals included 495 sales transactions worth AED1.15 billion on Friday, in addition to 79 mortgage deals totaling AED 297.58 million.
- The sales included 467 villas and apartments worth AED938.02 million, and 28 land plots worth AED208.93 million.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
- Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
- "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
Business
Saudi tourism magnets: Oasis, bustling cities
New tourism framework has been enacted, refining regulations and systems to lure investors, boost competitiveness, and elevate service quality in...
- Masmak Fortress in Riyadh, another major attraction, was once the home of the Saudi royal family. It is now a museum that tells the story of the founding of the Kingdom.
- The once-closed Kingdom has relaxed some of the country's social and religious laws, making it easier for tourists to visit.
Business
Investcorp buys stake in SEC Newgate
Investcorp buys majority stake in SEC Newgate for $100m.
- SEC Newgate's other shareholders will roll over 100 percent of their equity investment as part of the transaction.
- The deal values Milan- headquartered SEC Newgate at over US$250 million, an Investcorp statement said.
Business
PIF, ADQ show highest improvement in GSWF sustainability rankings
PIF ranked seventh with a score of 92 (on the GSR score of 100), followed by Mubadala (88), among the...
- Global SWF said it observed a very significant increase in the overall score across funds from 59 percent in 2022 to 63 percent this year.
- PIF, Abu Dhabi’s Mubadala and ADQ, Qatar’s QIA, and Bahrain’s Mumtalakat have embraced the rating tool and taken the opportunity to improve practices.
Economy
UAE finance ministry releases annual report, highlights achievements in 2022
ABU DHABI, UAE - UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives,...
- The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
- The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.
Turkish Airlines says offer to buy stake in Spain’s Air Europa accepted
Turkish Airlines on Tuesday said Air Europa had accepted its 300-million-euro ($350 million) offer to purchase a minority stake in...
Business
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Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
Business
MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...
Business
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Business
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...
- Highly anticipated earnings results from Nvidia beat expectations late Wednesday, with the firm reporting a quarterly profit of $12.3 billion
- Hong Kong, Shanghai and Seoul stocks closed higher, and markets in Taipei, Bangkok, Manila and Wellington were also up
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
- Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
- Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
- Vietjet signed MoU with Airbus for the widebody aircraft, which will replace its current fleet of leased A330-300 planes, Airbus said in a statement
- At list prices, the Vietjet order would be worth $5.9 billion, but customers usually get a discount when making bulk aircraft orders