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
Stocks diverge as bitcoin hits record high
Bitcoin hit a new peak at $124,514.59 in Asian trading, before cooling to around $121,500. The world's biggest cryptocurrency is...
Business
Business
Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency...
- The move leaves daily production by the world's biggest oil exporter at approximately nine million barrels per day.
- Alexander Novak, the Russian deputy prime minister responsible for energy policy said Russia will voluntarily reduce its oil supply in the month of Aug by half a million bpd.
Business
ADNOC Gas awards $1.34bn contracts
The contracts were awarded to Petrofac Emirates and a consortium.
- This expansion project, known as the sales gas pipeline network enhancement (ESTIDAMA) program, aims to extend ADNOC Gas' existing pipeline network.
- The ESTIDAMA program comprises multiple packages, with the first package awarded in 2021 for early modification works on existing pipelines, which were completed in 2023.
Tesla nearly doubles deliveries, beats expectations
From April to June, the Texas-based electric vehicle giant produced 479,700 cars -- an 85 percent increase compared to the...
- The nearly half million deliveries represent an 83 percent increase over the same period last year, and a 10 percent rise from the previous quarter
- In the US, Tesla has also benefited from its expanded eligibility in the government's $7,500 tax credit program for electric car buyers
Business
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend.
- The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
- From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees
Economy
Al Sada to be chairman of Rosneft
The shareholders elected a new board of directors as well.
- The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
- He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy
Business
Saudi Arabia, UAE allocate $6bn to support their operations in Iraq
Baghdad, Iraq - Saudi Arabia and the UAE have allocated $6 billion to support their operations in Iraq, the Federation...
- The FICC's president Abdul al-Razzaq al-Zuhairi emphasized the need for adhering to World Bank standards in the management of import and export of goods
- Al-Zuhairi further elaborated on the role of the federation in establishing business councils and finalizing agreements, such as the one reached with Saudi Arabia and the UAE
Business
AD Ports Group buys logistics services provider Noatum for $0.72bn
Abu Dhabi, UAE - AD Ports Group on Sunday announced that it has acquired Noatum, a global integrated logistics services...
- The acquisition has received approvals from all regulatory bodies, including from Spanish Authorities, after it attained clearance from the European Commission earlier this year
- The Spain-headquartered company generated revenue and EBITDA of AED 6.4 billion ($1.74 billion)) and AED 448 million ($122 million) in the last twelve months
Economy
UAE economy set to post strong growth in second half of this year
While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic...
- The economy is expected to sustain its growth on the back of a rise in the purchasing managers' index to its highest level in five months in May this year
- The robust increase in new business, according to the S&P Global, underlined growing confidence across surveyed firms about economic prospects
Business
AI helps KSA rule Global Government Strategy Index
Saudi Arabia's impressive performance in the 2023 Global AI Index is attributed to its comprehensive National Strategy for AI and...
- Saudi Arabia's impressive performance in the 2023 Global AI Index is attributed to its comprehensive National Strategy for AI and dedicated government agency
- Germany ranks second, while China takes third spot in the Tortoise Intelligence's Government Strategy Index for AI that evaluates 100 criteria across seven indicators
Infographics
Saudi tourism on growth path despite hiccups
Saudi Arabia is investing $500 billion in NEOM, a future city in the northwest, expected to be a hotspot for...
- The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
- The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.
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
Company News
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Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
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...
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
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Business
Nestle net profits up 20.9%
Sales grew 7.2% in value terms, fell 0.3% in volume.
- Nestle said turnover fell as a rising Swiss franc and a slight fall in sales volumes balanced out higher prices
- The maker of Nespresso, Maggi seasonings, and the Smarties range of sweets said turnover fell 1.5 percent
Business
Qantas half-year profits slide
Its net profit dropped 13.2% to US$570 million.
- Qantas said its net profit dropped 13.2 percent year-on-year to US$570 million in the six months to December 31
- The airline said travel demand was strong, led by the leisure sector but with business travel now approaching pre-Covid-19 levels
Business
Doha Insurance net profit up
The profit jumped to US$41.40m in 2023.
- Its earnings per share for the year ending December 31, 2023 stood at QR0.30, up from QR0.21 for the same period in the previous year
- The board of directors announced its intention to propose a cash dividend distribution to the General Assembly in the upcoming meeting