Perplexity AI offers Google $34.5 bn for Chrome browser
San Francisco, United States -- Perplexity AI offered Google on Tuesday $34.5 billion for its popular Chrome web browser, which...
Business
Business
BMW to put in $218m in S Africa
BMW's Pretoria plant has made over 1.6 million vehicles.
- The investment will make the country the second after the US to manufacture and export the X3 hybrid.
- Adrica's most industrialized economy began manufacturing the X3, BMW's best-selling model, in 2018.
Geostrategy
UAE Head of Cyber Security leads delegation to conference in Israel
ABU DHABI, UAEÂ - Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the Government, led a high-level UAE delegation...
- The UAE delegation met with the stakeholders in the Israeli cyber ecosystem including investors and top experts.
- The visit provided valuable insights into the latest global trends in cybersecurity and allowed the participants to explore potential collaborations.
Business
H&M shares up
The company had reported a net profit of 3.29bn kronor ($305m).
- It was down from 3.68 billion kronor the year before but above expectations of 2.84 billion kronor in a Bloomberg survey of analysts.
- The company also reported a near five percent drop in operating profit to 4.74 billion kronor, but this was also better than analysts' expectations of 4.26 billion kronor.
Business
Virgin Galactic finally takes its first paying customers to space
Italian Air Force officers unfurled their nation's flag and peered out windows at the Earth's curvature while enjoying a few...
- Fifty miles is considered the border of space by NASA and the US Air Force, though the internationally recognized boundary, known as the Karman Line, is 62 miles high.
- The flight came almost two years after Virgin Galactic's founder Richard Branson flew to space in a test flight meant to usher in a new era of lucrative space tourism.
Business
US Federal Reserve calls for better supervision of banks
US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following...
- Federal Reserve called for greater banking oversight while admitting its own supervisors had failed to take forceful enough action.
- When SVB failed, it was clear that a number of standard assumptions from a regulatory standpoint "were wrong," the Fed chairman said.
Business
ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
- The report reveals that ADB and its partners enabled the countries to face current and emerging shocks.
- ABD and its partners financed projects that helped developing members strengthen trade and small businesses.
Business
Gaming navigates financial woes amid inflation rise
The GCC gaming industry, bolstered by Saudi Arabia's $38 billion investment, is poised for significant growth that may make it...
- The GCC gaming industry, bolstered by Saudi Arabia's $38 billion investment, is poised for significant growth that may make it a global leader by the year 2030, says an expert
- With the largest gaming community in the GCC, Saudi Arabia recognizes the potential of esports and gaming as drivers of economic growth and cultural development, he adds
Business
UK considering taking over country’s biggest water supplier
Responding to reports of a possible renationalization, a government statement said Thames Water's present situation was "a matter for the...
- Britain privatized its water industry in 1989 when Margaret Thatcher was PM. The country's water companies have accumulated combined debt of £54 billion since privatization.
- Thames Water's CEO Sarah Bentley stepped down with immediate effect Tuesday amid mounting worries over the company's debt which totals nearly $18 billion.
Business
Greater data access and control for users as EU modifies digital policy
"Once the data act enters into force, it will unlock the economic and societal potential of data and technologies and...
- Negotiators from the European Council, which represents the 27 member states, and the European Parliament struck a deal late on Tuesday on the data act.
- The new rules also include safeguards against unlawful data transfer by cloud service providers and make it easier to switch providers of data processing services.
Business
Kuwait and South Korea sign MoU to regulate airline operations
Kuwait -- Kuwait's General Administration of Civil Aviation (GACA) and the South Korean Ministry of Land, Infrastructure and Transport signed...
- The MoU amends the agreement signed between the two countries in 1981 will be in effect for five years with the possibility of renewal.
- It will also encourage international airlines to increase their flights to and from Kuwait International Airport and facilitate the movement of passengers and air cargo.
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Maersk and Hapag-Lloyd ink deal
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EDGE, Baykar collaborate
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Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
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e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
- Consolidated revenues reached US$14.6 billion which is a growth of 8.3 percent year-over-year.
- Consolidated EBITDA rose by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion.
MENA print media revenues fell 30% from 2018 to 2022: survey
The report stresses the urgent need for MENA news organizations to overhaul business models, adopt digital strategies, and diversify content...
- The analysis also forecasts a compound annual growth rate (CAGR) of -4% up to 2027, which could cause total MENA revenues to fall even further to US$1.2 billion
- The figures also show that while digital advertising revenues are slowly increasing at a rate of 1% per year, print advertising revenues are set to slump by 11.3% by 2027
Business
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
- HSBC reported pre-tax profits of $30.3 billion, up from $17.1 billion the year before, in a statement to the Hong Kong stock exchange
- The bank said the profits included a "favorable year-on-year impact" of $2.5 billion due to the sale of its French retail banking operations