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
Nvidia, AMD to pay US 15% of AI chip sales to China: reports
Washington, United States -- US semiconductor giants Nvidia and Advanced Micro Devices have agreed to pay the United States government...
Business
Business
AI chip giant Nvidia likely to invest in Europe
SANTA CLARA, US -  The CEO of Nvidia said that the world's most valuable chipmaker is "extremely likely" to invest in...
- Nvidia would join other semiconductor giants like Intel that are also looking to open new operations in Europe.
- The US firm, which specializes in chips coveted in the artificial intelligence boom, has seen its value hover around $1 trillion in recent weeks.
Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Economy
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...
- Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
- Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
Economy
KSA outsources work worth US$693m for achieving Saudi Vision 2030
RIYADH, SAUDI ARABIA - The Minister of Human Resources and Social Development and Chairman of the Board of Directors of...
- The minister said by executing many projects, the non-profit sector has contributed to achieving national development.
- He said one of the achievements has been the development of the incorporation procedures of non-profit organizations within four days.
Business
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
- The move aims to provide incentive benefits to encourage REIT to consider various projects across Dubai.
- The aim is also to increase investment in the market by achieving a long-term capital return for shareholders.
Saudi Arabia’s Al-Hilal signs Wolves captain Neves for reported $60m
Neves, who arrived at Wolves from Porto, had one year on his contract left at Molineux. He joins in the...
- "From the 'Wolves' to the biggest team in Asia," Al-Hilal announced on social media after the player signed a three-season deal in Paris
- Neves leaves Wolves after six seasons for "a club record fee", the Premier League side announced, reported to be around 55 million euros
Business
Blockchain startup Metatime raises $25m in investment
New York, United States - Metatime, a blockchain technology company, has so far raised $25 million through crowdfunding, pre-sales, and...
- The investors included Yildiz Tekno Venture Capital Investment Trust, Yildiz Technical University Technopark, and telecommunications and financial institutions
- Metatime aims to integrate blockchain solutions into various sectors such as energy, tourism, insurance, CRM, advertising, cybersecurity, and virtual reality
Economy
Insurance becomes mandatory for foreign vehicles entering UAE
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign...
- In order to make it easier for vehicle owners to posses insurance cover, the authorities will provide them with online access to the platform to buy insurance
- The vehicle owners can access the service on the ICP's website or by downloading the "Shory Aber" application available for iOS and Android devices
Business
VR, AI help executive education flourish across GCC
Executive education in GCC countries is being driven by economic diversification and technological trends, Peter Zemsky, Deputy Dean of INSEAD,...
- Executive education in GCC countries is being driven by economic diversification and technological trends, Peter Zemsky, Deputy Dean of INSEAD, tells TRENDS.
- Amidst rapid technological changes, business education plays a pivotal role in equipping leaders and fostering a culture of continuous learning, adds Zemsky
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
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CBI 2023 net profit at $46.5m
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China looks to woo back global elites at Davos forum
World Economic Forum
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
Economy
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
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Business
BHP net profit tumbles 86%
Its sales jumped 6% to US$27.2bn in half-year results.
- The company's net profit dropped 86 percent to $927 million as it took a hammering from exceptional items
- The mining giant said last week that it was writing down its Western Australian nickel assets because of a market slide
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
- The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10 percent year on year in 2023, says a report.
- However, the sector remain at a crossroads, with inflation, digital transformation, and sustainability shaping the future, adds the latest report by Bain & Company.
Business
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.
- The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
- It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.