UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
Business
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
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
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Boeing lifts wage hike to 30%Â
The 30% general wage hike improves upon the 25% in the earlier offer.
Business
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
Business
Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
Business
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Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...
- Beyond permanent bans, some nations have temporarily restricted access to X, formerly Twitter, which has often been used by political dissidents to communicate
- These have included Egypt in 2011 during the Arab Spring uprisings, Turkey in 2014 and 2023, and Uzbekistan around that country's 2021 presidential election
Business
Apple in talks to invest in OpenAI, creator of ChatGPT: report
Washington, United States - iPhone juggernaut Apple is in talks to invest in OpenAI, the creator of ChatGPT and the biggest...
- The company founded by Steve Jobs is at the funding table as OpenAI raises more money to help meet the heavy costs of building new technology
- Reports said that OpenAI is in talks to reach a valuation of $100 billion in the funding round led by venture capital firm Thrive Capital, which will pump in one billion dollars
2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
- 43% of YTD scam inflows have gone to wallets that became active this year
- Huione Guarantee, appears heavily used for illicit crypto-based activities, including pig butchering, investment fraud, and money laundering