OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPTÂ on Thursday, touting "significant" advancements...
Business
60 percent travelers in UAE trust AI to plan their trips: Report
Dubai, UAE -- Â Nearly 60 percent of travelers in the UAE trust Artificial Intelligence (AI) to plan every aspect of...
Business
Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Business
Finland firm to slash 1,150 jobs
Stora Enso plans to permanently close four units in Europe.
- Stora Enso employs 22,000 people in over a dozen countries around the world, including South America and China.
- The planned restructuring actions would result in a 380 million euro ($411 million) hit to Stora Enso's annual sales.
Business
ESG, Q Holding form joint venture
JV to develop accommodation project in Abu Dhabi island.
- This project aims to address the diverse housing needs of employees in sectors such as healthcare, transportation.
- Upon completion, the project will cater to approximately 5,000 staff, offering a convenient environment.
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
- The MoU supports national strategic objectives to boost the growth of the industrial and advanced technology sectors.
- It aligns with the National ICV program's aims to enhance economic growth by redirecting government expenditure into the national economy.
Business
Mawani to set up $533m petroleum products storage center
Riyadh, Saudi Arabia -- Saudi Arabia's General Authority of Ports, known as Mawani, has joined forces with Albanova International Company,...
- This initiative is part of a project aimed at developing a leading center for bunkering ships at King Fahd Industrial Port in Yanbu.
- The 393,000-square-meter center aims to accommodate storage tanks for trading, blending, and storing petroleum materials, meeting the logistical demands of the petroleum industry.
TikTok’s e-commerce venture paying off in Southeast Asia
From Indonesia, TikTok Shop "aggressively expanded into five additional Southeast Asian markets, many of which boasted large populations of TikTok...
- TikTok Shop capitalised on the legions of users of the popular video-sharing app to expand its business in 2022 after testing the waters in Indonesia in 2021
- While it lagged rivals Shopee and Lazada, TikTok Shop posted fastest growth rate expanding its gross merchandise value, sevenfold to $4.4 billion in 2022
Economy
Dow slides, Nasdaq jumps after mixed Fed rate decision
The US central bank, as expected, opted to hold its benchmark lending rate between 5.0 percent and 5.25 percent. But...
- The broad-based S&P 500 added 0.1 percent at 4,372.59, while the tech-rich Nasdaq Composite Index climbed 0.4 percent to 13,626.48
- Powell described inflation as still too high, but added that the central bank had made no decisions yet about its July meeting or subsequent gatherings
Economy
At UN, UAE plays up link between climate change and peace
Exhorting the Security Council to adopt what she called as innovative attempts to address the interplay between climate change, peace...
- The minister exhorted the council to approach conflicts through a climate-sensitive lens, strengthening the capacity of relevant peace operations
- Chairing presidency of the UN Security Council for June, the UAE held the debate under the title "threats to international peace and security"
Economy
High oil prices fuel Saudi Arabia’s economy as GDP grows to 8.7% in 2022
Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against...
- The kingdom's growth was driven by oil, which contributed 15.4 percent to the overall GDP growth, while non-oil activities also made a positive contribution of 5.4%
- In 2023, stable commodity and food prices are expected to limit upward pressure on imported goods as the dollar continues to gain strength
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPTÂ on Thursday, touting "significant" advancements...
Business
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Infosys lowers revenue forecasts
Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
Business
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US allies warn Israel against ‘catastrophic’ Rafah operation
The leaders of Australia, Canada and New Zealand on Thursday warned Israel against a potentially "catastrophic" ground offensive in the...
- In the face of mounting international pressure and a death toll that Gaza authorities say has now topped 28,000, Netanyahu has vowed to press ahead
- Netanyahu has promised Israeli forces will soon conduct a "powerful" operation in Rafah -- a city filled with countless Gazans displaced by fighting elsewhere in the territory
Business
Airbus profit drops 11 percent
The group plans to deliver "around 800" aircraft in 2024.
- The group said it had received orders for 2,094 aircraft in 2023, beating a previous record dating back to 2013
- Group revenues increased by 11 percent to 65.4 billion euros, with commercial aircraft revenues increasing 15 percent
Business
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
- Al Zaabi said digital transformation has become a reality and threats from the transition affect the economic and social security of countries
- He said the anti-money laundering office has enhanced the fight against financial crimes and protects the nation's economic security