Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Food dispatch app Uber Eats launches robot deliveries in Tokyo
Uber Eats' boxy robots have square headlights for eyes and three wheels on each side to navigate kerbs as they...
- Starting Wednesday, robot deliveries will be offered in a small area of the city by the US-based food app, which hopes to eventually roll out the service more widely in Japan
- Japan changed traffic laws last year to allow delivery robots on public streets and other companies including Panasonic are also trialing cute new machines to transport goods
Business
ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
- Viola will set up and operate outdoor media advertising solutions on ADNOC assets in strategic locations across the capital
- The company's diverse assets are expected to boost the local business ecosystem and introduce innovative revenue streams
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
- Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
- Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
- The report emphasizes the robust expansion of the F&B sector, forecasting a compound annual growth rate (CAGR) of 17.09%
- Fine dining is experiencing substantial growth with annual increases of almost 20% in Dubai and 33% in Abu Dhabi
Business
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
- The airline said in a statement that the order comprises 260 new planes, plus options for an additional 193 aircraft
- Its CEO said the airline has invested heavily to modernize and simplify its fleet, the largest among US network carriers
Business
Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
- Dubai and Abu Dhabi are among five of the world's largest aviation cities in the Middle East, serving more than 10,000 long-haul passengers per day
- The regional expansion will surpass the global average growth of 3.6 percent, and register a 4.4 percent average annual growth by growing to $28bn
Business
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
- The $1.9 billion penalty is the third-biggest antitrust fine ever imposed by the European Commission
- The iPhone maker immediately vowed to appeal the first ever antitrust fine slapped on Apple by Brussels
Business
EDGE Group, Indra form JV
It will make next-generation radar systems in UAE.
- The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
- The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.
Business
Salik revenue soars to US$574m
Toll usage revenue rose 11.7% YoY to US$502million.
- The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
- Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
- The exhibition is recognized as one of the most influential boat shows in the world.
- The exhibition has wrapped up following a hugely successful week of boat sales.
Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
Company News
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UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
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...
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...
Business
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Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
- Nvidia loses $200 billion in market value
- Investors' high expectations led to disappointment despite Nvidia's strong earnings
Business
Durov: Father of 100 children is a mysterious and controversial Telegram founder
Paris, France - Russian-born tech entrepreneur Pavel Durov has founded wildly popular social networks, cryptocurrencies, amassed a multi-billion-dollar fortune and locked...
- Durov, 39, who preaches the virtues of ice baths for health and has fathered 100 children through sperm donations, is a controversial as well as enigmatic figure
- A self-avowed libertarian, Durov has championed confidentiality on the internet and freedom of speech, defiantly refusing to allow the moderation of messages on Telegram
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
- Orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after formal launch
- Chinese automaker BYD and U.S. giant Tesla cemented their dominance in H1 2024.