Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
Palantir, the AI giant that preaches US dominance
Palo Alto, United States - Palantir, an American data analysis and artificial intelligence company, has emerged as Silicon Valley's latest...
Business
Geostrategy
Sharjah Chamber concludes successful 5-day trade mission to India
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after...
- The trade mission visited New Delhi and Mumbai to discuss potential investment opportunities.
- The business gatherings has served as an effective platform to discuss potential investment advantages.
Business
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
- The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
- This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Economy
Global Research Council re-elects Saudi Arabia as MENA region chair
Riyadh, Saudi Arabia--Saudi Arabia has been re-elected to represent the MENA region on the board of the Global Research Council...
- Dr. Munir Eldesouki's re-election to represent Saudi Arabia at the GRC reaffirms the kingdom's prominent position in the scientific and research fields
- Saudi Arabia has played a key role in the GRC's work since its founding in 2012, including boosting cooperation between research funding institutions
Economy
EDB inks MoU with ADDED to enhance support for Financial Support Program
Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic...
- The financing program aims to help Abu Dhabi-based companies to receive finance offers from a range of banks all at once
- Emirates Development Bank can, according to its mandate, provide $8.16 billion in financing support to 13,500 companies by 2026
Business
GCC feeds growing appetite for catering services
Rising disposable incomes, demand from businesses and events, online food delivery services, and increased tourism are driving the growth of...
- Rising disposable incomes, demand from businesses and events, online food delivery services, and increased tourism are driving the growth of Gulf catering services market
- Saudi Arabia leads the market, while the UAE is showing the fastest growth as major tech companies like Google and Microsoft are investing heavily in the sector
Business
Jewels of Emirates continues to attract visitors on third day
SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record...
- The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces.
- Emirati designer Shamma Al Hallami, in partnership with Salem Al Shueibi Jewelery, also debuted her latest collection of 18-carat gold jewelry
Business
EU bicycle exports surged to US$1.1bn in 2022
BRUSSELS, BELGIUM - The EU exported US$1.1 billion (€1.1 billion) worth of bicycles in 2022 (both electric and non-electric, a...
- The EU exported 365,000 electric bicycles and imported 1.2 million in 2022 while the imports were worth US$2.6 billion.
- The overall increase in the trade of bicycles can be attributed to an increase in the export and import of electric bicycles.
Business
US firms to pay $1.2bn to clear claims of contaminating water sources
Three major chemical manufacturers announced that they will pay nearly $1.2 billion to settle claims that they contaminated water sources...
- Chemours would contribute $592 million, DuPont $400 million and Corteva $193 million to the settlement fund.
- The group of chemicals known as PFAS, per- and polyfluoroalkyl substances, have been found to cause cancer and other health problems.
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business
DEWA extended 64km water transmission pipelines in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) extended water transmission pipelines of 64 kilometers lengths in several areas...
- The transmission pipeline extensions have remote monitoring for control of key water networks effectively around the clock.
- This is through automated valves operated from the control centre to reduce interruptions and water network losses.
Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
Company News
Bahrain Steel raises $450m SLL
Business
ADQ appoints new ADX chairman
Business
Latest News
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
Business
Rumors swirl over bitcoin inventor Nakamoto’s identity
London, United Kingdom - An Australian man went on trial in London this week over his claims of inventing bitcoin --...
Business
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Arts & Culture
AI game gains popularity during Chinese New Year festivities
SHANGHAI, CHINA - Young Chinese flocking home for Lunar New Year this weekend have turned to an AI chatbot game to...
- The new game uses an AI chatbot to simulate the barrage of squirm-inducing questions young people can expect to face.
- The annual inquisition as extended families gather for China's biggest festival is a cultural touchstone across the country.
Business
Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
- The bank added it would scale back lending for existing fossil fuel projects as the sector faces intense pressure from activist investors to help tackle climate change.
- The British lender's move to curb financing of oil and gas projects follows similar announcements from European bank heavyweights BNP Paribas, Credit Agricole, HSBC and ING.
Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.