ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
China’s Baidu releases new, free AI model to compete with DeepSeek
Baidu announced in a WeChat post that its latest X1 reasoning model -- which the company claims performs similarly to...
Business
Mercedes Q1 profit rises 12%
The German automaker said its revenues were up 8%.
- The German automaker said its revenues were up 8% compared to the same period last year, reaching 37.5 billion euros, despite supply chain disruption
- Sales in its top-end car range which includes the Mercedes-Maybach shot up by 18 percent to 91,772 units, pulling up the carmaker's bottom line
Sony profit beats forecast
The company reported record full-year sales of 11.5trn yen.
- The revenue figure was the largest ever for the Japanese conglomerate, beating the last financial year's record of 9.9 trillion yen ($73 billion)
- The company's net profit for the year to March was 937.1 billion yen, up 6.2 percent year on year and beating a forecast of 870 billion
Intel, Samsung post fall in sales as chips demand plummets
The crucial semiconductor industry, that powers everything from personal computers, smartphones to fighter jets, suffered a dismal first quarter as...
- Intel's revenue fell 36 percent to $11.7 billion in the three-month period and the semiconductor giant posted a loss of $2.8 billion, its biggest ever for a quarter
- Rising prices, a global chip glut and poor demand for hardware also punished Samsung Electronics, which on Thursday reported its worst quarterly profits in 14 years
Amazon logs profit in Q1
The company's shares spiked over 10 percent on Thursday.
- Amazon shares spiked more than 10% shortly after release of the earnings figures, only to sink slightly below the day's closing price
- For the first time in several quarters, Amazon may finally have a bit of wind at its back, said Insider Intelligence principal analyst Andrew Lipsman.
MEA manufacturers eye digital technology for growth
While 82% firms are increasing investments in industrial automation and robotic process automation, 56% of them focus on enhancing employees'...
- While 82% firms are increasing investments in industrial automation and robotic process automation, 56% of them focus on enhancing employees' digital experiences at workplace
- To meet the evolving demands, firms are investing in renewable energy sources and eco-friendly production methods, ensuring long-term growth while minimizing environmental impact
Business
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.
- The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
- With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Market Report
Global stocks rise despite data showing US economic slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest...
- The first quarter growth figure adds to lackluster US consumer confidence data which has deepened worries about a broader recession.
- Yields on US government debt rose after the data was released and also reported a drop in weekly jobless claims.
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Economy
Strong first-quarter Meta earnings push Wall Street stocks up
Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave...
- About 30 minutes into trading, Meta was up around 15 percent, while all three major US indices were in positive territory.
- The broad-based S&P 500 advanced 0.8 percent to 4,087.37, while the Nasdaq Composite Index climbed 0.9 percent to 11,960.26.
Economy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
- US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
- The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
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ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Company News
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Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
Emirates to recruit 5,000 crew members in 2024
DUBAI, UAE – Emirates will hire 5,000 people as it awaits the arrival of its fleet of Airbus A350s. The airline...
Business
Nespresso faces $330 m lawsuit in Switzerland over capsules
Zurich, Switzerland - A French television star and a group of investors are demanding 280 million Swiss francs ($330 million) from...
Business
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Business
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...
- Equities soared at the end of 2023 as falling inflation saw the Fed indicate that it was preparing to reverse more than a year of hikes to US interest rates
- However, January has seen the wind come out of the sails with Fed officials saying they were keen to keep rates elevated for some time
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
- The total value of sales above this price point grew by 91 percent last year to US$7.6 billion, 28 percent of which was achieved in Q4 alone.
- The Palm Jumeirah remains at the epicenter for luxury home sales in Dubai, according to Knight Frank.