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
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Business
Saudi real estate sees new era of growth, innovation
The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes...
- The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes equipped for remote work and wellness.
- Amid evolving market needs, there's a rising demand for flexible workspaces and experiential retail and hospitality spaces, coupled with demand for commercial office space.
Business
Meta chief discusses AI risks with Japan PM during Asia tour
The 39-year-old mixed business with pleasure while in Japan, going skiing with his family and learning about sword-making from a...
- Meta chief Mark Zuckerberg is on a mini-tour of Asia that includes stops in Japan, India and South Korea, where he travelled on Tuesday night
- He and Kishida met and discussed a broad range of topics including the status of AI's technological advancement and the risk surrounding generative AI
Business
Apple drops electric car plans
It had dedicated nearly 2,000 workers for the program.
- According to media reports, the target of "Project Titan" began around 2014 to develop a fully autonomous car
- The company has never publicly disclosed its EV plans, despite a steady drip of media leaks over the years
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...
- While layoffs and budget tightening became routine at tech firms last year, startups in the AI sector raised nearly $50 billion from investor, according to market trackers
- Scared off by the cost of entry, many venture capitalists have turned their attention to more narrowly focused AI startups that could shake up banking, healthcare and energy
Business
Nissan plans self-driving taxi service in Japan
It has been testing self-driving mobility services since 2017.
- Nissan said it will begin trials of the commercial service in the upcoming financial year from April, using minivans in south of Tokyo
- The company says it has been "testing business models for self-driving mobility services in Japan and abroad since 2017"
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
- The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021
- The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
- In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel.
- The world's 71 steel-producing countries produced 148.1 million tons of steel in January 2024.
Business
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
- The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
- Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.
Business
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
- A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
- The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
Geostrategy
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
- Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.
- Ministers' negotiations also focused on fisheries and agriculture, but progress could be made on a new global agreement on fisheries subsidies.
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
Company News
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Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...
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West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
- Iran and its Lebanese ally Hezbollah have vowed revenge for the killings of Ismail Haniyeh and Fuad Shukr
- The White House warned that a "significant set of attacks" by Iran and its proxies was possible as soon as this week
Business
Apple makes changes to App Store after EU warning
From the autumn, Apple said developers in the EU "can communicate and promote offers for purchases" wherever they want, for...
- The EU said the App Store terms prevented app developers from freely steering consumers to alternative ways to pay
- This makes Apple the first ever tech firm to face accusations of breaching a new law known as the Digital Markets Act
Business
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
- The major projects in Oman are in new energy, mining, electricity generation, IT and communications
- Chinese investments in Oman stood at over US$6.6bn