AI’s US$19.9tn contribution: Insights from Tealium on digital economy’s future
By 2030, every dollar spent on AI-powered solutions is expected to generate US$4.60 in economic value, according to global analyst...
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Business
Elon Musk hypes up new moderation policy to reassure advertisers
Speaking at a meeting in Florida, the controversial billionaire outlined new rules, first announced Monday, to limit the reach of...
- Under the new policy, unveiled in a blog post titled "Freedom of Speech, Not Reach," Twitter will soon begin tagging posts whose visibility has been limited
- According to analyst at market research firm Insider Intelligence, Twitter's revenue is set to drop 28 percent this year, because advertisers don't trust Musk
Business
Goldman Sachs net income down
The bank's shares dropped 3.7% to $327 in pre-market trading.
- The big investment bank pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions".
- Net income came in at $3.1 billion, down 19 percent from the year-ago period on a five percent drop in revenues to $12.2 billion
Business
Volkswagen to invest in China
The new venture will be launched in 2024.
- Electric Vehicles now make up one out of four car sales in China, the world's largest car market. Local brands command 81 percent of the EV market in China.
- Executive Ralf Brandstaetter said the move was a key step of the group's "in China, for China" strategy.
Science
Green groups sue Europe over false energy label
BRUSSELS, BELGIUM - Environmental groups lodged a lawsuit against the European Commission on Tuesday to challenge its definition of natural gas...
- The lawsuit over gas was launched by WWF, ClientEarth, Transport&Environment and the German NGO BUND.
- Greenpeace, sued the EU executive separately for deciding that nuclear energy was worthy of its sustainable investment label.
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Business
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.
- GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
- Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Business
Ericsson Q1 net profit at $155m
Firm announced that it would slash 8,500 jobs worldwide.
- Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
- Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
Business
UK aviation warns green shift to slow demand growth
Sustainable Aviation urged the UK government to take "urgent" action to support investment in carbon-cutting innovations, pointing to the provision...
- Publishing an update to its Net Zero Carbon Road Map, industry body said, "the increased cost of decarbonising aviation will inevitably reduce passenger demand"
- The aviation industry produces high levels of both carbon dioxide and non-CO2 emissions that contribute to climate change, according to scientists
Business
ADNOC, Japan sign deal to bolster low-carbon hydrogen value chain
Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between...
- One of the agreements, with Kawasaki, aims to explore the production, liquefaction, and transportation of hydrogen to key global markets
- The deal comes as countries around the world ramp up efforts to reduce carbon emissions and meet the goals of the Paris climate agreement
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Dubai Taxi IPO raises US$315m
Business
Honda to make electric mopeds
Business
Elie Saab to showcase Riyadh Season Fall Collection 2025
Riyadh, Saudi Arabia -- Renowned fashion designer Elie Saab will unveil the Riyadh Season Fall Collection 2025 after signing an...
Business
Dubai records $2.74 billion in weeklong real estate transactions
Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week...
Business
BRICS to launch bonds worth US$28bn in local currencies
Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather...
Business
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Business
PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...
- From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future for the the Kingdom's economy.
- The PIF's diverse industry launches and acquisitions, managing $701 billion in assets, have created over 644,000 jobs in pharmaceuticals, aviation, and tourism sectors.
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
- The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
- The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
- DEWA offers digital services for electricity and water management, as well as innovative sustainability services.
- These include smart living initiative, features like consumption monitoring, comparison with high-efficiency homes.