AI robots pluck weeds in California fields, make up for shortage of laborers
Los Banos, United States -- Oblivious to the punishing midday heat, a wheeled robot powered by the sun and infused...
Business
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
Business
Ford reports solid performance
The company's profits came in at $1.8 billion.
- Profits came in at $1.8 billion, compared with a $3.1 billion loss in the year-ago period connected to an accounting loss
- Tuesday's results were the first under Ford's new reporting structure that includes separate financial details for EVs
Business
Dubai based Astra Tech launches ‘Ultra app’ Botim
Dubai, UAE - Dubai-based consumer technology holding group Astra Tech has launched the world's first "Ultra app" - Botim 3.0. ...
- The app is a combination of fintech, e-commerce, and GPT, built on top of a communication platform
- Botim GPT is an executional GPT that leverages AI to execute tasks and process transactions through conversation
Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Business
World’s longest submarine cable lands in Jeddah, Yanbu
Jeddah, Saudi Arabia -- Center3, a connectivity company owned by stc Group, and Meta Company announced on Tuesday the landing...
- The project, a part of the 2Africa subsea cable consortium, is geared tow making Saudi Arabia a global digital hub linking three continents of the world - Asia, Africa and Europe.
- With over 45,000 km of length, the project will connect 33 countries by the completion of the project in 2024, delivering reliable connectivity and internet services
Business
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey...
- Erdogan said in a speech that Turkey has already begun supplying "high-quality" oil to refinery, with a productivity rate reaching about 100,000 barrels per day
- The president said that with reserves worth "tens of billions" of dollars, it will shore up Turkey's energy prospects and contribute to its economic growth
Business
e& profit at US$600mn in Q1
Its consolidated revenues rise to US$3.53bn in Q1 of 2023.
- Etisalat by e& added 13.9 million subscribers in the UAE, a 6 percent increase as against the same period of last year
- According to Brand Finance, e& has strengthened its position as the most valuable brand in the MENA region
Business
Growth key focus as CSPs navigate digital landscape
“These positive growth levels are driving both the urgency and confidence for communication service providers (CSPs) to undertake significant investment...
- Communication service providers are focusing on upgrading network security, expanding services to underserved communities, and capitalizing on new market opportunities.
- Challenges include maintaining quality service, addressing API risks, and ensuring app availability and security. Also, IPv6 transition isn't easy due to scarcity of IPv4 addresses
Business
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.
- Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
- Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Economy
Federal Reserve begins rate talks that could hearld end of hikes
With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will...
- In March, the Fed held off a larger rate hike, instead opting for a quarter-point rise amid a banking crisis unleashed by SVB's collapse.
- Like the Fed's previous rate decision, the meeting on May 2 and 3 takes place shortly after one of the largest bank failures in American history.
Economy
DIFC, PwC launch program to boost tax settlement knowledge
DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling...
- Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy.
- The program was announced in preparation for the UAE Federal Corporate Tax Law, which comes into effect June 1, 2023.
AI robots pluck weeds in California fields, make up for shortage of laborers
Los Banos, United States -- Oblivious to the punishing midday heat, a wheeled robot powered by the sun and infused...
Business
Company News
Hyundai to sell Russian plant
Business
Latest News
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...
Business
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard,...
Business
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Business
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...
- The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
- Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.