Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Economy
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...
- A net 27 percent of banks reported a tightening of credit standards for loans to companies, meaning it is harder for the enterprises to borrow.
- Demand for housing loans declined, while there was a smaller decrease in consumer credit and other lending to households.
UAE airports record 56% growth in Q1 with 32m passengers: GCAA
Abu Dhabi, UAE - Passenger traffic through the UAE's airports during the first quarter of 2023 increased by 56.3 percent...
- UAE's civil aviation sector has managed to restore pre-pandemic passenger traffic levels, Director-General of the General Civil Aviation Authority (GCAA), Al Suwaidi said
- The aviation sector in the country contributes about 14% of the gross domestic product, while in major countries, the aviation sector's contribution does not exceed 2 to 3%
BP back in Q1 profit
In Q1 2022, BP posted its biggest loss ever at $20.4bn.
- BP posted for the first three months of 2022 its biggest quarterly loss ever, at $20.4 billion after taxes, after Western sanctions forced its exit from Russia
- The company also revealed that underlying profit dropped by one fifth to $5 billion, reflecting lower energy prices compared with one year earlier
Business
Egypt signs transport investment deal with Japan worth US$734mn
Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan....
- Egypt will use the money to finance expansion of Cairo's metro, a 30-km stretch of land that would link Egypt’s 6th of October city to the Giza plateau
- Japan's investments in Egypt have gone up by 99 percent during 2021-2022, touching $73.7 million as against $37.1 million in the previous year
‘Godfather of AI’ quits Google to warn of the tech’s dangers
The scientist warned about the potential spread of misinformation created by AI, telling the media that the average person will...
- Geoffrey Hinton, who created a foundation technology for AI systems, said that advancements made in the field posed "profound risks to society and humanity"
- Hinton said that competition between tech giants was pushing companies to release new AI technologies at dangerous speeds, risking jobs and spreading misinformation
Business
Dubai hosts World Free Zones Organization’s annual AICE event
Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai...
- The two-day event will debate challenges facing global trade and the impact of the Covid-19 pandemic on the global economy
- Nearly 600 participants specializing in trade, logistics will come from more than 70 countries to take part in the event
Alternatives to Musk-owned Twitter fail to catch on
Bluesky was created by Twitter's co-founder Jack Dorsey and is now the talk of Silicon Valley, leaving those in the...
- Unknown to the general public, Mastodon saw its popularity explode when Musk took over Twitter, though still way off Twitter's roughly 200 million monthly users
- Musk last month briefly blocked links and search responses to Substack, the site that helps writers monetize their work, after the site launched Substack notes
Business
HSBC posts bumper profits
Its pre-tax profits touched US$12.9bn in Q1 of 2023.
- The bank posted a $9-billion jump in pre-tax profits in the first quarter of 2023, projecting strong earnings for the rest of the year.
- Quinn added that HSBC has also announced its "first quarterly dividend since 2019 of $0.10 per share" and a share buy-back of up to $2 billion
Economy
SCCA’s revised arbitration rules come into effect in Saudi Arabia
Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect...
- With the publication of revised rules, SCCA court will become fully functional and replace the existing SCCA Committee for Administrative Decisions
- According to SCCA, the new rules are in line with international standards in the arbitration industry followed by renowned institutions across the world
Business
QOIC reports 38% profit in Q1
The company reported an increase in its EPS to QR 0.014.
- The company's net profit rose by 37.89 percent to reach QR 4.552 million ($1.253 million)
- It also reported a rise in its Earnings Per Share (EPS), which amounted to QR 0.014 ($0.0039)
Company News
Latest News
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...
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
Business
Most Read
Business
Qatar’s foreign merchandise trade surplus $5.13 billion in Dec 2023
Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- The trade balance showed a decrease of about QR 9.5 billion, or 33.7Â percent, compared to December 2022.
- The YoY decrease was mainly due to lower exports of Petroleum Gases and Other Gaseous Hydrocarbons.
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
- The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
- Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.