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
China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
Business
Business
DFM net profit surges 30%Â
The consolidated revenue rose 13 percent to $24.2 million.
- The total consolidated revenue rose 13 percent to $24.2 million in Q1 2023, compared to $21.4 million in Q1 2022.
- Operating income amounted to $12.9 million, while investment returns and other income reached $11.3 million
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.
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
Company News
Saudi EVIQ unveils R&D facility
Business
Nissan to export EVs globally
Business
Latest News
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
Most Read
Business
Aldrees Petroleum to hike capital by 33%
The company's capital now stands at US$266 milion.
- The company's board took the decision a few days back, expected to enhance its financial robustness and propelling it towards future expansions
- The hike in capitalization has been secured from the retained earnings, reflecting the company's strong financial standing and prudent management
Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
- The minister said that 100 tonnes of sugar have been produced from the cane crop so far, and that preparations are underway to receive the beet crop in mid-March
- The country purchases around five million tonnes of wheat annually from abroad, and subsidised bread is available to more than 70 million of its 104 million population
Business
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment...
- The talks are likely to pave way for more cooperation and partnership between the Qatari and Nepalese private sectors
- The Qatar official emphasized the importance of holding trade and business visits between both sides to explore cooperation