BBC launches US paid subscription to news website
London, United Kingdom - The BBC, Britain's public broadcaster that is struggling with strained finances, on Thursday launched a paid...
Business
Economy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
- US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
- The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
Business
UAE and Cambodia may eliminate tarrifs, cut non-tariff barriers
The UAE also eyes investment opportunities with Cambodia in logistics and infrastructure, travel and tourism projects, and renewable energy, reports...
- Non-oil trade relations between the two grew to $401 million in 2022, marking a 31 percent rise in comparison to 2021.
- Bilateral FDI between the two touched $3.8 million by 2020, which is likely to increase further with UAE all set to export more
Business
TotalEnergies Q1 profit up 12%
The firm had sold its oil sands activities in Canada to SunCor Energy.
- TotalEnergies revealed that the net profit during the first three months was $5.6 billion in 2023.
- Jump in oil, gas prices post Russia-Ukraine war boosted TotalEnergies' profit to $20.5bn in 2022.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Business
DP World reports Q1 container volume growth of 3.7%
Dubai, UAE - DP World Limited, a global container terminal operator based in Dubai, has reported an increase in container...
- The company handled 19.5 million TEUs across its global portfolio, which is a 1.4 percent increase on a reported basis
- The growth was driven by a strong performance in Asia Pacific and India, while Europe and the Americas saw softer performance
Business
Samsung Electronics profit falls
The company reports its worst quarterly profits in 14 years.
- The first-quarter net income of Samsung fell 86.1 percent to 1.57 trillion won, and sales dropped 18 percent to 63.75 trillion won
- Samsung blamed weakening demand for memory chips, which usually generate about half of its profits, and falling chip prices
Business
Unilever revenue rises in Q1
Inflation pushes the consumer goods giant to hike prices.
- Uniliver said revenue increased 7 percent to 14.8 billion euros ($16.4 billion) compared with the first three months of 2022
- Unilever, like companies worldwide, is passing on higher costs to customers as inflation stays stubbornly elevated
Business
Dana Gas approves cash dividend
The total dividend payout will be $171 million.
- Shareholders holding the shares on May 4, 2023, will be eligible to receive the interim dividend, which is expected to be paid on May 25, 2023
- The total dividend payment for the year will be AED630 million ($171 million) or 9 fils per share, a 12.5 percent increase compared to the dividend for 2021
Business
Arabia Taxi adds 269 new Tesla cars to its fleet in Dubai
Dubai, UAE - Arabia Taxi, a subsidiary of Economic Group Holdings in the UAE, has signed an agreement with Tesla...
- The Economic Group Holdings owns the largest fleet of private taxi vehicles in the UAE
- These new Tesla vehicles are a step towards the company’s goal of becoming fully electric
BP faces angry shareholders over climate plans
BP in February announced that it expected to boost its profits between now and 2030 by investing more in both...
- Some of Britain's biggest pension funds have warned that they will oppose the renewal of Helge Lund's mandate at the annual general meeting in London
- Activist shareholders' group Follow This, which wants "Big Oil to go green", has also put forward a resolution calling for BP to be more ambitious in its climate objectives
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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...
Economy
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WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
- Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells TRENDS.
- Actively working towards a more cooperative and digitally inclusive future, the DCO is a pivotal player in the digital arena, she adds on the sidelines of the World Economic Forum.
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
- The banking sector benefited from economic growth, foreign trade, investment, government revenues.
- The preliminary financial results showed that all seven banks listed on MSX posted higher profits.
Business
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- OPEC+ continues to dynamically adjust production, with US output reaching a record high and global demand growth led by non-OECD regions.