Trump metal tariffs wreak havoc on US factory
Belcamp, United States --Â In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
Amazon tycoon Jeff Bezos, his fiancee Lauren Sanchez arrive in Venice for lavish wedding
Bezos, 61, and Sanchez, 55, are said to have booked out the city's finest hotels for a star-studded guest list...
Business
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
Business
DEWA, Xanadu partner to develop ‘efficient, reliable’ energy systems
Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in...
- The meeting between DEWA’s CEO and Xanadu’s CEO discussed the latest developments in quantum computing technology and its impact on the energy sector
- Al Tayer noted the importance of the technology in addressing the world’s biggest challenges like climate change and energy sustainability
Business
Saudi Arabia partners with South Korean firm to boost its gaming industry
Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost...
- The agreement with Wemade, the South Korean firm, is expected to boost the kingdom’s chances to be among the top leaders in the industry
- Savvy Games, a firm owned by the Public Investment Fund, bought out Scopely, the US-based gaming company, for $4.9 billion in April
Google, Microsoft rake in large Q1 profits amid escalating AI rivalry
Google found itself under pressure due to a general slowdown in advertising spending, over-hiring during a Covid-era boom and a...
- Google's quarterly revenue came in at nearly $70 billion, better than expected by analysts, and in the same three-month period that the company said it would lay off 12,000 staff
- Microsft reported profit of $18.3 billion on revenue of $52.9 billion as Cloud and AI more than offset drops in revenue from licensing Windows software to computer makers
Economy
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...
- The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
- New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
Economy
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...
- RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
- The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Business
Saudi Arabia jumps to fifth place in global military expenditure: Report
The country increased its military spending by 16 percent to reach an estimated $75 billion, surpassing the United Kingdom, Germany,...
- The country increased its military spending by 16 percent to reach an estimated $75 billion
- The Middle East, with Saudi Arabia in the lead, had the highest military burden in 2022
Business
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
- DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
- DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business
Spotify users top 515m
The company posted a first quarter operating loss of $172 million.
- The Swedish company also saw the number of paying subscribers grow to 210 million.
- Spotify said it posted its strongest first quarter in 2023 since 2018 when it became public.
Trump metal tariffs wreak havoc on US factory
Belcamp, United States --Â In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
Company News
KIPCO sells its stake in GIG
Business
Latest News
ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
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.
Business
GCC’s F&B packaging industry transforms post-COVID
The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of...
Business
WEF24: Managing risks crucial amid AI advancements
AI can revolutionize work and productivity, but balanced regulation is crucial to prevent misuse, Stephen Pagliuca of Bain Capital tells...
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Business
Telegraph boss quits as UK investigates UAE-backed takeover
London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the...
- TMG and parent company Press Acquisitions Limited said that chief executive officer Nick Hugh, in the post since 2017, had left his role with immediate effect
- The announcement came on the day the regulators were due to submit a review to the government laying out the potential impact of the attempted takeover by RedBird IMI
Market Report
Paris stocks hit record thanks to luxury
Europe's main stock markets shot higher, with Paris closing at a record high as shares in LVMH surged on record...
- Hong Kong stocks slumped after rallying for much of the week, as traders awaited guidance on more Chinese stimulus.
- Oil prices fell as traders banked profits from a strong week for crude.
Business
Boeing faces heat over quality control after Alaska Airlines fiasco
The Alaska Airlines episode represents the most serious operational problem for Boeing since two crashes on 737 MAX 8 planes...
- "The quality assurance issues we have seen are unacceptable," said Michael Whitaker, head of the Federal Aviation Administration
- The agency has vowed "more boots on the ground" for a comprehensive investigation of Boeing and contractor Spirit AeroSystems