Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...
Business
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...
- Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
- The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Business
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.
- The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
- It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
Business
Saudi Arabia tops MENA region’s hotel construction boom, UAE close behind
Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE...
- Saudi Arabia is building more than 42,000 hotels rooms in order to cater to tourist demand in the country
- The MENA region’s hotel construction will see some 119,505 new rooms being added in the near future
Business
ADAFZ reports two-fold rise in leased-out spaces, properties
Abu Dhabi, UAE - Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, has recorded a two-fold...
- The strong performance was driven by growth in leased spaces and properties, where ADAFZ signed contracts for a total of 163,580 m2
- Properties included commercial spaces, land development plots, and administrative facilities, resulting in an increase in annual leases by 256%
UBS hopes to complete Credit Suisse takeover before July
Analysts polled by the Swiss financial newswire AWP expected UBS's first quarter net profit to tick in at around $1.7...
- Net income of UBS for the first quarter was reduced by an increase in litigation provisions of $665 million to settle an old dispute linked to the subprime crisis
- UBS said it saw a net inflow of new money into its global wealth management division of $28 billion, of which $7 billion came in the last 10 days of March
Netflix to invest $2.5 bn in South Korean content
Netflix, which spent more than 1 trillion won ($750 million) developing Korean content from 2015 to 2021, had previously said it...
- Sarandos said that Netflix had great confidence that South Korea's creative industry would continue to tell great stories, pointing to the recent success of "The Glory"
- Yoon Suk Yeol, who arrived in Washington Monday for a six-day state visit, said the new investment will be a great opportunity for Korean content industry, creators, and Netflix
Economy
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.
- The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
- The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Business
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.
- Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
- The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Indonesia begins $5.9 bn EV battery project despite environment fears
Jakarta, Indonesia -- Indonesia broke ground Sunday on a $5.9 billion megaproject for EV battery production backed by Chinese giant...
Business
Company News
ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
Latest News
Airbus and Tata to build helicopter assembly line in India
Paris, France - Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday....
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...
Business
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...
Market Report
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Economy
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
- The closely watched "core inflation" measure, which strips out volatile food and energy costs, continued to ease.
- This will likely reassure the Fed that trends are moving in the right direction, despite the latest uptick in headline prices.
Business
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
- Shurooq said it has been continuously boosting Sharjah’s global investment appeal with revolutionary projects like Sharjah Sustainable City.
- At ACRES 2024 Shurooq showcased phase 4 of this net zero mixed-use development, selling and reserving 42 units that are valued at AED 102.5 million.
Business
Cisco identifies major AI trends for 2024
DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in...
- The Cisco index focuses on what organizations can do to adopt AI in 2024.
- It also says how innovators can leverage that technology to remain competitive.