Oil prices gain, as equities extend record run higher
Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro...
Business
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
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ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
Bitcoin falls below $80,000 first time since November amid market volatility
Hong Kong, China -- Bitcoin sank below $80,000 on Friday for the first time in more than three months as...
- The digital unit fell to as low as $79,525.88 in early Asian trade -- its lowest level since November 11 and sharply down from the record above $109,000 seen just last month.
- The unit saw an eye-watering rally after Donald Trump's election victory in November after he promised on the campaign trail to free up regulations surrounding digital token.
Business
How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
- A recent $1.5-billion heist of Ethereum from the Bybit platform -- attributed by the FBI to North Korean hackers -- is believed to be the largest yet.
- Cryptocurrencies are based on blockchain technology, which publicly records transactions between people holding and exchanging them.
Business
Billionaire Bezos announces restrictions on Washington Post opinion coverage
Washington, United States - The Washington Post will no longer run views opposed to "personal liberties and free markets" on...
- "We are going to be writing every day in support and defense of two pillars: personal liberties and free markets," wrote Bezos on social media platform X
- In January, an award-winning political cartoonist for the newspaper announced her resignation after a cartoon depicting Bezos groveling before Trump was rejected
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stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
- A Bloomberg Intelligence report last month said banks worldwide will cut as many as 200,000 positions in the next three to five years due to AI.
- Last year, the International Monetary Fund said AI could affect around 40 percent of jobs around the world.
Asian markets swing as traders assess latest tariffs volley
Asian markets were mixed Wednesday after President Donald Trump broadened his tariff threats, while traders were also assessing the geopolitical...
- Tariffs around 25 percent to be imposed on auto imports, semiconductors and pharmaceuticals
- He (Trump) risked triggering inflation, market distortions and even a global recession- China's ambassador to the WTO
Business
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
- Tawazun Council signed five deals worth a total of AED 5.8 billion with local and international companies on the second day of IDEX and NAVDEX 2025.
- Tawazun Council is UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry of Defense and security agencies.
Business
Saudi Arabia’s sports fund invests in DAZN streaming service
Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...
- SURJ, originally named SRJ, was established in August 2024 by Saudi Arabia's Public Investment Fund (PIF) "to invest in acquiring and creating new sports events
- SURJ and DAZN will work closely to establish DAZN MENA, a joint venture that will unlock new broadcasting opportunities for Saudi Arabia's growing sports sector
Business
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
- The gas will be transported and processed in Egypt at "existing Zohr facilities to be then liquefied in the Damietta (liquified natural gas) LNG plant for export to European market
- Europe has been seeking alternative sources of natural gas since Russia invaded Ukraine almost three years ago.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Oil prices gain, as equities extend record run higher
Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro...
Business
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ADNOC L&S H1 net profit $420m
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SEC H1 net profit $1.67bn
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Mistral cements AI lead in Europe with cash infusion
Paris, France -- France's Mistral on Tuesday cemented its position as Europe's top AI hope against far larger US and...
Business
UK publisher of Daily Express, Mirror tabloids announces job cuts
London, United Kingdom - The British media group which owns the Daily Express and Daily Mirror tabloids on Monday announced...
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Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
- The plan potentially provides Musk -- already the world's wealthiest person -- with up to 12 percent of additional total company shares.
- Tesla's current market capitalization is just over $1 trillion, down somewhat from its peak following recent weak earnings.
Business
EU hits Google with $3.47 billion fine despite Trump threats
Brussels, Belgium -- The EU slapped Google with a massive 2.95 billion euro ($3.47 billion) antitrust fine for favoring its...
- Google immediately vowed to appeal the decision by the European Commission, which accused the US firm of distorting competition in the 27-nation bloc.
- The fine comes despite threats by Trump to go after Europe for regulations seeking to rein in US tech giants.
Business
Amazon’s Starlink rival lands first major airline deal
Washington, United States -- JetBlue Airways will become the first airline to use Amazon's Project Kuiper satellite network to power...
- The partnership will see JetBlue implement Project Kuiper's low orbit satellite technology on select aircraft beginning in 2027.
- This will enhance the US airline's existing service with faster speeds and lower latency than traditional satellite systems.