China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...
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...
Business
Economy
WTO sees 2023 global trade growth at 1.7 percent
The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed...
- The forecast was slightly better than feared last October, when the WTO projected 2023 trade growth would be as low as one percent.
- The organization's economists also estimated that real global GDP growth at market exchange rates would be 2.4 percent this year.
Business
UBS shareholders grill bosses over Credit Suisse mega-merger
The annual general meeting of UBS is being held in the St. Jakobshalle indoor arena, famously the stomping ground of...
- UBS and Credit Suisse shareholders had no say in mega-merger, which was engineered behind closed doors by Swiss government, the central bank and the financial regulators
- Credit Suisse shareholders have seen the value of their investment plunge from 12.78 Swiss francs per share in February 2021 to 0.76 francs they will receive in the banks merger
Business
Emirates REIT 2022 profit up
Net Property Income for the period was $55 million.
- The REIT recorded a 4 percent year-on-year decline in Property Operating Expenses to US$12 million in 2022
- Net Property Income increased 15 percent year-on-year, demonstrating the strong market for the REIT’s core assets
Business
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.
- The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
- The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Fans wait to see if Apple joins quest for the metaverse
All eyes are on whether Apple will commit to releasing long-rumored VR or augmented reality (AR) "goggles" at its annual...
- Apple's approach to the metaverse would likely be different from that of Meta, which has proclaimed it the future of the internet but slowed its substantial investments
- Wedbush believes Apple will unveil "Glasses" AR/VR headsets at the developers conference in June, at a price in the vicinity of $2,500, though others say $3,000
Business
Emirates NBD arranges Al Rajhi’s US$1bn inaugural Sukuk
Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest...
- Priced at a reoffer yield of 4.774 percent, the sukuk was in heavy demand, attracting orders worth more than $3.75 billion
- The bank will use the proceeds from the sukuk to finance and refinance sustainable projects in line with its Sustainable Finance Framework
Business
Iraq and TotalEnergies agree on delayed US$10bn deal
Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due...
- While TotalEnergies will own 45 percent stake, Iraq's Basrah Oil Company will get a 30-percent stake in the project and QatarEnergy will get 25 percent
- The French company said that a one-gigawatt solar power plant will be built to supply electricity to the Basra regional grid, with Saudi firm ACWA Power joining the project
Resilience and positivity key to success
There is a need to address workplace gender equality issues and empower women in leadership roles and men play a...
- Women should remain bold, confident, and unafraid to take risks and seek guidance, says Leila Hoteit, Managing Director & Senior Partner at BCG
- There is a need to address workplace gender equality issues and empower women in leadership roles and men play a vital role in achieving it, she adds
Business
Arab women embrace technology, innovation
Initiatives such as STEM and Women in Tech are crucial in bridging the gender gap and empowering women to drive...
- Arab countries are fostering a progressive environment for women, enabling them to participate in economic and technological transformations, says an expert
- Noha Kadry, Regional Program Manager at Red Hat Academy, highlights the significant strides women have made in tech industry, leading firms and inspiring others
Business
US pharma giant J&J proposes US$8.9bn settlement of talc cancer claims
New York, United States--US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-old lawsuits claiming...
- The payout, If approved by the court and a majority of the plaintiff, would be one of the largest product liability settlements ever in the United States
- J&J was at pains to stress that the proposed settlement is not an admission of wrongdoing nor an indication that the company's talcum powder products are unsafe
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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
China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...
Business
Company News
Infracorp logs $29.8m profit
Business
Latest News
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
Business
Most Read
Infographics
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.