Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
Tesla expected to launch long-discussed robotaxi service, will use Model Y
New York, United States -- Tesla is expected to begin offering robotaxi service Sunday in Austin, an initial step that...
Business
Business
China leads in transition from petrol to EVs
According to the China Association of Automobile Manufacturers, electric vehicles made up 25 percent of car sales in the country...
- Government support for EVs and growing interest from a vast consumer base has assured Chinese companies' dominance.
- Despite a downturn across the global auto sector, an official said EVs' market share in China could increase to over 40 percent in 2023.
Business
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
- DEWA was honored for its innovative grid-integrated system which regulates photovoltaic inverters for autonomous voltage.
- The approach to innovation, research and development in renewable and clean energy is in line with government strategies, DEWA CEO said.
Business
DFM, ADX account for 20% of Arab exchanges’ liquidity last week
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) accounted for nearly 20 percent of...
- Arab stock exchanges, according to the Arab Monetary Fund, raked in liquidity to the tune of $10.28 billion last week
- ADX’s liquidity shot up by 2.22 percent last week from US$1.489bn to $1.522bn, while DFM’s liquidity surged by 41.4 percent from US$344.4mn to US$486.06mn
Business
Canada to allot US$9.8bn in subsidies for Volkswagen battery plant
Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years...
- Terming the funding a "generational investment", Trudeau said that the new plant is expected to generate about Can$200 billion in value
- In order to attract auto makers, Canada has made a big push into batteries for electric vehicles, touting tax incentives and clean energy
Business
Reliance posts Q1 profit rise
It posted better-than-expected profit increase to US$2.35bn.
- According to a poll by an Indian newspaper, the result exceeded analysts' expectations of slower profit growth of around $2.04 billion
- The company's telecom wing reported a 13.01 percent increase in net profit to $574.76 million from a year ago
Economy
US inflation now ‘broad-based,’ top Fed official says
Signaling its resolve to keep fighting price rises, the US central bank has said that interest rates may need to...
- Lisa Cook, Fed governor, said on Friday that overall inflation, and other underlying measures of consumer price increases, remained high
- She noted that interest rate hikes would be determined by the impact of the recent financial sector turmoil on bank lending
Economy
GCC countries take steps to close gender pay gap
TRENDS Twitter poll suggests 48% candidates face discrimination during job recruitment process in the Gulf region, while 30% do not,...
- Recent updates to labor laws in the UAE, Saudi Arabia, and Bahrain aim to bridge the gender pay gap and address discriminatory practices
- These updates include prohibiting discrimination between male and female employees who perform the same job and introducing paternity leave in the UAE
Google stops work on big Silicon Valley campus: report
The internet titan is scheduled to release its most recent quarterly earnings figures next week. A site in San Jose...
- Google's parent company Alphabet early this year announced it would cut about 12,000 jobs globally, citing a challenging economic reality
- Alphabet reported lower revenue and profit than expected in the final three months of last year as harsh economic times cooled its ad business
Business
London seeks to keep Europe fintech crown despite Brexit
London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion...
- Britain's exit from the European Union without an EU-London deal on financial services has complicated access to the gigantic market and talent.
- The UK last year saw injections of funds into its fintechs slump by 56 percent to just over $17 billion.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
Company News
Latest News
ADX signs MoU with SZSE
Business
UAE leads in cybersecurity for unmanned systems
"The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of...
Business
Apple to make changes to App Store in Europe
iPhone users can download alternative app stores.
Geostrategy
Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official
Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner...
Business
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Business
UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector
Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the...
- The agreement envisages setting up collaboration by developing bilateral relationships between public and private organisations
- The trade ties between the UAE and Malaysia have climbed up, with non-oil trade volume surpassing $2.22bn in H1 of 2023
Interview
WEF24: Investor confidence fuels sustainable growth
GFH Financial Group has made significant investments in healthcare, education, logistics, and private lending in Saudi Arabia and the UAE,...
- GFH Financial Group has made significant investments in healthcare, education, logistics, and private lending in Saudi Arabia and the UAE, its CEO tells TRENDS in Davos.
- To counter potential US recession and inflation, the group's strategy emphasizes investing in digital payments, mobile apps, and AI technologies for robust growth.
Market Report
UAE, KSA lead as tech and energy drive IPOs in GCC
The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both...
- The 2024 outlook for GCC IPO markets shows strong potential with diversified sector participation, bolstered by government support for both state-owned and private offerings.
- ADNOC Gas' large IPO underscores the region's market robustness, while the technology sector reclaims the lead in IPO proceeds, showcasing dynamic market strength.