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
$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...
Business
Business
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits...
- The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum.
- The global event made history as the first World Expo to be held in the Middle East, Africa and South Asia region and the first to be hosted by an Arab nation.
Geostrategy
Japan plans export control measures for chip equipment
TOKYO, JAPAN - Japan on Friday unveiled planned export controls on 23 items used to make semiconductors, following US pressure for...
- The move to curb export of chip equipment comes as Japan confirmed its top diplomat will visit China this weekend.
- As the second- and third-largest economies of the world, China and Japan are key trading partners.
Business
Huawei posts 69% fall in profits
Its net profit recorded a drastic drop to US$5.2 billion.
- Its rotating chairman said that during 2022 Huawei's operations have been hit by a challenging "external environment and non-market factors"
- In the US, Britain and Japan, the company's 5G gear has been blocked over security concerns, which Huawei has attempted to dispel
Business
ADNOC Gas records earnings’ rise
ADNOC sold 5% stake in ADNOC Gas to investors through an IPO.
- In an initial public offering early this month, the energy giant raised $2.5 billion by selling a 5 percent stake in ADNOC Gas to investors
- The company in a bourse filing revealed that its pro forma adjusted core earnings for the last year were $8.7 billion, up from $6.6 billion in 2021
Business
Saudi ministries ink MoU with Korean NAVER Group for joint digital projects
Riyadh, Saudi Arabia - The Saudi Ministry of Municipal, Rural Affairs, and Housing and the Ministry of Investment have signed...
- Naver will help the Saudi Arabian government with digital transformation projects, possibly involving robotics
- The company pitched its smart building technology used in the Naver 1784 building during the trip to Saudi Arabia
Science
Saudi Arabia presides over CSTD session to advance science, technology
Riyadh, Saudi Arabia--Saudi Arabia has presided over the 26th session of the Commission on Science and Technology for Development (CSTD)...
- The participants deliberated on ways to develop science, technology, innovation for the environment, and development of society
- The session also took a review of the progress made in implementing the World Summit on the Information Society (WSIS) outcomes
Economy
EU parliament adopts tough rules to tackle gender pay gap
Women earn on average nearly 13 percent less per hour than men for the same work in the 27-nation European...
- Other rules stipulate that if a company has at least 100 employees, they must publish information regularly on the gender pay gap.
- Companies must also negotiate with staff representatives if there is a discrepancy of five percent. Those who break any of the rules face sanctions, including fines.
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Business
Petrofac shares surge
Petrofact and Hitachi Energy secured a $14.1bn energy deal.
- European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
- Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Business
UAE launches new weekly shipping service to Qatar, Kuwait
Abu Dhabi, UAE - The AD Ports Group has launched a new weekly shipping service that facilitates commercial and logistic...
- Through the new service, AD Ports aims to enhance commercial and logistic connectivity with Qatar and Kuwait.
- AD Ports Group would provide customers with a digital appointment booking system for the new service through the Advanced Trade and Logistics Platform (ATLP).
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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
Company News
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EDGE signs MoU with MBRSC
Business
Solutions+, EIH sign MoU
Business
EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...
Business
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Business
Mubadala lists dollar, dirham bonds
This is Mubadala's seventh listing of a green debt instrument on ADX.
- The listings on ADX included Mubadala’s highly oversubscribed debut Green Bond and Mubadala’s inaugural dirham-denominated bond.
- The listing of Mubadala’s green bond marks the seventh listing of a green debt instrument on ADX.
Business
Air cargo demand up 8.3 percent in November 2023, says IATA
GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
- This reflects a fourth consecutive month of strengthening demand for air cargo.
- Most of the capacity growth continues to be attributable to the rise in belly capacity.
Economy
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
- Growth in advanced economies is expected to slow to just 1.2% this year, while emerging market and developing economies should see growth ease slightly to 3.9%.
- After seeing reasonable growth in 2023, the United States and China -- the world's two largest economies -- are both likely to slow in the year ahead, the World Bank said.