Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
How travel brands can target high-intent travelers in the MEA region
As tourism booms across the Middle East and Africa, travel brands face fierce competition. Success now means using data-driven, personalized...
Opinion
Business
Iraq police arrest more than 200 in raids on ‘illegal casinos’
Baghdad, Iraq--Iraqi police arrested overnight almost 200 people in raids on illegal casinos where alcohol was served in defiance of the...
- According to the interior ministry spokesman, the raids targeted four locations in Baghdad where games of blackjack and roulette were underway
- In Muslim-majority Iraq public consumption of alcohol is frowned upon, although beverages can be readily purchased from liquor stores
Business
Elon Musk hypes up new moderation policy to reassure advertisers
Speaking at a meeting in Florida, the controversial billionaire outlined new rules, first announced Monday, to limit the reach of...
- Under the new policy, unveiled in a blog post titled "Freedom of Speech, Not Reach," Twitter will soon begin tagging posts whose visibility has been limited
- According to analyst at market research firm Insider Intelligence, Twitter's revenue is set to drop 28 percent this year, because advertisers don't trust Musk
Business
Goldman Sachs net income down
The bank's shares dropped 3.7% to $327 in pre-market trading.
- The big investment bank pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions".
- Net income came in at $3.1 billion, down 19 percent from the year-ago period on a five percent drop in revenues to $12.2 billion
Business
Volkswagen to invest in China
The new venture will be launched in 2024.
- Electric Vehicles now make up one out of four car sales in China, the world's largest car market. Local brands command 81 percent of the EV market in China.
- Executive Ralf Brandstaetter said the move was a key step of the group's "in China, for China" strategy.
Science
Green groups sue Europe over false energy label
BRUSSELS, BELGIUM - Environmental groups lodged a lawsuit against the European Commission on Tuesday to challenge its definition of natural gas...
- The lawsuit over gas was launched by WWF, ClientEarth, Transport&Environment and the German NGO BUND.
- Greenpeace, sued the EU executive separately for deciding that nuclear energy was worthy of its sustainable investment label.
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Business
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.
- GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
- Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Business
Ericsson Q1 net profit at $155m
Firm announced that it would slash 8,500 jobs worldwide.
- Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
- Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
Business
UK aviation warns green shift to slow demand growth
Sustainable Aviation urged the UK government to take "urgent" action to support investment in carbon-cutting innovations, pointing to the provision...
- Publishing an update to its Net Zero Carbon Road Map, industry body said, "the increased cost of decarbonising aviation will inevitably reduce passenger demand"
- The aviation industry produces high levels of both carbon dioxide and non-CO2 emissions that contribute to climate change, according to scientists
Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
Company News
Pfizer set to acquire Seagen
Business
Latest News
UAE, Korean firms ink pact
Business
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
Deals worth $26.66 billion signed at Real Estate Future Forum 2024
Riyadh, Saudi Arabia -- Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which...
Business
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Business
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in...
- The Hong Kong official said that the non-oil foreign trade value grew between the UAE and Hong Kong in the past year, reaching $16.2 billion in 2023
- He said the Hong Kong companies are keen to invest in the UAE in sectors such as infrastructure, information technology, financial technology and health technology
Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth