‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Wheels in motion for investors as two Gulf carriers plan 2025 IPOs Â
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
Geostrategy
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
- The RA fined Baker Tilly US$50,000 and Sturgeon US$12,500 for serious failings and gaps in the financial audit
- The RA expects ADGM firms to conduct and prepare audit reports in accordance with professional standards.
Business
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
- The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes
- Premiums for ships have "increased significantly" following the Houthi attacks, according to Frederic Denefle, head of Garex, a French firm specialized in marine risk insurance
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation.The MoU...
- The MoU was signed during the visit to China of Saudi civil-aviation officials
- The areas of cooperation outlined in the MoU include expanding the number of air transportation stops
Business
MENA ups cybersecurity ante to combat GenAI risks
With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are...
- With GenAI emerging as a new frontier for cyber threats, and stricter data privacy laws coming into effect, organizations are investing heavily to safeguard their futures.
- A surge is seen in security and risk management spending, highlighting critical need for robust cybersecurity measures and a proactive approach to manage digital risks.
Business
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
- "The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
- Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England
Business
Asian markets up, Tokyo hits record as US tech earnings jump
Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...
- Highly anticipated earnings results from Nvidia beat expectations late Wednesday, with the firm reporting a quarterly profit of $12.3 billion
- Hong Kong, Shanghai and Seoul stocks closed higher, and markets in Taipei, Bangkok, Manila and Wellington were also up
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
- Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
- Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.
Vietjet to buy 20 A330-900 planes
The company signed MoU with Airbus for the widebody aircraft.
- Vietjet signed MoU with Airbus for the widebody aircraft, which will replace its current fleet of leased A330-300 planes, Airbus said in a statement
- At list prices, the Vietjet order would be worth $5.9 billion, but customers usually get a discount when making bulk aircraft orders
Business
Nestle net profits up 20.9%
Sales grew 7.2% in value terms, fell 0.3% in volume.
- Nestle said turnover fell as a rising Swiss franc and a slight fall in sales volumes balanced out higher prices
- The maker of Nespresso, Maggi seasonings, and the Smarties range of sweets said turnover fell 1.5 percent
Business
Qantas half-year profits slide
Its net profit dropped 13.2% to US$570 million.
- Qantas said its net profit dropped 13.2 percent year-on-year to US$570 million in the six months to December 31
- The airline said travel demand was strong, led by the leisure sector but with business travel now approaching pre-Covid-19 levels
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Company News
RAKBANK, DP World sign pact
Business
Latest News
Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
Business
Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...
Business
Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...
Business
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Business
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
- Canon's sustainability strategy focuses on remanufacturing, renewable energy, and eco-label certifications, Venkatasubramanian (Subbu) Hariharan says
- The company inspires youth through the Canon Young People Program, empowering them to address sustainability issues with creativity and critical thinking, he adds
Saudia Group in ‘landmark’ deal for 105 Airbus planes
In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft...
- "Aviation supports 241,000 jobs, and a further estimated 717,000 jobs in the tourism sector," a Saudi report said.
- Saudi authorities have also announced plans for a new airport in the capital Riyadh capable of accommodating 120 million passengers a year.
Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
- The bereaved father, who lives near the Rumaila field in the southern province of Basra, is demanding that the firm compensate him for his son Ali's medical expenses
- He said no amount of money would make up for his son's death. But "what I am claiming is my right", added the 55-year-old father of seven, from his modest home