Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
Business
Deutsche Bank shares tank
The shares fell on the lender's rising cost of default cover.
- The lender's shares tanked more than 14 percent on the Frankfurt Stock Exchange in early trade
- German Chancellor Olaf Scholz said the European banking system was "stable", with strict rules and regulations
Economy
Qatar’s GTA extends deadline for filing of income tax returns
Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities...
- The GTA however has excluded companies operating in petroleum operations and petrochemical industries, besides taxpayers who have accounting periods different from the tax year
- The authority maintained that it has always emphasized the principle of tax compliance, stressing the importance of the commitment of all firms to submitting tax returns on time
Economy
Greece, Italy to discuss rail ‘restart’ after tragedy: PM
Following last month's rail tragedy, Greece's prime minister said that he would discuss with Italy safety improvements on Geek trains...
- The prime minister said that his Italian counterpart Giorgia Meloni accepted an invitation to talks in Athens before the Greek general election in May
- Late last month, two trains collided head-on after running on the same track for several kilometers (miles), killing 57 people
Arts & Culture
Dubai World Cup: 129 horses compete for $30.5m prize money
Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total...
- The World Cup, which begins on Saturday at Meydan Racecourse, will see horses from 13 countries in the contest.
- The Meydan Racecourse, in partnership with leading auction house Goffs, hosted the second Dubai Breeze-Up Sale on 21 March.
Business
Abu Dhabi Securities Exchange appoints Emirates NBD Capital as custodian
ABU DHABI, UAE - Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian. Emirates NBD Capital...
- Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority.
- The firm provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets.
Business
UAE’s Al Ansari raises size of IPO retail tranche to 7.5%
The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But...
- Based on the previously announced price range of AED 1.00 to AED 1.03 per share, the size of the retail tranche will now be between AED56.3 million and AED57.9 million.
- Al Ansari is Dubai's first IPO this year. The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy
Denmark asks Nord Stream owner to help recover mystery object
COPENHAGEN, DENMARK - Denmark has invited the Russian-controlled operator of the Nord Stream 2 pipeline to help recover a mystery object...
- Russian energy giant Gazprom holds a majority stake in the twin pipelines, with the rest owned by German, Dutch and French companies.
- The Danish energy agency released a photo of the cylindrical object standing near the Nord Stream 2 pipeline at the bottom of the sea.
Business
ENOC Group unveils five-pillar growth strategy
Dubai, UAE - ENOC Group on Thursday unveiled its five-pillar long-term growth strategy after having recorded its best performance ever...
- The group recorded a 60 percent increase in EBITDA last year in comparison to 2021
- Its Strata marine lubricants arm recorded a 350% sales growth in the last two years
Business
Johnson & Johnson loses key tuberculosis drug patent in India
New Delhi, India--India's Patent Office rejected on Thursday US pharmaceutical giant Johnson and Johnson’s application to extend its patent on a...
- Rejecting Johnson & Johnson's application, Assistant Controller of Patents and Designs Latika Dawara said that it did not meet the requirements of India's Patent Act
- The decision is likely to enable Indian manufacturers to begin work on generic versions of the drug once the primary patent expires in July
Business
Accenture to cut 19,000 jobs
It will slash 2.5% of workforce as a cost-cutting effort.
- The firm expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion directly related to the layoffs
- According to the company's recent annual report, it put the number of employees at 721,000 in 2022
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Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Company News
MBC Group IPO plea okayed
Business
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Yalla 9M revenue at $237.9m
Business
DTC sets IPO offer price range
Business
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
Qatar sees 36.1 percent surge in visitor arrivals in Nov 2023
Doha, Qatar -- Qatar witnessed a 36.1 percent increase in the number of inbound visitors in November 2023, compared to...
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
Business
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Business
Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
- The proceeds from this loan will be directed towards CAPEX for constructing the world’s largest stockyard shed with rooftop solar panels.
- The SLL's framework incentivizes Bahrain Steel to exceed mandatory greenhouse gas (GHG) emissions reductions.
Business
Dubai SME joins hands with CXDA to attract investment
DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...
- The strategic partnership with Dubai SME outlines a comprehensive roadmap.
- This will introduce AI for equipping SMEs with innovative financial solutions.
Business
ADQ appoints new ADX chairman
The company also appointed two new Board directors.
- Ghannam Butti Al Mazrouei is the Secretary-General of the Emirati Talent Competitiveness Council, where he oversees an AED24bn program.
- Al Mazrouei also serves on the boards of Abu Dhabi Retirement Pensions and Benefit Fund and AafaQ Islamic Finance.