Chip-maker Micron expands US investment to $200 bn backed by Trump
Washington, United States -- Chip giant Micron Technology on Thursday said it was expanding its domestic investment plan to $200...
Business
A hospitality trailblazer talks resilience in a shifting global landscape
Duncan O’Rourke, CEO, Premium, Midscale, and Economy Division for Middle East, Africa and Asia Pacific at Accor, spells out the...
Interview
Economy
WTO sees 2023 global trade growth at 1.7 percent
The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed...
- The forecast was slightly better than feared last October, when the WTO projected 2023 trade growth would be as low as one percent.
- The organization's economists also estimated that real global GDP growth at market exchange rates would be 2.4 percent this year.
Business
UBS shareholders grill bosses over Credit Suisse mega-merger
The annual general meeting of UBS is being held in the St. Jakobshalle indoor arena, famously the stomping ground of...
- UBS and Credit Suisse shareholders had no say in mega-merger, which was engineered behind closed doors by Swiss government, the central bank and the financial regulators
- Credit Suisse shareholders have seen the value of their investment plunge from 12.78 Swiss francs per share in February 2021 to 0.76 francs they will receive in the banks merger
Business
Emirates REIT 2022 profit up
Net Property Income for the period was $55 million.
- The REIT recorded a 4 percent year-on-year decline in Property Operating Expenses to US$12 million in 2022
- Net Property Income increased 15 percent year-on-year, demonstrating the strong market for the REIT’s core assets
Business
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.
- The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
- The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Fans wait to see if Apple joins quest for the metaverse
All eyes are on whether Apple will commit to releasing long-rumored VR or augmented reality (AR) "goggles" at its annual...
- Apple's approach to the metaverse would likely be different from that of Meta, which has proclaimed it the future of the internet but slowed its substantial investments
- Wedbush believes Apple will unveil "Glasses" AR/VR headsets at the developers conference in June, at a price in the vicinity of $2,500, though others say $3,000
Business
Emirates NBD arranges Al Rajhi’s US$1bn inaugural Sukuk
Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest...
- Priced at a reoffer yield of 4.774 percent, the sukuk was in heavy demand, attracting orders worth more than $3.75 billion
- The bank will use the proceeds from the sukuk to finance and refinance sustainable projects in line with its Sustainable Finance Framework
Business
Iraq and TotalEnergies agree on delayed US$10bn deal
Paris, France--French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a $10 billion project that had been delayed due...
- While TotalEnergies will own 45 percent stake, Iraq's Basrah Oil Company will get a 30-percent stake in the project and QatarEnergy will get 25 percent
- The French company said that a one-gigawatt solar power plant will be built to supply electricity to the Basra regional grid, with Saudi firm ACWA Power joining the project
Resilience and positivity key to success
There is a need to address workplace gender equality issues and empower women in leadership roles and men play a...
- Women should remain bold, confident, and unafraid to take risks and seek guidance, says Leila Hoteit, Managing Director & Senior Partner at BCG
- There is a need to address workplace gender equality issues and empower women in leadership roles and men play a vital role in achieving it, she adds
Business
Arab women embrace technology, innovation
Initiatives such as STEM and Women in Tech are crucial in bridging the gender gap and empowering women to drive...
- Arab countries are fostering a progressive environment for women, enabling them to participate in economic and technological transformations, says an expert
- Noha Kadry, Regional Program Manager at Red Hat Academy, highlights the significant strides women have made in tech industry, leading firms and inspiring others
Business
US pharma giant J&J proposes US$8.9bn settlement of talc cancer claims
New York, United States--US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-old lawsuits claiming...
- The payout, If approved by the court and a majority of the plaintiff, would be one of the largest product liability settlements ever in the United States
- J&J was at pains to stress that the proposed settlement is not an admission of wrongdoing nor an indication that the company's talcum powder products are unsafe
Chip-maker Micron expands US investment to $200 bn backed by Trump
Washington, United States -- Chip giant Micron Technology on Thursday said it was expanding its domestic investment plan to $200...
Business
Company News
Masdar eyes Europe for growth
Business
Volkswagen to reduce workforce
Business
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BAT takes shock $32bn hit
Business
ACRES 2024 concludes, deals worth $381 million inked
Sharjah, UAE -- Real estate deals worth more than AED 1.4 billion ($381 million) were inked at ACRES 2024, organized...
Threat of AI-powered phishing is on the rise
"Technologies such as Generative AI presents new security challenges. The rise of automated spear phishing necessitates reevaluating our trust heuristics....
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
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Business
Do Kwon’s Terraform Labs files for US bankruptcy
Kwon, who co-founded Terraform in 2018, was arrested last year in Montenegro and is awaiting extradition to the United States...
- Kwon faces fraud charges in both countries related to the crash
- According to the filing, Kwon holds 92 percent of Terraform's shares
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
- SABIC will own 51% of the project and Fujian Fuhua Gulei Petrochemical Co. Ltd. will have 49% ownership of the joint venture
- The company said that the complex will consist of a mixed feed steam cracker with an annual ethylene capacity of up to 1.8m tons
Business
Sony ends merger deal with Zee
It pulled out of the US$10bn merger of its Indian operations.
- According to media reports, Sony had sent a termination notice to Zee and that a formal announcement was expected soon
- The reports said that Sony cited conditions of the merger agreement not being met as the reason for the decision