Nvidia marks Paris tech fair with Europe AI push
Paris, France -- Drawing high-powered tech CEOs and a presidential visit, the Vivatech trade fair opened in Paris on Wednesday...
Business
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Business
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
- This is DMCC's best performance in Q1 since its inauguration in 2002, marking a 8.4% increase year-on-year.
- The best performing sectors for DMCC was its traditional core markets, which showed strong results in businesses from various countries.
Geostrategy
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...
- Saudi Arabia and other major oil producers announced Sunday a production cut of more than one million barrels per day.
- Russia said it would extend until the end of the year its own voluntary production cut of 500,000 barrels per day.
Geostrategy
China begins security probe into US chipmaker Micron
BEIJING, CHINA - Chinese authorities have begun an investigation into leading US memory chipmaker Micron Technology, a decision Beijing's foreign ministry...
- The probe escalates an already fierce battle between US and China for supremacy in the field of semiconductors.
- US authorities have in recent years sought to prevent the country's advanced chip technology from being exported to China.
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling...
- Crude futures surged almost eight percent at one stage after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production
- The shock reduction, unveiled Sunday by Algeria, Iraq, Kuwait, Oman, Saudi Arabia and the UAE, will start in May and last until the end of the year
Business
MODON to acquire GE’s Industrial Complex in the Eastern Region
Riyadh, Saudi Arabia -- The Authority for Industrial Cities and Technology Zones (MODON) has signed an agreement with GE whereby...
- Under the pact, initiatives will be launched to support and empower entrepreneurs and SMEs
- The company is also keen to boost its partnerships with major global manufacturers and companies
Business
China Renaissance, investment bank, suspends share trading
Beijing, China--Investment bank China Renaissance suspended trading in its Hong Kong-listed shares on Monday, saying the disappearance of its chairman meant...
- The bank said it could not publish its audited 2022 results in the absence of its chairman having gone missing
- Bao Fan, the group's billionaire chairman and executive director, is among the latest high-profile financiers to fall foul of the authorities
New York Times loses Twitter verification on main account
The New York Times was among news media companies, firms and charities that had already lost their blue tick and...
- The New York Times said it would not pay for a verified business account and would subscribe for a blue tick only for journalists
- As of Sunday, the organization's main account, with nearly 55 million followers, had lost its gold checkmark
Business
NREC 2022 profit declines
The company announced Earnings Per Share of 10.1 fils.
- The company also announced an Earnings Per Share of 10.1 fils for the last year, compared to an EPS of 112.2 fils in 2021
- Its operating revenue came in at $85 million for the year ending December 31, 2022, compared to $106 million in 2021
Economy
Iraq to speed up resumption of oil exports from Kurdistan region
Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of...
- The ministry stressed the importance of resuming oil exports in the wake of the decision by the international court, and resolution of "technical issues"
- It also highlighted the significance of revenues in supplying the federal budget as per the agreed quantities, saying that it expressed all of this in bilateral meetings
Business
Improving ICT infrastructure and digital skills to bolster tourism in Emerging Asian economies
The pandemic changed tourist preferences, with greater interest in local travel, nature destinations, and wellness tourism. It also heightened awareness...
- Tourism is beginning to rebound as restrictions implemented in response to the COVID-19 pandemic have been lifted, says an OECD report
- The post-lockdown reopening of China will serve to counterbalance and provide a necessary economic boost for the region, it predicts
Nvidia marks Paris tech fair with Europe AI push
Paris, France -- Drawing high-powered tech CEOs and a presidential visit, the Vivatech trade fair opened in Paris on Wednesday...
Business
Company News
Meta, IBM tie up to develop AI
Business
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FAB partners with Engie
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
Business
GCC at the forefront of 2024 sukuk market expansion
This year, emerging markets, led by the UAE, issued record bonds against declining yields and expected rate cuts by major...
Market Report
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Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...
- The number of these projects increased by 28 percent compared to 2022, said the UNCTAD report entitled “Investment Trends Monitor”.
- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized that the UAE is benefiting from the forward-looking vision of its leadership.
Business
ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
- Italy considers the steelworks a strategic asset, but it has long been plagued by financial problems and environmental concerns.
- Talks with ArcelorMittal, which owns a 62-percent stake, had broken down over how to keep production going.
Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.