Apple under pressure to shine after AI stumble
Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC)...
Business
Middle East tourism projected to reach $350 billion by 2030: ATM report
Dubai, UAE – The Middle East’s tourism sector is poised for unprecedented expansion, with a new report predicting a 50...
Business
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
Apple under pressure to shine after AI stumble
Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC)...
Business
Company News
Latest News
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
Business
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Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Business
EDGE Group, São Paulo government partner on public security initiative
Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will...
- The partnership was announced during a high-level delegation visit by senior government members to EDGE Group headquarters in Abu Dhabi.
- The ‘Proof of Concept’ (PoC), with an initial phase of six months to validate the plan and facilitate adjustments, will have three strategic targets.
Business
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The...
- The fund, according to Oman News Agency, has a capital of $5.19bn to be utilised over five years, with $1bn every year
- It will allocate 90 percent of its capital to invest in new or existing investment projects that prove to be economically viable