Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
Business
American celebrities Lindsay Lohan, Jake Paul charged for touting crypto
The charges come as part of a case targeting entrepreneur Justin Sun for manipulating crypto trading on his platform. The...
- The charges come as part of a case targeting Justin Sun for marketing Tronix and BitTorrent crypto assets without registering with the relevant authorities
- Without admitting or denying their guilt, Lindsay Lohan and Jake Paul agreed to pay $40,670 and $101,887 in restitution and fines respectively
Economy
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...
- According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
- Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Business
Trade between Qatar and Russia reached $143m in 2022: Qatar Chamber
Doha, Qatar - The volume of trade exchange between Qatar and Russia reached QR 566 million ($143 million) in 2022,...
- Qatar is one of the largest foreign investors in Russia from the GCC region, Qatar Chamber board member Eng. Ali Abdullatif Al Misnad said
- The Qatari and Russian entities signed more than 60 MoUs and agreements on investment and trade, sports, tourism and education
Credit Suisse demise puts question mark over lucrative sponsorship deals
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's...
- Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports
- Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, Swiss Football Association spokesman Adrian Arnold said
Business
Qatar real-estate transactions vault to US$660 million in February
Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February. The...
- The real estate index shot up by 70 percent in February as against January 2023, while the value of real estate trading index vaulted by 79 percent
- The value of Doha Municipality's transactions amounted to $260 million in the real estate market index for the month of February
Business
Gold jumps as US Fed signals rate-hike pause imminent
Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in...
- Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent
- The lingering credit concerns are expected to support gold prices in the near term, making it safe haven amid global woes
Economy
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...
- The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
- The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Business
Tencent 2022 profit falls
Tencent is the owner of popular messaging app WeChat.
- Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
- The drop in profit comes in the background of increased scrutiny on China's tech sector.
Business
UAE, Pakistan discuss ways to enhance mutual trade, investment
The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan...
- UAE is Pakistan's leading investment partner in the Gulf and fifth at a global level, a report said at the end of 2021.
- The non-oil trade between the two hit the figures of $7 bn in 2022, marking an increase of 30 percent compared to 2021.
Business
Mubadala-Ares joint venture to invest $1bn in credit secondaries
The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...
- The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
- Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
Company News
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Business
Latest News
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...
Business
Europe new car sales rebound in 2023: industry group
Automakers are facing a 2035 deadline set by the European Union to phase out sales of new combustion engine vehicles....
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
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Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
Business
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and...
- The discussions centered upon supporting business community and developing the agricultural sector and fostering trade and investment
- The two sides discussed initiatives in creating a conducive business environment for innovation and investment in the agricultural sector
Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
- Amin Nasser pointed out that the global oil market is poised for a supply shortage as consumer stockpiles have dwindled by 400 million barrels over the past two years.
- He acknowledged that while global oil markets can manage short-term disruptions in the Red Sea, sustained attacks on ships could lead to a shortage of tankers