Business
Russia to slash oil output by 5% over Western price cap
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
- The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
- "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.
Business
Multiply Group 2022 net profit
Growth in profits driven by investments and rise in operating portfolio.
- The Group said that most of its subsidiaries showed growth in operating profits in 2022.
- It deployed more than AED12 billion in 2022, making investments in high-growth industries such as energy.
Business
ADEO signs $121m green finance agreements with Angola
Abu Dhabi, UAE--- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed...
- The financing is provided in cooperation with Standard Chartered Bank.
- One relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform to strengthen the Angolan IT sector.
Meta completes virtual reality deal after US court win
A spokesperson for the Federal Trade Commission told AFP on Thursday that it would not appeal the February 1 decision....
- The courtroom loss was seen as a setback for FTC head Lina Kahn, who has been an advocate of imposing tougher scrutiny on Big Tech companies on antitrust matters
- The FTC filed a complaint in federal court in July, arguing that Meta was trying to buy advantage in the VR market with the purchase of Within, maker of fitness app "Supernatural."
Business
Remote work, hybrid workplace boost telecom demand
Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this...
- Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this year, du CEO Fahad Al Hassawi tells TRENDS
- To meet the evolving demands of customers and businesses the telecom industry is continually revising its roadmap to match the evolving network transformation, he adds
Business
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.
- The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
- Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Business
Norway’s sovereign wealth fund pulls out of troubled Adani Group
The fund, which is set up to put the country's oil and gas revenues to work, held some $200 million...
- Between 2014 and 2023, the fund had already divested from six subsidiaries of the Adani conglomerate, mainly for environmental reasons.
- The business empire of Indian billionaire Gautam Adani lost around $120 billion in value after Hindenburg Research accused it of artificially inflating share prices.
Business
AstraZeneca 2022 profit $3.3bn
The firm's revenues rose to US$44.4 billion in 2022.
- Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
- The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
Business
SIRC, Tadweer sign MoU on waste management and recycling
Riyadh, Saudi Arabia--The Saudi Investment Recycling Company (SIRC) has signed a joint memorandum of understanding with the Abu Dhabi Waste...
- They will explore joint options for adopting technology and ideal recycling solutions, activating operational activities in the waste sector.
- Through this and other MoU, SIRC Group seeks to activate the circular economy initiative to achieve the goals and programs of the Kingdom's Vision 2030.
Business
Volvo Cars 2022 net profit $1.6bn
Revenue climbed by 17 percent to a record US$31.8 billion.
- Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
- Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
Company News
Tabreed 9M profit at $218m
Business
Siemens posts record profit
Business
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Dubai Investment posts profit
Business
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
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Business
Etihad Airways spreading wings to embrace new skies
"Our goal is to usher in a new era of sustainable growth, anchored by a solid strategic plan," he adds,...
- Etihad plans to expand its global network with new destinations like Boston and Nairobi as part of the 'Etihad Airways 2030' strategy.
- The airline bolsters its strategic growth, providing premium services and connecting Abu Dhabi to 117 international destinations.
Business
CBB Sukuk Al Salam securities oversubscribed by 372%
Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has...
- With a maturity period of 91 days, subscriptions worth $426 million were received for the $114.36 million issue
- According to Bahrain News Agency, the expected return on the issue is 6.35%, equivalent to the previous issue
Economy
Markets drop as US jobs deal fresh blow to early rate cut hopes
Hong Kong, China - Asian markets stumbled out of the gates Monday, extending last week's grim start to the year, after...
- The keenly awaited non-farm payrolls data Friday showed the world's number one economy remains resilient despite interest rates sitting at a two-decade high
- Equities ended 2023 with a surge as traders bet on a string of reductions this year thanks to falling inflation and a softening of the labor market