OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...
Business
Business
dans, MBRSC ink MoU for Aerospace Communications, Navigation and Surveillance Infrastructure
dans is the sole air navigation service providerfor four airports, including Dubai Airport, the world's top airport for international travellers.
- dans is the sole air navigation service providerfor four airports, including Dubai Airport, the world's top airport for international travellers
- MBRSC is the government organisation behind space satellite projects like the Emirates Mars Mission, Emirates Lunar Mission and the UAE astronaut programme
Business
Volkswagen posts profit
Its operating profit rose by 12.5 percent to $24 billion.
- Earnings rose despite a drop in sales, with Volkswagen reporting at the beginning of the year a seven percent drop in the number of vehicles sold in 2022
- Volkswagen had forecast an increase of between 8.0 and 13.0 percent
Business
Iraq’s Kurdistan restarts oil exports through Turkey after quake
A day after the powerful earthquake devastated Turkey and Syria, Iraq's autonomous Kurdistan region has said that it resumed oil...
- The northern region usually exports around 450,000 barrels of oil a day through Turkey
- Authorities had said exports through Turkey's Ceyhan port would resume after inspection of pipelines
Economy
US trade deficit widens in 2022 to record on strong imports
US trade gap widened to a record in 2022, though expanding less than expected in December, government data said, capping...
- This marks the biggest deficit in government data dating back to 1960.
- In December, the trade deficit expanded $6.4 billion to $67.4 billion, said the Commerce Department.
Business
Saudi Arabia center, Yokogawa to advance 4IR in kingdom’s industry
Riyadh, Saudi Arabia--The Center for the Fourth Industrial Revolution in Saudi Arabia (C4IR KSA), affiliated with the World Economic Forum...
- Signed on the sidelines of LEAP 23, the MoU aims to develop frameworks and policies for the governance of the fourth industrial revolution technologies in the industrial sector.
- The two sides undertake to supervise the pilot studies of the projects and assess the participation of other entities in the kingdom.
Market Report
Stocks steady, dollar higher on US rate-hike expectations
Stock markets largely steadied and the dollar rose with traders forecasting US interest rates to keep climbing following last week's...
- January's rally for equities was halted as investors contemplate an extended period of high borrowing costs.
- Leading Asian stock markets and London managed gains Tuesday after all three main indices on Wall Street kicked off the week with losses.
Business
DEWA updates strategic plan to include achieving net-zero by 2050
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has updated its strategic plan, adding achieving net-zero by 2050 to...
- DEWA is steadily moving towards reducing its carbon footprint to achieve a sustainable net-zero carbon by 2050.
- The production capacity of clean energy in Dubai is around 14 percent of total power generated.
Economy
UAE Pension Authority to focus on awareness among Emirati employees
ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) of UAE has announced its key strategic objectives...
- The authority said that it serve the community with utmost promptness and professionalism.
- There are presently 95,935 Emirati employees working in 9,082 federal, government and private entities in the UAE, who are insured by the GPSSA.
Business
Google to release Bard in showdown with Microsoft’s ChatGPT
Media reports said the overnight success of ChatGPT was designated a "code red" threat at Google with founders Sergey Brin...
- Google's announcement came on the eve of an AI-related launch event by Microsoft in yet a further sign that the two tech giants will do battle over the technology
- Before the emergence of ChatGPT, Google had been reluctant to launch its own language-based AI fearing the reputational risk of releasing technology that wasn't ready
Business
Etihad Cargo, Astral sign MoU
They will share up to 50 percent of all available capacity on flights.
- Via Etihad Cargo’s Abu Dhabi hub, the carrier’s global network will offer connectivity to destinations around the world.
- Etihad Cargo will utilize its road feeder service network to transport cargo arriving in Abu Dhabi from Nairobi to destinations throughout the UAE.
OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...
Business
Company News
Alstom to cut 1500 jobs
Business
Latest News
ADNIC reports $82m profit
Business
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...
Economy
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
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Geostrategy
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
- Under the pact, the two parties will exchange information related to trade, business environment, investment, production and export opportunities.
- The two parties will organize joint research activities pertaining to marketing to enhance trade prospects and explore ways of improved cooperation.
Business
Qatar sees 36.1 percent surge in visitor arrivals in Nov 2023
Doha, Qatar -- Qatar witnessed a 36.1 percent increase in the number of inbound visitors in November 2023, compared to...
- The highest number of visitors was from the Gulf Cooperation Council (GCC) at 46Â percent.
- The total number of registered new vehicles during November 2023 has reached 8046 new vehicles.
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
- The United States was the group's biggest market in 2023, followed by China.
- The emblematic British car brand became part of German auto giant BMW in 1998.