Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
Business
European carmakers on China charm offensive as sales droop
Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
Business
Geostrategy
Lebanese protest as local currency hits new low
Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a...
- Lebanese banks have imposed draconian restrictions on withdrawals since the country's economy collapsed three years ago.
- Dozens of protesters gathered Wednesday near the central bank headquarters amid heavy deployment of security forces.
Business
DEWA, SAP senior management discuss cooperation in Dubai
DUBAI, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), received Christian Klein,...
- DEWA MD and CEO highlighted the firm's projects and programs to anticipate and shape the future in line with the UAE Centennial 2071.
- He emphasized on the importance of exchanging global best practices and experiences between the two sides.
Business
UAE’s largest bank issues $600 million bond, second in 2023
Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury,...
- This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS five-year Sukuk issued on 9 January 2023.
- The bond received orders of $1.75 billion, meaning it was oversubscribed three times with 76 percent of the issue placed with high-quality investors outside the MENA region.
Business
ASML posts yearly profit of $6.1bn
The profit in year 2022 is 4.4 percent lower than in 2021.
- The maker of lithography machines that print microchips, said it expects strong growth for 2023, with net sales rising more than 25 percent.
- The United States restricted exports of semiconductor technology to China last year and wants the Netherlands and Japan to follow suit.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Business
Small businesses, big dreams: Iraq’s women entrepreneurs
The International Organization for Migration said in an October report that "prevailing customs and traditions... limit women's activities to their...
- Iraq's private sector is still embryonic, making more tedious and lengthy the steps to set up a company
- Iraq has 13 million employment-aged women yet only around one million are working
Business
Microsoft quarterly results saved by cloud computing
Microsoft chief executive Satya Nadella last week said he was laying off about five percent of the company’s workforce, just...
- Microsoft said overall sales rose just two percent in the October-to-December period, to $52.7 billion, the slowest rise in six years
- Net profit of the tech giant landed at $16.4 billion for the quarter, down 12 percent year-on-year, according to its earnings release
Money from Middle East forcing Liverpool, Man Utd to seek new investment
The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the...
- The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the bidding process
- Fenway Sports Group, Liverpool's owners, have also stated that they will "consider new shareholders" as the Anfield club struggles to qualify for the Champions League next season
Justin Bieber sells music rights for $200 mn
Contemporary stars including Justin Timberlake and Shakira have sold large stakes in their work - both also struck deals with...
- Hipgnosis did not publicly disclose terms of the deal, but a source close to the matter told AFP it was worth around $200 million
- The company said they acquired Bieber's interest in his publishing copyrights to his 290-song back catalog - all of his music released prior to December 31, 2021
US sues Google over dominance of online ad market
In this latest suit, prosecutors took aim at Google's extremely profitable advertising business, asking that it be broken up to...
- The federal case follows state lawsuits against Google that have alleged it illegally dominates the markets for online search, advertising technology and apps on the Android mobile
- The recent case is the second federal lawsuit against Google over alleged antitrust violations and the first since US President Joe Biden took office two years ago
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
Business
Company News
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MIS net profit $7.1m in 9M 2023
Business
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...
Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
Business
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
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BYD overtakes Tesla in EV sales
Tesla's stock slipped after the news was announced.
- Despite losing its quarterly sales crown, Tesla was still top on an annual basis, delivering more than 1.8 million EVs to customers in the year to December
- "Tesla sales is likely to be boosted by the introduction of its "long-promised mass market EV model later this year," says Garrett Nelson, an equity analyst at CFRA Research
Business
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
- According to the agency, some 260 Qatari exporters and 130 companies took part in eight international exhibitions during the past year
- The trade missions undertaken by Qatari companies to Iraq and India generated deals worth approximately $57.41m and $31.31m respectively
Business
‘AD Ports redefines future of maritime and logistics’
"Our achievements demonstrate that traditional approaches no longer suffice in the rapidly evolving global market. We have embraced change, not...
- In 2023, AD Ports Group achieved a 116% revenue surge and expanded globally, notably through the strategic acquisition of Noatum, enhancing its global market presence.
- The group's expansion into African markets with a 30-year concession in Congo and a US$2 billion corporate facility agreement underscore its strong financial standing.