Global tax plans targeting super rich and tech giants stall under Trump
Paris, France -- Global tax plans targeting billionaires and multinational companies are running aground, with the United States torpedoing reforms...
Business
Google has illegal monopoly in ad tech, US judge rules
Washington, United States - A US judge on Thursday ruled that Google illegally wielded monopoly power in the online ad...
Business
Infographics
UAE remains the most innovative Arab economy
The Global Innovation Index ranks the countries on 81 indicators across seven categories, including Business Sophistication, Infrastructure and Technology Outputs...
- GII 2022 said this edition’s thematic focus on the future of innovation-driven growth provides a perspective on whether stagnation and low productivity growth are here to stay.
- It tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic and slowing productivity growth.
Business
Roadmap for startups on agenda of MENA’s only IPO-focused summit
The summit, which will be held from 23-25 Jan, 2023, ""will shed light on the strong impetus and promising prospects...
- The DFM saw the listing of five government-related and private sector companies--DEWA, Tecom, Salik, Empower and Taaleem--in 2022.
- A total of AED 31 billion ($8.4 billion) were raised by these companies in the IPOs, which were subscribed multiple times over, drawing AED 672 billion.
Business
AstraZeneca buys US firm CinCor
The acquisition has been finalized at $1.8billion.
- The takeover marks the latest push by Astra chief executive Pascal Soriot to bolster the company's pipeline of new products.
- Massachusetts-based CinCor focuses on developing treatments for hypertension and chronic kidney disease.
Business
Cargo vessel refloated after running aground in Suez Canal
The incident involving the 225-metre-long Marshall Islands-registered M/V Glory had briefly sparked fears of a repeat of a major 2021...
- The waterway, used for about 10 percent of the world's maritime trade, is one of Egypt's main sources of foreign currency revenue, bringing in more than $7 billion a year.
- Egypt lost between $12 million and $15 million every day of the closure, while insurers estimated that global maritime trade suffered billions in lost revenue.
Business
QatarEnergy, Chevron Phillips Chemical partner to build Ras Laffan complex
both firms will establish a joint venture company, in which QatarEnergy will own a 70% equity share, and CPChem will...
- Both firms will establish a joint venture company, in which QatarEnergy will own a 70% equity share, and CPChem will own a 30%
- The Ras Laffan Petrochemicals complex is expected to begin production of olefins and polyethylene in 2026
Business
Al-Nassr coach wants Ronaldo to ‘rediscover pleasure of playing’
Riyadh, Saudi Arabia-- Al-Nassr coach Rudi Garcia hopes that Cristiano Ronaldo will "rediscover the pleasure of playing" when he brings...
- Ronaldo, a five-time Ballon d'Or winner, has penned a contract until 2025 with the Saudi club in a deal worth a reported 200 million euros
- The former Juventus and Real Madrid star arrived in Saudi Arabia having had his contract at Manchester United ripped up after a bitter divorce
Business
MEEZA to offer 50% of its shares
It will be Qatar's first firm to use book building for IPO.
- Offering shares to qualified investors through the book-building process will commence on 15 January 2023 and will end on 26 January 2023
- MEEZA said that the price range of the company's shares has been set between 2.61 QR and 2.81 QR and is composed of a nominal value of one (1) QR per share
Goldman Sachs to cut 3,200 jobs: source
Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after...
- Goldman Sachs typically trims about one to five percent of headcount each year, targeting underperforming staff
- This year's culling will be deeper than usual in light of the uncertain economic outlook and the growth in Goldman's staffing in recent years
Business
Conspiracy theorists make comeback on Twitter after the ban
Those reinstated include far-right activists, anti-Muslim extremists as well as others peddling election conspiracies and Covid-19 misinformation, according to an...
- Among those allowed back on Twitter is former US President Donald Trump, who was handed a "permanent" ban by Twitter after his supporters stormed the Capitol on January 6, 2021
- Former national security advisor Michael Flynn, who once appeared to endorse the idea for a Myanmar-style coup in US, also thanked Musk on Friday after his account was restored
Science
DEWA completes 77 percent work in Hatta Water Reservoir
DUBAI, UAE Â - DEWA has completed 76.8 percent work on the water reservoir project in Hatta. The project has a...
- The project is being built at a cost of approximately US$23 million and is expected to be completed in April 2023.
- The structural foundation works for all facilities and reservoirs are 100 percent complete,
Global tax plans targeting super rich and tech giants stall under Trump
Paris, France -- Global tax plans targeting billionaires and multinational companies are running aground, with the United States torpedoing reforms...
Business
Company News
Latest News
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
Business
Google agrees to settle $5bn data privacy breach lawsuit
Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked...
Geostrategy
Saudi’s Maaden announces discovery of new gold reserves
Riyadh, Saudi Arabia - Saudi Arabian Mining Company (Maaden) on Thursday announced a discovery of substantial gold reserves, marking a...
Business
Most Read
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
- Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
- Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
- QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
- "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Geostrategy
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’Â
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...
- Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.
- In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.