China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...
Economy
US oil futures drop 3%, finishing at new low for 2022
Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries...
- WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles
- WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January
Business
Elon Musk briefly loses top spot as world’s richest person
According to Bloomberg's ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed...
- Musk's fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the Centre of controversy after the Twitter takeover
- Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion
Business
US state brings two lawsuits against TikTok over child safety, security fears
The legal salvo came as problems are mounting for TikTok in the United States, with multiple accusations that the extremely...
- US sued TikTok for allegedly deceiving customers into believing that "reams of highly sensitive data and personal information" were protected from China
- TikTok is facing a growing front of opposition in the United States, with several states and the US military banning its use on government devices
Business
ADEX to provide US$25m funding to Togo to raise solar park capacity
The Abu Dhabi Exports Office (ADEX) has signed an agreement with Togo’s Ministry of Economy and Finance to raise the...
- The Abu Dhabi Exports Office will provide a loan of US$25 million, while the Emirati company EMEA Power will undertake the construction and operation of the new complex
- In 2021, Abu Dhabi Fund for Development financed the first phase of Mohamed bin Zayed Solar Energy Complex at a value of $15 million
Business
Pentagon gives cloud contracts to Amazon, Google, Microsoft and Oracle
Pentagon announced Wednesday it has awarded $9 billion in cloud computing contracts to Amazon, Google, Microsoft and Oracle.
- Commander Jessica McNulty, Defense Department spokesperson, told AFP that JWCC is "composed of four contracts with a shared ceiling of $9 billion
- In 2019, Microsoft won the contract, sparking a challenge by Amazon on grounds that vengeful politics by then-president Donald Trump may have improperly influenced the outcome
Business
IATA expects airline losses in 2022 to slide down to US$9.7bn
Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...
- It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
- Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Economy
Saudi Arabia posts budget surplus, first in nearly a decade
Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its...
- The kingdom's budget approved for 2023 foresees a surplus of 16 billion Saudi riyals ($4 billion) and GDP growth of 3.1 percent
- This year's surplus is the first since the 2014 collapse of oil prices from more than $100 a barrel,
Business
Turkey seeks proof of insurance from Russian oil tankers as EU imposes price cap
Istanbul, Turkey - Turkey said Wednesday it has started requesting proof of insurance from tankers loaded with Russian crude oil...
- The European Union and the Group of Seven leading industrialized nations agreed last week to block Western insurers from covering ships that intend to sell Russian oil above $60.
- One source told AFP that Turkish officials began requesting proof of insurance from tankers passing from Russia at the start of the month.
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Business
Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU
Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...
- They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
- Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
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China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Company News
Gulf Navigation posts profit
Business
Latest News
Rolls-Royce to cut 2,500 jobs
Business
EU seeks agreement on world’s first AI law
European Commission, the EU's executive arm, first proposed an AI law in 2021 that would regulate systems based on the...
Arab Coordination Group allots US$10bn to support energy transition
Dubai, UAE--The Arab Coordination Group (ACG), a strategic alliance comprising regional and international development institutions, announced at COP28 an allocation...
COP28 UAE
Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.
Most Read
Geostrategy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
- The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
- Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.
Business
Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.