Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
Business
Business
Mazda pulls out of Russia JV
Firm to transfer it equity interest to JV partner Sollers.
- Mazda stopped shipping parts to Russia in March and ended operations the following month.
- The company said it signed an agreement last month to transfer all of its equity interest in the Russian business to its joint venture partner Sollers.
Business
Private school operator Taaleem offers 25 percent stake in IPO
Taleem set the price range at AED2.95 ($0.80) and AED3 per share, implying a market capitalization at time of listing...
- The final offer price is expected to be announced on 18 Nov. 2022. Listing of the shares and trading on DFM is expected to begin 29 Nov. 2022.
- The company is seeking to raise total capital of $204 million from the IPO, whose net proceeds will be used to expand its premium K-12 segment, Taaleem said in a statement.
Business
Emirates H1 profit at US$1.1bn
Revenues in H1 of 2022-2023 surged 131% to $13.7 billion.
- Emirates has bounced back into the black after its losses during the pandemic, the airline said.
- The airlines operations recovery accelerated as more countries eased and removed travel restrictions.
Business
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
- The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
Business
e& commits to net-zero operations by 2030
The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions.
- The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions
- It will focus on reducing its carbon footprint through improving energy efficiency and sourcing renewable energy among other initiatives
Business
Agthia’s profit rises by 14%
The food firm's revenue shot up to $260 million in Q3.
- Its net profit was up 14 percent to $11 million during Q3 of 2022
- Agthia lasty year also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry
Business
Hackers demand $10 mn for stolen Australian health records
Medibank, Australia's largest private health insurer, confirmed this week that hackers had accessed the information of 9.7 million current and...
- Medibank hack and an earlier data breach impacting nine million customers at telecom company Optus has raised questions about Australia's ability to repel cyber criminals
- The group behind the attack appears to be pressuring Medibank by hunting for the most potentially damaging personal information within the records
Business
US unveils green transition scheme for developing nations
Intended to support the transition to renewable energy in developing nations, the United States launched a partnership with private funds...
- Climate campaigners have criticized the US scheme, launched a day after a UN expert panel said carbon credits should not be used to "offset" emissions
- Companies, like Microsoft and Pepsi who have expressed interest in the plan, would invest in renewable energy projects, allowing countries to show reductions in emissions
Business
AD Ports, IDB ink deal to enhance UAE-Iraq trade flows
Abu Dhabi, UAE - AD Ports Group and International Development Bank (IDB) have signed a deal to review opportunities for...
- IDB aims to provide its services to corporate clients and support a range of key infrastructure projects in UAE and Iraq.
- The UAE and Iraq have continued to strengthen trade ties in 2022, with several trade agreements and development deals.
Business
Qatar has thousands of World Cup rooms available: Accommodation official
There are at least 25,000 rooms free even during the peak days of the World Cup, expected between November 24...
- For accommodation bookings, neighbouring Saudi Arabia has been the top market, followed by the United States, Mexico, Argentina, India, Britain, Brazil, Canada, Iran and Japan.
- Qatar is the smallest country to hold the World Cup, leaving many foreign fans worrying about prices and the availability of rooms.
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Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
Business
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Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
Business
Tesla sues Swedish state over strike fallout
Stockholm, Sweden - Electric carmaker Tesla on Monday filed a lawsuit against the Swedish state over a strike by postal workers...
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
Business
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Business
$37 billion private funding announced for new UK projects
Spanish energy company Iberdrola announced £7 billion of funding for offshore wind infrastructure while US tech giant Microsoft plans to...
- The UK government said the new investment would create 12,000 jobs "in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure
- Investments announced on Monday included £10 billion over the next four years from Australian fund IFM Investors "for large-scale infrastructure and energy transition projects"
Market Report
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
- The Dow edged higher at the open, while the S&P 500 and Nasdaq drifted lower.
- With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action.
Business
Beltone 9M net profit at $2.7m
In 9M, the firm's restructuring led to a turnaround.
- Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
- The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.