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
Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
Business
Economy
WTO urges countries to lift green trade barriers
The World Trade Organization urged countries to abolish trade barriers in environmental goods and services to help fight climate change....
- Trade is a force for good for climate and part of the solution for achieving a low-carbon, resilient and just transition, the WTO said.
- Reducing tariffs and non-tariff measures on energy-related environmental goods could increase exports of these products by five percent by 2030, the WTO said.
Business
Ryanair earns bumper profit
It posted a net profit of $1.36bn in H1.
- It announced a return to profit as the aviation sector recovers following the lifting of Covid travel restrictions
- The airline said it flew 95 million passengers in its first half, up from 39 million one year earlier
Business
Apple says iPhone production hit by China Covid lockdown
Owing to Covid restrictions in central China, Apple has said that production at the world's largest iPhone factory has been...
- Foxconn locked down its massive factory in Zhengzhou last month after a spike in infections -- in line with China's zero-Covid policy
- Multiple workers have recounted scenes of chaos and increasing disorganization at Foxconn's complex of workshops and dormitories
Business
Flydubai scales up flights
It will run new flights to Europe and Asia in 2023.
- The new flights will run to European cities such as Milan and Cagliari in Italy as well as Corfu in Greece
- The launch of the six new routes will elevate flydubai’s network to a total of 113 destinations across 53 countries
Business
Suez Canal Authority to invest US$550m in current fiscal
Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister...
- The revenue of Suez Canal increased in the third quarter of this year by 23.5 percent year-on-year to hit $2.1 billion — the highest figure ever recorded
- As many as 6,252 ships crossed the canal from July to September, with a total net payload of 372.7 million tons
Business
Meta to sack thousands of employees: Wall Street Journal
Meta is planning to sack thousands of employees this week, becoming the latest tech firm to scale back its workforce....
- The latest plans from Meta follow recent announcements by other tech firms to freeze hiring or cut their workforce as the industry fights economic headwinds
- Twitter, freshly acquired by Elon Musk, abruptly fired about half of its 7,500 employees last week
Business
Investors remain split over crypto market prospects
While some expect cryptocurrencies to fall even deeper before staging a sustainable recovery, others hope that the market will get...
- While some expect cryptocurrencies to fall even deeper before staging a sustainable recovery, others hope that the market will get healthy in the last quarter of 2022.
- Many observers believe that bitcoin and gold share some similarities, which may be another factor pushing the cryptocurrency's price.
Business
Commercial operations begins at Al-Zour Refinery project in Kuwait
Kuwait City, Kuwait - The Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of...
- The project started last month to produce and sell primary quantities of fuel oil and supply it to local electric power stations.
- Acting CEO of KIPIC Waleed Al-Bader said the operation is important and a mainstay of the country's development plan.
Videos
Middle East’s sports path to boosting tourism
The Arabian Gulf countries have hosted some of the biggest sporting events during the past decade. The World Cup is...
- Doha and Riyadh have been selected to host the upcoming editions of the Asian Games---Doha in 2030 and Riyadh in 2034.
- The mountain resort of Trojene, which is being developed in Saudi Arabia's futuristic Neom city, will host the 2029 Asian Winter Games.
Science
‘UAE to reveal implementation map of Net Zero 2050 at COP27’
Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said the UAE’s participation in the 27th session of...
- A UAE minister said the COP27 focuses on financing and ensuring equitable participation of developing countries in climate action efforts.
- She said the UAE will invite the world to participate in the efforts to spread and use renewable energy.
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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
Company News
Birkenstock declares IPO prize
Business
Latest News
SVC inks pact with IMPACT46
Business
AD Ports Group expands operations in Kazakhstan with two new oil tankers
Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
Business
Most Read
Geostrategy
International migration flows to OECD countries at record highs in 2022
Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021,...
- Fifteen 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent migration over the past 15 years.
- Over two million new asylum applications were lodged in OECD countries in 2022, well above the previous record of 1.7 million in 2015.
Economy
China begins probe into indebted asset management firm
Zhongzhi Enterprise Group managed assets worth more than one trillion yuan ($141 billion), according to investment bank Nomura. But the...
- Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified "alleged offences"
- Zhongzhi declared itself insolvent on Wednesday with its arrears estimated at nearly $66 billion, according to a letter to investors cited by local media
Business
Conflict hits regional gas supply and infrastructure
The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas...
- The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas exports.
- The conflict poses risks to the regional energy sector, potentially affecting Egypt's gas supply and oil and gas prices due to tensions in the Strait of Hormuz.