Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
Saudi Pro League announces long-term partnership with Maaden
Riyadh, Saudi Arabia - The Saudi Pro League (SPL) and Saudi Arabian Mining Company (Maaden) have agreed a long-term strategic...
Business
Business
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...
- Whether it's the luxury, electronics or pharmaceutical sectors, US President Donald Trump's unpredictability complicates the calculations of firms.
- Some companies didn't wait for Trump's April 2 announcement of massive "reciprocal" trade tariffs: they had already begun shipping more of their goods to the United States.
Business
‘Something new for the honey market’: Austria trials DNA testing to uncover fraud
Voels, Austria -- At a laboratory in Austria's mountainous Tyrol province, scientists are DNA testing about 100 honey samples a...
- With fake honey flooding markets, and only a few European laboratories running such analysis, the small Austrian company Sinsoma began offering the tests two years ago.
- Between 2021 and 2022, 46 percent of the honey tested under an EU investigation as it entered the bloc was flagged as potentially adulterated, up from 14% in the 2015-17 period.
Business
Chinese firms extend EV range with petrol generators
The generator, known as a range extender, is connected to the cars' batteries and feeds them only when needed. Since...
- This technology grew faster in China last year than any other type of powertrain, the system that propels a vehicle forward.
- More than one million EREVs were sold, representing a total market share of six percent, according to the McKinsey consultancy.
Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.
Business
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
- The event has achieved a near 12 percent year-on-year increase in exhibitor participation, making it the largest edition to date, now spanning 14 halls.
- The 32nd edition of ATM will focus on the theme: “Global Travel: Developing Tomorrow’s Tourism Through Enhanced Connectivity”.
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...
- At this week's Auto Shanghai, the largest global industry show of its kind, foreign firms pitched dozens of electric, high-tech models made "in China for China".
- Volkswagen, the largest foreign automaker operating in the country, announced that by 2027 it would release more than 20 new cars for the local market.
Business
Boeing says China not accepting planes over US tariffs
New York, United States -- Boeing's CEO confirmed Wednesday that China had stopped accepting new aircraft due to the US-China...
- President Trump's trade conflicts with China and other countries loom as a question mark for Boeing, a major US exporter, despite Wednesday's solid results.
- Boeing had planned to send around 50 aircraft to China in 2025, said Ortberg, who told the network that the company wouldn't "wait too long" to send the jets to other customers.
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Business
ADIB’s Q1 net profit $517 million
Q1 2025 net profit before tax increased 18% YoY.
- Net profit after tax for Q1 2025 was AED 1.7 billion, reflecting an 18 percent increase compared to Q1 2024.
- Revenue for Q1 2025 improved by 14 percent to AED 2.9 billion compared to AED 2.5 billion for Q1 2024.
Business
Emirates Islamic Q1 profit $394m
The bank's profit crossed AED 1bn mark for the first time.
- Total income rose 8 percent year-on-year to AED1.45 billion ($394 million) in Q1 2025.
- Operating profit increased by 5 percent compared to Q1 2024, while the net profit margin remained robust at 3.85 percent.
Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
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Trump administration refocuses US-China chip war on AI and Huawei
Beijing, China -- The United States has taken aim at China's Huawei over the cutting-edge chips powering artificial intelligence (AI),...
Business
Xiaomi launches new advanced in-house mobile chip
Beijing, China -- Tech giant Xiaomi unveiled a new advanced in-house mobile chip on Thursday, a significant milestone for the...
Business
May 2025 Islamic Treasury Sukuk auction attracts bids worth $1.88bn
Abu Dhabi, UAE -- The Ministry of Finance (MoF), in its capacity as the issuer and in collaboration with the...
Business
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Business
Turkey says increasing energy exports to war-torn Syria
Damascus, Syria -- Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports...
- Syria's Islamist authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the country's infrastructure and economy after almost 14 years of civil war.
- The conflict badly damaged Syria's power infrastructure, leading to cuts that can last for more than 20 hours a day.
Business
Cyberattack to cost UK retailer Marks & Spencer $404 million
London, United Kingdom -- British clothes-to-food retailer Marks and Spencer on Wednesday said a cyberattack affecting its online service is...
- Marks last week revealed that some personal data of its customers had been stolen in a cyberattack that has crippled its online services for weeks.
- The news came as Marks on Wednesday reported operating profit before adjusting items of £985 million for its financial year to the end of March.
Geostrategy
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
- There are fears that such a sharp escalation could tip the Middle East into a war, with tensions already high over Israel's strikes on Gaza.
- While safe haven gold pushed higher, the news from CNN appeared to be having little detrimental effect on Asian equities, with most extending the previous day's rally.