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
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...
Business
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
World Economic Forum
Business
UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...
- A penalty of US$2,722 (AED10,000) will be imposed on businesses that do not submit their Corporate Tax registration applications on time.
- The penalty was implemented to prompt taxpayer compliance with laws through timely corporate tax registration.
Geostrategy
WTO approves services trade rules, overcoming objections
The set of rules will streamline authorization requirements and ease procedural hurdles faced by businesses, according to a press release....
- Its integration into the WTO implies all 164 members have approved as per the body's rules which require full consensus.
- Ministers' negotiations also focused on fisheries and agriculture, but progress could be made on a new global agreement on fisheries subsidies.
Business
AI entity is Board Observer in IHC
IHC is a pioneer in leveraging AI for decision-making.
- Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
- This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.
Business
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
- The stowaway rodent was spotted enjoying the SriLankan Airlines Airbus A330 flight from the Pakistani city of Lahore on Thursday
- An airline official said the plane has now resumed flights, but that the grounding had a knock-on effect on the entire schedule
Business
Multiply Group acquires Backlite Media
The buyout is part of its plan to boost media business.
- The acquisition seamlessly complements the group’s existing portfolio, which includes Media 247 and Viola Communications
- BackLite Media, a premier advertising company, has assets in landmark locations in the UAE with revenues of $63.17m in 2023
Business
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
- For the entire year of 2023, smartphone shipments in the MEA region increased by 11% YoY, reflecting an upward trend in consumer sentiment
- The MEA region demonstrated the highest YoY growth globally during this period, attributed to improved economic conditions and rebounding consumer demand
Business
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
- IHC's earnings per Share (EPS) saw huge growth, more than doubling from AED 6.81 to AED 12.55
- Its revenue jumped to $16.33 billion, a jump of 17.9 percent from the previous year's $13.85 billion
Business
Digital innovation spurs gender parity in Middle East
Technology, from digital platforms to AI, offers a transformative avenue for empowering women, says Isabel Neiva of Kearney Middle East...
- Technology, from digital platforms to AI, offers a transformative avenue for empowering women, says Isabel Neiva of Kearney Middle East & Africa.
- She adds that technology is enhancing access to education, employment, and entrepreneurship opportunities beside health and well-being for women.
Business
UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
- The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a latest report.
- Despite global economic challenges and geopolitical uncertainties, prudent risk management has positioned UAE banks for continued success, it adds.
Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...
- Under the new rules, people in Europe will be able to transfer money within 10 seconds at any time of the day, including outside business hours
- The law is expected to enter into force formally by April, and banks in the eurozone single currency area must allow instant payments within 18 months of that date
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
Company News
Latest News
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
World Economic Forum
The future of luxury residential development needs to be green and smart
The GCC luxury market segment has experienced significant growth, driven by an increase in the number of high-net-worth individuals. Accommodating...
Interview
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Most Read
Business
China, Canada retaliate to Trump tariff war as markets fall
Washington, United States -- Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge...
- Trump had announced -- and then paused -- blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February.
- The duties will hit over $918 billion in US imports from both countries, and are set to hamper supply chains for key sectors like automobiles and construction materials.
Geostrategy
Future of Humanity – TRENDS’ yearly Special Issue now online
Dubai, UAE -- TRENDS’ yearly Special Issue is out. This year’s edition, titled Future of Humanity, explores key global shifts...
- The edition delves into transformative themes such as GCC’s leadership in urbanization, smart cities, and logistics, as well as the role of AI in reshaping healthcare and finance.
- It also highlights cultural diplomacy, the evolving digital economy, and the power of travel in shaping the human experience.
Business
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
- Real estate sales transactions since the beginning of the year have totaled AED 9.8 billion across 2,676 transactions.
- The total value of usufruct transactions has exceeded AED229 million for 28 properties.