Germany shares observations on Qatar hosting Autonomous e-Mobility Forum
In its efforts toward sustainable transportation, the German embassy is the first diplomatic representation in Doha to utilize an electric...
Business
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Business
Volkswagen profits slip by 26 percent in third quarter
Bottomline took a hit from Russia production halt
- The company halted exports to Russia after the invasion of Ukraine and closed its local production sites
- The car manufacturer made a net profit of 2.13 billion euros ($2.12 billion) in July to September
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
- The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million
- The quarter saw continued sustainable growth across the Group's subsidiaries which grew by 67% in revenue and profitability
Business
Apple reports solid profits on rising revenues
The tech giant's iPhone sales missed estimates
- Shares of Apple edged higher in after-hours trading, as the tech titan avoided a stumble akin to those experienced by Facebook parent Meta and Amazon
- Profits edged up one percent to $20.7 billion, on an eight percent rise in revenues to $90.1 billion in Apple's fiscal fourth quarter ending September 24
Business
Loans, investments, piles of his own cash: How Musk funded Twitter takeover
The 51-year-old ended up selling around $15.5 billion worth of Tesla shares in two waves, in April and in August.
- The 51-year-old ended up selling around $15.5 billion worth of Tesla shares in two waves, in April and in August
- the South African-born billionaire will personally cough up a little more than $27 billion in cash in the transaction
Business
Elon Musk takes control of Twitter, fires executives
Musk wasted no time sacking chief executive Parag Agrawal, as well as the company's chief financial officer and its head...
- The takeover came hours before the court-appointed deadline for Musk to purchase the social media network.
- Following the takeover, Musk tweeted that the "the bird is freed," referencing the company's iconic avian logo
Business
Emerging sectors are creating thousands of new jobs in the Kingdom, says Saudi Economy Minister
Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim...
- Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim at an event in Riyadh.
- The Future Investment Initiative, held under the theme "Investing in Humanity: Enabling a New Global Order", concluded in Riyadh late Thursday
Business
Seeking ‘healthy’ debate, Musk nears Twitter deal finish line
New York, United States---Closing in on his Twitter megadeal, Elon Musk said Thursday his goal is to enable "healthy" debate...
- The planned takeover has dismayed activists who fear a surge in harassment and misinformation under the unpredictable Musk, who himself is known for trolling other Twitter users.
- But Musk said he realizes Twitter "cannot become a free-for-all hellscape where anything can be said with no consequences."
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Business
Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period
Q3 profit was AED3.8 bn, up 51 percent year-on-year, exceeding the $1bn mark.
- A record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion.
- New corporate lending grew by AED24 billion in the first nine months of 2022 and impairment was down 12 percent.
Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
- Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
- The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Germany shares observations on Qatar hosting Autonomous e-Mobility Forum
In its efforts toward sustainable transportation, the German embassy is the first diplomatic representation in Doha to utilize an electric...
Business
Company News
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UAE owns 40% of aircraft fleet in Arab region, says ACAO official
Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...
Business
European banks lack transparency on green finance: NGO
ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
Business
Oman LNG signs sale-and-purchase agreement with BP to deliver gas
Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
Business
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Business
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
- Sodium-ion batteries are viewed as a cheaper and in some respects safer alternative to the lithium-ion batteries.
- While sodium-ion technology has been around for decades, it has lagged lithium-ion batteries in performance.
Economy
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study...
- Half the profits booked by multinationals benefitting from low tax rates were from countries that have high rates but offer various tax breaks to attract investments.
- "Many jurisdictions typically considered (to be) 'high tax' offer various incentives which can lead to substantially reduced tax rates," said the report further.
Business
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
- The roadmap, which comes less than two weeks before the COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero power sector emissions by 2050.
- Under the plan, Indonesia will seek to slash its carbon dioxide emissions to 250 million metric tons for its on-grid power sector by 2030.