Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Economy
US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President...
- The latest GDP figures reflect increases in exports, consumer spending and government spending, said the US Commerce Department.
- Gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to Commerce Department data.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Business
Equal fee for India’s men and women cricketers
Match fees are however separate from annual pay packets -- there will still be enormous differences between what men and...
- Board of Control for Cricket in India (BCCI) secretary Jay Shah said, "We are implementing pay-equity policy for our contracted @BCCIWomen cricketers."
- Shah said that men and women players will now get 1.5 million rupees ($18,000) for each Test, 600,000 rupees for one-day internationals and 300,000 rupees for T20 internationals.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Business
Credit Suisse launches radical overhaul to stabilize bank
Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken...
- Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September
- Its investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022
Business
Samsung posts 31% decline in Q3 operating profit
It, however, reported a 3.79% increase in sales.
- The third-quarter results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker
- Operating profit for July to September 2022 fell to 10 trillion won ($7 billion), down from 15.8 trillion won for the same period last year, the company said
Business
Wary of online theft, most MENA shoppers still prefer in-store buying
According to a TRENDS poll, fear of being robbed online by fraudsters prowling on the web is keeping many MENA...
- Some 36.4 percent of respondents still shop in malls or stores most of the time, while 27.8 percent buy their stuff online
- Some 21.1 percent of MENA customers said that falling victim to online fraud had left them wary of using online services.
Business
Aramco to launch US$1.5bn sustainability fund for energy transition
Riyadh, Saudi Arabia— Aramco will launch a $1.5 billion sustainability fund to invest in stable and inclusive energy transition technology....
- According to its CEO Amin Nasser, the fund will be managed by the company's venture capital arm Aramco Ventures
- The company is also developing its blue ammonia and hydrogen business to produce up to 11 million metric tons of blue ammonia per year by 2030
Most Read
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
Company News
Latest News
Global ESG assets poised to reach $53 trillion by 2025
"This significant growth is driven by a combination of factors, including the impact of the pandemic and the sustainable recovery...
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...
Business
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...
Economy
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Business
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
- The state-of-the-art facility, with an annual production capacity of 170,000 tonnes, is being built adjacent to EGA's existing smelter in Al Taweelah.
- Completion of the plant is anticipated within the next three years, positioning EGA as the UAE's leading consumer of aluminum scrap.
Business
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
- Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.
Business
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.
- The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
- The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.