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
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...
Geostrategy
Business
Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...
- Renault is the only European automaker with a presence at this year's industry gala.
- Volkswagen and Stellantis, whose brands include Peugeot and Fiat, decided to skip the event.
Science
Japan’s Moon craft SLIM revives after lunar night
TOKYO, JAPAN – Japan's Moon lander has produced another surprise by waking up after the two-week lunar night, the country's space...
- The unmanned Smart Lander for Investigating Moon (SLIM) touched down last month at a wonky angle that left its solar panels facing the wrong way.
- As the sun's angle shifted, it came back to life for two days and carried out scientific observations, Japan Aerospace Exploration Agency (JAXA) said.
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
- EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth.
- EDB has approved $353 million in financing under the Credit Guarantee Scheme with partner banks in UAE.
Business
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...
- The focus on AI comes amid sluggish smartphones sales as consumers are taking longer to upgrade their devices due to a lack of significant innovations.
- Global smartphone shipments declined 3.2 percent to 1.17 billion units in 2023, its second consecutive yearly decline.
Geostrategy
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
- The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce during the meeting scheduled to run until Thursday in Abu Dhabi.
- But big deals are unlikely as the body's rules require full consensus among all 164 member states -- a tall order in the current climate.
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.
Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
Business
Disney and India’s Reliance to merge
The merger will create a powerful entertainment giant.
- The report of the deal comes as billionaire tycoon Mukesh Ambani readies to host Disney chief Robert Iger on March 1 for his son's wedding
- The deal is expected to see the media unit of Reliance and its affiliates hold at least a 61% stake in the merged entity, with Disney holding the rest
Business
Alcoa to buy Alumina in all-stock deal
The US aluminum producer will buy Alumina for US$2.2bn.
- Alcoa will offer 0.02854 of its own stock for each Alumina share, a 13 percent premium to the Australian group's Friday closing price
- Alumina shareholders would own 31.25 percent and Alcoa shareholders would own 68.75 percent of the combined company
Business
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data.Specifically,...
- According to the China Association of Automobile Manufacturers, some 289,000 trucks were sold during this period, a rise of 81.8 percent
- Xinhua News Agency said nearly 35,000 coaches were sold last month, an increase of 63.4 percent compared with the same period of 2023
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
Company News
Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
World Economic Forum
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Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
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...
Business
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...
Geostrategy
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Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
Bitcoin falls below $80,000 first time since November amid market volatility
Hong Kong, China -- Bitcoin sank below $80,000 on Friday for the first time in more than three months as...
- The digital unit fell to as low as $79,525.88 in early Asian trade -- its lowest level since November 11 and sharply down from the record above $109,000 seen just last month.
- The unit saw an eye-watering rally after Donald Trump's election victory in November after he promised on the campaign trail to free up regulations surrounding digital token.
Business
How cyber criminals steal cryptocurrency
Hackers from North Korea have become notorious for their sophisticated and relentless tradecraft, according to Chainalysis. Nearly 60 percent of...
- A recent $1.5-billion heist of Ethereum from the Bybit platform -- attributed by the FBI to North Korean hackers -- is believed to be the largest yet.
- Cryptocurrencies are based on blockchain technology, which publicly records transactions between people holding and exchanging them.