Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
Business
Apple to make iPhone 14 in India in shift away from China
The iPhone supply chain is based mainly in China but the country's zero-Covid policies and tensions with the United States...
- About 7.5 million iPhones -- around three percent of Apple's global production -- were made in India last year, the analyst added.
- Apple's announcement will be a boost to Prime Minister Narendra Modi's "Make in India" strategy under which he has urged foreign businesses to manufacture goods in his country.
Business
SAFEEN Feeders, Invictus sign deal
They will launch a new international dry bulk shipping service.
- Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent by SAFEEN Feeders and 15 percent by Invictus Investment.
- The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Economy
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
- Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
- Over 200 global and local companies from all sectors were surveyed.
Business
BNPL payments in UAE may reach US$17.5bn by 2028
A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
- A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
- As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.
Business
Interpol sends out red notice for Terra crypto founder
Nearly a month after a South Korean court issued an arrest warrant for Do Kwon, a cryptocurrency founder, Interpol has...
- On Twitter, Kwon denied that he was on the run but did not reveal his whereabouts
- Kwon's Terra/Luna system disintegrated in May, with the price of both tokens plummeting to near zero, and the fallout hitting the wider crypto market
Arts & Culture
Deeply divisive Monroe biopic ‘Blonde’ hits Netflix
While there is almost universal praise for the visceral lead performance by Ana de Armas, critics cannot agree whether the...
- While there is almost universal praise for the visceral lead performance by Ana de Armas, critics cannot agree whether the nearly three-hour film is an artistic tour de force
- For ID magazine, "Blonde" is "guttural, instinctive, anguished filmmaking that bends space, time, and every cinematic tool at its disposal in service of attaining emotional truth."
Business
Sure Global to list on Nomu
The Saudi tech firm has set the price at $19 per share.
- The company has reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market
- It received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu
Business
Porsche, luxury carmaker with storied history
The Porsche-Piech family are the main shareholders of the Volkswagen group, and have roots in Germany's auto industry stretching back...
- Porsche made waves at the Frankfurt international motor show in 1963 when it unveiled a new car with a six-cylinder engine
- Volkswagen, the parent company of Porsche, has launched a well-publicised drive to dump combustion engines
Business
Netflix and Disney+ to launch ad-supported subscription
Netflix and Disney+ will launch an ad-supported subscription in the coming weeks thus biting into the revenue of traditional television...
- Netflix is expected to launch an ad-supported subscription tier in early November, about a month before rival Disney+ does the same
- Disney+ will transition its existing $7.99-per-month subscription tier to the ad-supported version, and the ad-free option will go for $10.99
Business
German chancellor says Qatar rights improving
Applauding Qatar's rights record, Germany's Chancellor Olaf Scholz said that the gas-rich country has made progress on "questions that have...
- Qatar says that much of the criticism is unfair and that major reforms have changed conditions for hundreds of thousands of migrant workers
- German supporters' groups have criticized Qatar but the national football federation has rejected calls to boycott the event, pointing to reforms carried out in the past few years
Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
Company News
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Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
UAE approves Dubai Metro Blue Line project
DUBAI, UAE - Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has approved the...
Geostrategy
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
Business
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Business
Dubai records weeklong real estate deals worth $2.45 billion
Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...
- The DLD weekly report said that 384 plots were sold for AED 2.54 billion, 1,468 apartments and villas were sold for AED 3.38 billion.
- A total of 139 properties were granted between first-degree relatives worth AED507 million.
Arts & Culture
Jeddah Program named cultural destination of FIFA Club World Cup
Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...
- This prestigious tournament will be hosted in Jeddah from December 12 to 22, 2023, marking the first time it will be held in the Kingdom.
- The program's sponsorship of this tournament is part of its efforts to showcase the historic Jeddah region, a UNESCO World Heritage Site.
Business
8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...
- The agreements cover trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.
- The pacts were signed by the Federation of Saudi Chambers, the Council for Algerian Economic Renewal and several Saudi and Algerian firms.