Lithium-sulfur batteries will transform energy storage, says Lyten’s Horvath
Lyten, a Silicon Valley-based company, is revolutionizing the energy storage market with its groundbreaking lithium-sulfur battery technology. These batteries offer...
World Economic Forum
Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
Business
Juul to pay US$438m in US over marketing vapes to youth
Under the agreement, Juul would provide payments over the next 6-10 years to individual US states and pledge to not...
- Juul has been blamed for a surge in youth vaping over its marketing of fruit and candy flavored e-cigarettes, which it stopped selling in 2019
- On June 23, the FDA said it was ordering all products made by Juul Labs off the market after finding the vaping giant had failed to address certain safety concerns
Business
US returns stolen antiquities worth US$19m to Italy
US has returned dozens of antiquities stolen from Italy and valued at around $19 million, some of which were found...
- The District Attorney's office said the stolen items had been sold to Michael Steinhardt, one of the world's leading collectors of ancient art
- Among the recovered treasures, which in some cases were sold to "unwitting collectors and museums," were a marble head of the Greek goddess Athena from 200 B.C.E.
Business
BinDawood CEO resigns
Ahmad BinDawood stepped down due to personal reasons.
- The company said it will announce any developments about the appointment of a replacement in due course
- BinDawood Holding Co. is a leading grocery retail operator of hypermarkets and supermarkets in the kingdom
Business
Syria impounds bowls made out of 24 kilos of captagon
Syria has impounded 24 kilograms of captagon crushed and made to look like hummus bowls in one of the bizarre...
- Captagon traffickers have in recent years found ever more imaginative places in which to conceal their drug, from fake oranges, to real hollowed-out pomegranates
- Most of global captagon production originates in Syria, spurring a multi-billion-dollar industry that has made the drug the country's largest export by far
Business
Hotel occupancy rate points to UAE tourism recovery
The total number of hotel guests in the UAE rose to 10.5 million during the first half of 2022, up...
- The total number of hotel guests rose to about 10.5 million during the first half of 2022, up from 8.3 million during the same period in 2021, latest research by Colliers suggests
- The average daily rate of hotels in the UAE rose by 54% in Dubai, 35% in Abu Dhabi, 53% in Sharjah, 14% in Ras Al Khaimah, and 6% in Fujairah during the Q2 this year
Business
Saudi allows duty-free markets at air, sea and land ports
Riyadh, Saudi Arabia -Saudi Arabia has approved the establishment of duty-free markets, when necessary, at air, sea and land ports...
- The decision will allow sales to travelers coming to and departing from the Kingdom.Â
- The Saudi Cabinet also reviewed the Kingdom's participation in G20 ministerial meetings, held in Bali.
Geostrategy
Saudi delegation visits Jordan’s Petra to enhance cooperation
A delegation from Saudi Arabia's Royal Commission for AlUla (RCU) visited Petra on Tuesday to advance cooperation between the two...
- PDTRA Chairman briefed the Saudi delegation on the authority's efforts to develop tourism in Petra.
- The delegation toured the rose-red city and looked firsthand at the Petra By Night program, the flying taxi and other projects.
Economy
Oman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91...
- The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100.
- Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance.
Market Report
Stocks push higher, but yen and euro under pressure
European and US stocks rose Tuesday, but gains were capped by economic slowdown fears and central bank efforts to contain...
- European and US stocks rose Tuesday, but gains were capped by economic slowdown fears and central bank efforts to contain surging inflation.
- Frankfurt rebounded somewhat despite news that Germany's industrial orders slumped for the sixth consecutive month in July.
Business
Shapoorji bags Majid Al Futtaim deal
The US$217.4m contract covers construction of 808 villa sets.
- The projected date of completion of the projects at Tilal Al Ghaf is mid-2024.
- A key highlight of Tilal Al Ghaf is its central recreational lagoon bordered by white sandy beaches.
Lithium-sulfur batteries will transform energy storage, says Lyten’s Horvath
Lyten, a Silicon Valley-based company, is revolutionizing the energy storage market with its groundbreaking lithium-sulfur battery technology. These batteries offer...
World Economic Forum
Company News
Latest News
‘X’ new update includes job search feature, now live on the web
Washington, United States - The X platform has launched a new update that includes the job search feature, which provides...
Business
GCC sovereigns eye fiscal rejuvenation
A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust...
Economy
Meta, TikTok challenge incoming EU digital market law
Brussels, Belgium - Tech giants Meta and TikTok are contesting the scope of an EU law that from March will set...
Business
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Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
- The move aims to boost the company's capital expansions and working capital, the company said in a statement.
- The sukuk issue was amended from a private placement to a public offering, the company said.
Business
ADSB to make two vessels for ADNOC Logistics & Services
ABU DHABI, UAE - Abu Dhabi Ship Building (ADSB) announced that it is building two 28-meter vessels for ADNOC Logistics...
- The vessels are each powered by two diesel engines coupled with two Z-drive Azimuth thrusters.
- This configuration allows them to achieve a speed of 12 knots and a bollard pull of 60 tons.
Business
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
- The first day saw announcement of contracts worth US$1.2 billion and the second day US$1.8 billion
- The total value of contracts announced on third day stood at US$1.3 billion