No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...
Economy
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...
Business
Business
Israel’s Teva reaches potential $4.25 bn US opioid settlement
If the deal is finalized, Teva would become the latest major company to reach a settlement over the crisis which...
- If the deal is finalized, Teva would become the latest major company to reach a settlement over the crisis which caused hundreds of thousands of deaths across the country
- Teva reached the potential agreement on the terms of a "nationwide opioids settlement" with a working group of state attorneys general and lawyers for Native American tribes
Business
Microsoft earnings fall
The poor performance result of sagging demand.
- The US technology giant reported profit of $16.7 billion on revenue of $51.9 billion, topping the same quarter a year earlier but missing market forecasts.
- The earnings stumble was due mostly to foreign exchange rates and shutdowns of personal computer factories in China
Geostrategy
Greece to get ‘cheaper energy’ from Saudi Arabia
A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several...
- A power cable between the Kingdom and Greece to provide Europe with 'cheaper renewable energy' is one of the several bilateral projects between the two countries
- A strategic partnership has also been announced between the private sectors in the two countries to build a data cable project linking the East and the West
Business
Rolls-Royce picks new CEO
Tufan Erginbilgic replaces Warren East from the start of 2023.
- East is stepping down after a tumultuous eight years in the top role during which time he turned around performance and slashed thousands of jobs.
- Erginbilgic left the British energy major in 2020 and is a partner at private equity firm Global Infrastructure Partners.
Geostrategy
Deals in focus as Saudi crown prince visits Europe
Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations...
- Mohammed bin Salman, who is visiting Greece and France, will meet the leaders of both countries 'to discuss bilateral relations and ways to enhance them in various fields'
- Greek and Saudi private business groups are expected to sign agreements in the fields of maritime transport, aquaculture, waste management, culture, food and agricultural products
Business
EasyJet cuts losses
The airline had taken a sizeable financial hit from disruptions.
- As airport staff shortages spark flight cancellations, EasyJet said it booked a one-off charge totaling £133 m.
- The airline posted pre-tax loss of £114 million in the group's third quarter, or the three months to end of June.
Geostrategy
EU agrees to reduce gas consumption by 15 percent
The usage is reduced to counter the dependency on Russian gas supplies.
- Russian gas giant Gazprom will slash supplies to Europe from Wednesday, threatening economies like Germany.
- 27 European Union members have imposed economic sanctions on Russia to punish it for its invasion of Ukraine.
Business
ECI signs MoU with HFZA, SAIF
The three entities will support Sharjah exporters and re-exporters.
- As per the agreement, ECI will offer its range of flexible trade credit insurance and financial solutions to SMEs in the free zones.
- ECI will also help the companies in the free zones to successfully carry out export to foreign countries.
Business
ADNOC Logistics acquires Zakher
The financial details of the transaction were not disclosed.
- ADNOC L&S will add 24 jack-up barges and 38 offshore support vessels from ZMI, growing its total fleet size to over 300 units.
- Zakher Marine International will continue operating as a standalone entity under ADNOC L&S, led by Ali Hassan El Ali as CEO.
Business
Sono Motors, German start-up, to roll out solar car next year
The Sion, a five-person family car covered completely in solar panels, should enter into serial production in the second half...
- The car, which boasts a battery range of 305 kilometers, is aimed at families as well as car sharing services
- The large black Sion hatchbacks are covered with 456 solar cells which allow it to generate on average enough electricity over a week to power the car 112 kilometers
No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...
Economy
Company News
Ryanair inks pact with Joramco
Business
Latest News
Conflict points to economic shift in Arab-Israel ties
Bahrain's expulsion of Israel's ambassador and halted trade may foreshadow a broader economic realignment in the Middle East, threatening key...
Business
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...
Business
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Business
Elon Musk’s xAI to release first AI model to ‘select group’
WASHINGTON, US - Elon Musk said his new artificial intelligence company would release a new AI model on Saturday to a...
- The release would be the first from Musk's new startup, xAI, that he launched in July after hiring several researchers.
- Musk compared AI to "a magic genie" that gives you any wishes you want, warning that such fairy tales rarely end well.
Business
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
- The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
- This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6Â percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.