Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
Business
Delta orders Airbus jets
The airline ordered a dozen single-aisle passenger jets worth $1.1 bn.
- Delta grabbed the headlines on the first day of Farnborough show on Monday with a $13.5-billion order for 100 medium-haul MAX jets built by Airbus rival Boeing.
- The Airbus announcement brings Delta's total firm A220 order to 107 of the aircraft.
Business
Dubai energy demand shoots up by 6.3% in H1 of 2022
Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current...
- He said that the increase in energy demand in Dubai reflects the economic recovery and the return of key activities
- Dubai has benefited from the Fourth Industrial Revolution technologies and implemented robust precautionary measures to ensure business continuity
Business
SAMI, Lockheed Martin sign pact
A center for manufacturing composite materials will be set up in Riyadh.
- The center will be established with support from the General Authority for Military Industries, in an effort to enhance aircraft manufacturing capabilities in the kingdom.
- SAMI Composite Materials Limited and Lockheed Martin will evaluate and develop the center in several phases, in addition to developing national cadres.
Business
Germany to partner with Egypt to build hydrogen economy
Germany is looking to partner with Egypt to build the hydrogen economy as Europe seeks to diversify away from its...
- Scholz believes electricity and hydrogen will be the key to transforming industry in Germany
- He sees a big opportunity for countries like Egypt to supply hydgrogen to Germany
Business
Equities slide in Asia as Apple report fuels economic worries
Most stocks fell Tuesday after a Wall Street sell-off fueled by fresh recession worries following a report that Apple planned...
- The losses among equities ate into Monday's gains, which came after a forecast-beating US retail sales report suggested consumers remained resilient
- In a sign of concern among big-cap firms about an economic slowdown or recession, Bloomberg News said tech titan Apple was pulling back on hiring and some investments
Analysis
Investors stay away as oil fuels tension in Iraq
The long-simmering dispute came to a head in February when the federal supreme court ordered Kurdistan to hand over oil...
- Iraq, the second largest OPEC producer, sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget.
- The country exports an average of 3.3 million barrels of crude oil per day (bpd), while production in Kurdistan amounts to just over 450,000 bpd.
Business
European Union seeks to double gas import from Azerbaijan
Azerbaijani President Ilham Aliyev said last week that "an important document on energy security will be signed between the European...
- Last year, Azerbaijan supplied some 8 billion cubic meters of natural gas to Europe through pipelines running via Georgia and Turkey.
- In May, EU leaders agreed to stop most Russian oil imports by the end of 2022, as part of unprecedented sanctions they slapped on Moscow.
Business
Farnborough show raises Boeing hopes
Boeing plans to show off several planes including the MAX 10.
- The MAX 10 offers Boeing the opportunity to show off the latest version of the aircraft and seek to recover from the deadly and costly crashes of an earlier model.
- The crashes in October 2018 and March 2019 led to the aircraft being grounded for 20 months. Airlines cancelled hundreds of orders and demanded compensation.
Economy
UAE honors firms which tripled Emiratization within 2 months
UAE's Ministry of Human Resources and Emiratization (MoHRE) has honored 16 companies that achieved over triple their Emiratization ratios in...
- UAE's Ministry of Human Resources and Emiratization has honored 16 companies that tripled their Emiratization targets in two months
- These companies will benefit from several incentives including upgrading their classification to the first category
Business
UAE-France non-oil trade from 2012-2021 up 8 percent
The non-oil trade between the UAE and France increased by 8 percent from 2012 to 2021, from AED23.2 billion ($6.3...
- Their non-oil trade over the past decade amounted to over AED256.15 billion, with a total weight of 8.28 million tons.
- Ornaments, jewellery and related products on top of the list of five leading goods imported from France in 2021, with a value of AED2.46 billion.
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
Company News
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Drought forces Panama Canal operator to cut ship traffic
Panama City, Panama - The operator of the Panama Canal, the passageway for cargo ships between the Atlantic and Pacific oceans,...
Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
Business
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Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Saudi Arabia emerges as only bidder for 2034 World Cup
The Saudi bid comes one year after neighboring Qatar hosted the first World Cup in the Middle East, where the...
- The full bids for 2030 and 2034 will be evaluated by FIFA and put to a vote at two separate congress meetings
- The kingdom made the bid for the 2034 event known on October 4, as soon as the procedure had been launched