Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Apple makes changes to App Store after EU warning
From the autumn, Apple said developers in the EU "can communicate and promote offers for purchases" wherever they want, for...
Business
Business
Guyana to ‘remove bureaucratic hurdles’ for Saudi investors
Guyana has pledged to a group of Saudi investors visiting the South American country to remove all hurdles in the...
- Mohamed Irfaan Ali, President of Guyana, made this promise to a 65-member Saudi delegation from the private and public sectors
- Al Badr said his government would set up a Saudi desk at the Ministry of Finance to help facilitate trade
Economy
Egypt invests $1.5bn to improve energy efficiency in petroleum projects
Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies.
- Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies
- Five energy efficiency technical reviews are being implemented, in cooperation with the European Union and other major global oil companies
Business
Twitter’s stock tanks as Musk trashes lawsuit threat
Twitter shares plunged Monday as Elon Musk issued a mocking, defiant commentary about a looming court battle after he ditched a...
- Musk took to Twitter late Sunday night to troll the company after it said it would sue to enforce the deal
- Musk on Friday pulled the plug on the deal, accusing Twitter of "misleading" statements about the number of fake accounts
Geostrategy
Biden seeks to persuade Saudi Arabia to pump more oil as prices soar
Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade.
- Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade
- Last month, OPEC+ stuck to a previously agreed output hike, shrugging off calls for bigger increases to tame elevated prices
Investigation
Cyberthreats put critical infra at risk in Middle East
Top cyber security experts speak to TRENDS about primary threats to critical infrastructure providers and how to build effective defenses.
- The impact of some cyber attacks was felt far beyond the organizations impacted directly and, in some cases, across the world.
- Gartner recently reported that only 60 percent of organizations globally protect endpoints.
Economy
UAE minister discusses CEPA, investments with local companies
Minister of Economy and Chairman of the UAE International Investors Council Abdullah bin Touq Al Marri said, in a meeting,...
- UAE International Investors Council has set up a platform to protect the interest of Emirati companies and investments abroad
- UAEIIC meeting discussed the advantages offered by the comprehensive economic partnership agreements signed with India, Israel and Indonesia
Economy
Abu Dhabi Chamber holds session on Emiratization in private sector
The Abu Dhabi Chamber of Commerce and Industry has organized an awareness session on increasing Emiratization rates in the private...
- A number of topics were discussed during the session including encouraging young Emirati talents to join the private sector
- The UAE government has announced a comprehensive federal program 'Nafis' for increasing Emiratization rates in the private sector
Economy
Saudi Arabia’s Industrial Production Index grows by 24 percent in May
Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year....
- The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT).
- GASTAT said the growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by Covid 19.
Business
$5.76bn French factory on cards
STMicroelectronics and GlobalFoundries to invest in semiconductor unit.
- Expected to employ around 1,000 people, the factory should reach full capacity by 2026.
- Chip factories like STMicroelectronics's produce integrated circuits on 300-millimetre (12-inch) circular "wafers" of silicon.
Business
Uber docs reveal bare-knuckle expansion tactics: report
A leaked cache of confidential files from ride-sharing company Uber illustrates ethically dubious and potentially illegal tactics it used to...
- Culled from 124,000 documents from 2013-2017 initially obtained by British daily the Guardian, the revelations are the latest hit for a company dogged by controversy
- The cache includes unvarnished text and email exchanges between executives, with standouts from co-founder and former chief executive Travis Kalanick
Anthropic hit with class-action lawsuit over copyright infringement
Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
Business
Company News
Latest News
Subway to sell for US$9bn
Business
Politics in fashion: Luxury brands react to Gaza crisis
From L'Oréal's controversy involving model Amena Khan to Chanel's significant financial pledge, the fashion industry is deeply entwined in political...
Business
Saudi civil aviation authority announces economic policy of sector
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) has announced the economic policy of the civil aviation...
Geostrategy
Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
Business
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Economy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
- The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy security.
- Prime Minister Rishi Sunak recently softened policies aimed at the UK achieving net zero carbon emissions by 2050.
Business
Borouge reports 22% Q3 2023 net profit
The company has issued a dividend of $1.3 billion.
- Borouge’s Value Enhancement Programme delivered a $420 million positive impact in the first nine months of 2023
- The company has issued a dividend of $1.3 billion for the 2023 financial year, which equates to a 6.3% current dividend yield
Business
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
- The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
- Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.