Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...
Business
Business
Qatar Airways terms Airbus a ‘bully’ as paint dispute continues
The head of Qatar Airways on Tuesday accused plane-maker Airbus of acting like a "bully" as their billion-dollar dispute over...
- The airline and leading plane-maker have been fighting in the British courts for months over the paint problem
- Both sides said they hoped to reach a negotiated settlement after their latest hearing in May, when a London high court judge agreed to a speeded-up trial schedule
Business
Air tickets to be costlier as demand for travel rises
Propelled by inflation, the price of air tickets has begun to take off again after tumbling during the pandemic, a...
- The IATA is also pleading for government support in reconciling the long-term commitment to net zero carbon emissions with those ambitious targets
- In the European Union, the price of a return ticket before tax in April returned to that seen in the same month of 2019, after a near-20 percent fall in 2020
Business
Cubans ditch petrol cars, embrace electric versions
There is a new sight on the streets of Havana: increasing numbers of electric vehicles whizzing among the old American...
- The Cuban government has been promoting the use of electric cars, introducing them to state-owned companies to avoid use of fuel
- Fuel shortages have worsened since the US reinforced blockade of Cuba in 2019, preventing the arrival of fuel tankers from Venezuela
Business
QFB funding Qatari consortium to buy 11% stake in Ennismore Group
QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro.
- QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro
- The deal comes at a time when lifestyle segments are demonstrating a stronger performance than the overall market
Business
Qatar and Czech Republic sign deal to prevent tax evasion
Qatar has entered into an agreement with the Czech Republic to avoid double taxation on income tax and to prevent...
- The deal was signed by Minister of Finance Ali bin Ahmed Al Kuwari of Qatar and Minister of Finance Zbynek Stanjura of the Czech Republic
- The agreement comprises items related to the field of maritime and air transport and joint projects
Business
Facebook agrees to safeguards in ad discrimination case
Facebook has become a multi-billion dollar advertising juggernaut with its large amounts of user data that allow companies to more...
- Facebook has become a multi-billion dollar advertising juggernaut with its large amounts of user data that allow companies to more precisely target certain demographics
- Meta had already made changes to address housing ad discrimination concerns, and those will remain in effect, the proposed settlement stated
Business
Equities struggle to shake off recession fears
Equities struggled Wednesday after a brief respite from last week's painful rout across world markets, with recession fears continuing to...
- While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely to end any time soon
- Most observers expect them to hike rates by three-quarters of a point several more times this year, having announced such a move in June -- the sharpest lift in almost 30 years
Business
Free of travel curbs, GCC residents fly away for a break
In spite of high inflation, residents of the GCC countries are seeking newer destinations in Europe and beyond to travel...
- The United Kingdom, the Maldives, and Europe are still the most popular destinations for the UAE and the GCC citizens
- Travel industry experts feel that the global inflationary pressures are yet to affect travel demand
Economy
UAE’s FRC forms council for financial reorganization
UAE's Financial Restructuring Committee has formed a Consultative Council to provide an open discussion forum between the FRC and experts...
- Consultative Council has been formed to provide an interactive relation between FRC and the community
- The Council will discuss and provide advice on financial reorganization and bankruptcy
Business
Oman Air to be a part of Oneworld alliance by 2024
Oman Air's joining will add new destinations to the Oneworld network including Duqm and Khasab in Oman and Chittagong (Bangladesh).
- Oman Air's entry into Oneworld will provide more flights and destinations to customers planning global travel across the alliance's members.
- It makes Oneworld the only global airline alliance with three members in the Middle East after Qatar Airways and Royal Jordanian.
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
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UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
Business
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Business
Deutsche Bank profit down
Its net profit for the third quarter dropped to US$1.09bn.
- The bank launched a new effort earlier this year to cut costs and focus on its core strengths
- Its chief executive said the bank has "materially improved capital outlook" thanks to strong results
Business
Investcorp to float IPO
The listing of shares on ADX is set for November 17.
- According to the company, the subscription will be open from November 2 to November 9, 2023
- It plans to offer 321,500,000 new shares while 321,500,000 shares will be sold by selling shareholder, Investcorp S.A
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
- The UAE is Zimbabwe's second-largest trading partner and the relations between the two countries are poised to grow further
- Zimbabwe's ambassador to the UAE said that both countries are working to develop a number of sectors, like mining, and energy