Saudi Arabia partners with World Bank to launch global knowledge hub in RiyadhÂ
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Boeing CEO says company can’t afford another mistake: report
Boeing CEO Ortberg told workers a trade war with China would weigh heavily on Boeing. The meeting came about two...
Business
Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...
- The collaboration spans data analysis, machine learning, artificial intelligence, security and privacy solutions, and software and service development solutions
- The MoU aims to enhance the media sector in Saudi Arabia, enabling it to contribute to the local economy and benefit from the advancements of artificial intelligence
Business
Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...
- Musk wants the supercomputer - which will string together 100,000 Nvidia chips - operational by fall 2025, and "will hold himself personally responsible for delivering it on time,"
- The planned supercomputer would be "at least four times the size of the biggest GPU clusters that exist today," such as those used by Meta to train its AI models
Business
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...
- The two companies plan to "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin" in southern Algeria
- The agreement was signed in Algiers by Sonatrach's chief executive Rachid Hachichi and the head of exploration at ExxonMobil, John Ardill
Business
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
- Canon's sustainability strategy focuses on remanufacturing, renewable energy, and eco-label certifications, Venkatasubramanian (Subbu) Hariharan says
- The company inspires youth through the Canon Young People Program, empowering them to address sustainability issues with creativity and critical thinking, he adds
Saudia Group in ‘landmark’ deal for 105 Airbus planes
In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft...
- "Aviation supports 241,000 jobs, and a further estimated 717,000 jobs in the tourism sector," a Saudi report said.
- Saudi authorities have also announced plans for a new airport in the capital Riyadh capable of accommodating 120 million passengers a year.
Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
- The bereaved father, who lives near the Rumaila field in the southern province of Basra, is demanding that the firm compensate him for his son Ali's medical expenses
- He said no amount of money would make up for his son's death. But "what I am claiming is my right", added the 55-year-old father of seven, from his modest home
Business
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
- With Hala Financing, there are now 11 authorized companies offering debt-based crowdfunding solutions in Saudi Arabia
- The addition brings the total number of finance companies licensed and permitted by SAMA to 62, according to a SAMA news release
Business
US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
- Boeing breached obligations under an agreement that had shielded it against legal proceedings for the accidents, department officials said in a letter to a federal court in Texas
- Such a breach would mean Boeing can be prosecuted for any violation of federal law related to the crashes, according to US justice officials
Business
OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
- OpenAI, backed by Microsoft, has been valued at more than $80 billion by investors
- The new model can respond to users’ audio prompts “in as little as 232 milliseconds
Business
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
- Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad
- It is expected that Iraq's oil reserves will increase to over 160 billion barrels, thereby boosting Iraq's position in the global oil market
Saudi Arabia partners with World Bank to launch global knowledge hub in RiyadhÂ
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Company News
Latest News
Boeing lifts wage hike to 30%Â
Business
Microsoft beefs-up its AI assistant with voice, vision
San Francisco, United States - Microsoft on Tuesday doubled down on deploying artificial intelligence to consumers, releasing an updated version of...
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Most Read
Economy
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...
- The oil cartel's prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade
- In the group's annual World Oil Outlook (WOO), OPEC Secretary General Haitham Al Ghais said oil and gas make up well over half of the energy mix today
Business
Boeing lifts wage hike to 30%Â
The 30% general wage hike improves upon the 25% in the earlier offer.
- The International Association of Machinists and Aerospace Workers District 751 walked out on September 13, in a strike involving 33,000 workers in the Pacific
- The 30 percent general wage increase improves upon the 25 percent in the earlier offer, which was initially endorsed by IAM leaders
Business
Microsoft cutting more jobs from its gaming unit amid industry layoffs
San Francisco, United States- Microsoft is cutting about 650 more positions from its gaming unit as it continues to tighten its...
- No games or devices are being cancelled, nor are any studios being closed as part of the "adjustments" made at Microsoft's gaming unit on Thursday, according to Spencer
- Layoffs have become common in the video game industry, with Sony PlayStation early this year announcing it was laying off eight percent of its global workforce