Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
Amazon tycoon Jeff Bezos, his fiancee Lauren Sanchez arrive in Venice for lavish wedding
Bezos, 61, and Sanchez, 55, are said to have booked out the city's finest hotels for a star-studded guest list...
Business
Business
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
- The increase is primarily driven by a 5.9 percent increase in housing prices and a 2.8 percent rise in the prices of goods and services.
- The culture and entertainment group recorded a 1.8 percent increase, while both the food and beverages group and the education group rose by 1.2 percent each.
Business
EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...
- The plant is expected to have a production capacity of 600 thousand tons of primary aluminum per year.
- Some 85 per cent of the aluminum needs of American industries, from automotive to aviation and construction, are currently met by imports.
Business
US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in...
- The broad-based S&P 500 added 0.1 percent at 5,923.30, while the tech-rich Nasdaq Composite Index gained 0.2 percent to 19,146.48.
- Broadband and cable company Charter Communications gained 2.5 percent after announcing a deal to acquire Cox Communications for $34.5 billion.
Business
Masdar issues $1bn bond
Its green bond program hits $2.75 billion.
- The bond was issued in two equal tranches of US$500 million, with tenors of 5 and 10 years and coupons of 4.875% and 5.375%.
- The bond attracted significant oversubscription with a peak orderbook of US$6.6 billion.
Business
Trump says urged Apple to manufacture in US not India
Doha, Qatar - US President Donald Trump said Thursday he urged Apple to manufacture its products in the United States...
- Trump said he told Cook: "We're not interested in you building in India... we want you to build here and they're going to be upping their production in the United States"
- Apple announced in February it would invest more than $500 billion in the United States over the next four years and promised to hire 20,000 people in the country
Business
OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...
- The issue had become a serious point of contention for the artificial intelligence trailblazer, with major investors demanding the change to better guarantee returns
- But AI critics worried about the dangers of pursuing big profits on such powerful technology without the oversight of a nonprofit board of directors who acted in society's interest
Business
Luberef net profit falls 7% in Q1
A fall in by-products sales leads to profit dip.
- This is in addition to a decrease in by-products crack margins, despite an increase in base oil crack margins.
- Total shareholders’ equity, no minority interest, stood at SAR 4.07 billion as of March 31, 2025.
Business
SABIC net loss $322 million
The company's net profit was $66m in Q1 2024
- Losses were driven by a SAR 1.05 billion drop in gross profit on higher feedstock prices.
- On a sequential basis, net loss shrank from SAR 1.89 billion in Q4 2024.
Business
PureHealth posts $137m Q1 net profit
The Group's revenue increased 8 percent YoY.
- EBITDA grew 5 percent year-on-year to AED 1.1 billion and net profit grew 3 percent year-on-year to AED505 million in Q1-2025.
- haista Asif, Group Chief Executive Officer at PureHealth, commented, “PureHealth’s first quarter results reflect the solid growth witnessed across all core segments."
Business
Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
- Eric Trump, executive vice president of the Trump Organization and the US president's son, attended the signing ceremony with Qatari Diar and Dar Global.
- The 18-hole Trump International Golf Course and Trump Villas are to be constructed as part of a major government-backed development scheme, Simaisma Project.
Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
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Trump touts ‘done’ deal with Beijing on rare earths, Chinese students
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for...
Business
Sharjah’s real estate sector records $1.49bn in transactions during May
Sharjah, UAE -- Sharjah's real-estate market during May 2025 recorded a total of 8,415 transactions worth AED 5.5 billion. Of...
Business
A hospitality trailblazer talks resilience in a shifting global landscape
Duncan O’Rourke, CEO, Premium, Midscale, and Economy Division for Middle East, Africa and Asia Pacific at Accor, spells out the...
Interview
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Science
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
- Current quantum computers are still experimental and face significant challenges, including high error rates.
- Companies like IBM, Google, and others are working to build more stable and scalable quantum systems.
Business
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
- Last week, UK fintech Wise, specializing in international money transfers, said it plans to shift its primary listing from London to New York.
- For California-based Qualcomm, the acquisition will help boost its AI infrastructure amid soaring demand for the technology.
Geostrategy
Leaders warn race for minerals could turn seabed into ‘wild west’
Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening...
- The number of countries opposed to seabed mining rose to 36 on Monday, according to a tally kept by the Deep Sea Conservation Coalition, an umbrella group of NGOs.
- Trump was not among the roughly 60 heads of state and government in Nice but his specter loomed large as leaders defended the global multilateralism he has spurned.