e& posts 11.6% revenue growth
The H1 net profit hits $1.63 billion.
UAE investors drive half of Sharjah property trade in first half
Dubai, UAE -- UAE investors accounted for more than half of Sharjah's real estate trading value in the first half...
Business
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Economy
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
- There are positive indicators suggesting a stabilization in Jordan’s economy.
- Presently the currency exchange sector comprises 250 firms across Jordan.
Business
UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
- UBS had reported a $29 billion annual profit in February due to the difference between the value of the assets obtained in the Credit Suisse dea
- In its annual results published on Thursday, UBS said the fair-value estimate has been adjusted by $1.2 billion, decreasing the "negative goodwill" to $27.7 billion
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.
- Xiaomi CEO Lei Jun has promised that the SU7 EV will be "the best-looking, best-driving and smartest car" costing under $69,200
- Xiaomi is the world's third-biggest smartphone maker, and its experience in that sector has helped shape its EV strategy
Economy
Aramco CEO terms energy transition strategy a failure
Speaking at the CERAWeek conference in Houston, Saudi Aramco Chief Executive Amin Nasser said that the current transition strategy is...
- ExxonMobil Chief Executive said "we're not on the path" to reaching net zero emissions by 2050
- In November last year, COP28 conference included a call for a transition away from fossil fuels
Business
Abu Dhabi Chamber and UAEIIC team up to boost investment
Abu Dhabi, UAE--The Abu Dhabi Chamber of Commerce and Industry has signed an agreement with the UAE International Investors Council...
- The two entities will ensure the growth of investments in the region and across the world to promote Abu Dhabi as an investment destination
- They will work together to assess growth opportunities in strategic priority markets, provide consultations, and share studies and information
Business
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
- Bloomberg initially reported the discussions regarding PIF's potential acquisition of Saudia
- Currently, PIF already holds ownership of Riyadh Air, the kingdom's upcoming airline
Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
- Nanda before his new appointment was the head of Operations and head of Investment Structuring and Business Support, Asia, at Investcorp
- He is a chartered accountant, holding a master's degree in science with a specialization in finance from the London School of Economics
Business
GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
- As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of emerging technologies.
- With malinformation costs set to exceed $500bn, businesses must invest in anti-malinformation programs and leverage chaos engineering to figh against evolving cyber threats.
Business
Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
- The fall raised speculation that authorities would step into markets to support the currency after officials warned in recent days against speculation
- The weaker yen helped spur a rally in the Nikkei as exporters benefited, making the index the region's best performer
e& posts 11.6% revenue growth
The H1 net profit hits $1.63 billion.
Company News
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OpenAI signs $38 bn infrastructure deal with cloud giant AWS
Under the seven-year agreement, OpenAI, which is partly owned by AWS's archrival Microsoft, will gain access to computing resources including...
Business
Death becomes a growing business in ageing, lonely South Korea
Busan, South Korea -- Rows of coffins line a university classroom in the South Korean port city of Busan, ready...
Geostrategy
High price of gold inspires new rush in California
El Dorado Hills, United States -- Matt James has collected gold nuggets for years from the hills and riverbeds of...
Business
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Business
AI giants turn to massive debt to finance tech race
New York, United States -- Meta raised $30 billion in debt on Thursday, as tech giants flush with cash turn...
- Meta raised $30 billion in debt and demand for its bonds was reportedly four times greater than supply.
- The $30 billion in bonds scheduled to be repaid over the course of decades is intended to provide money to continue a breakneck pace of AI development.
Business
Amazon shares surge as AI boom drives cloud growth
San Francisco, United States - Amazon's share price skyrocketed by more than ten percent on Thursday after the online retail...
- The e-commerce giant's Amazon Web Services division, which recently suffered a global outage, saw revenues jump 20 percent to $33 billion in the third quarter
- Amazon's major rivals in the cloud computing space, Microsoft and Google, on Wednesday also reported sales increases in their cloud computing business
Business
TotalEnergies net profit soars despite lower oil prices
Paris, France -- French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite...
- The company said net income grew around 61 percent to $3.7 billion compared to the same period last year, even as oil prices fell by more than $10 per barrel year-on-year.
- TotalEnergies shares were down 1.4 percent in afternoon trading while the Paris stock exchange's blue-chip CAC 40 index was 0.7 lower.