WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Business
Aramco shares hit record high on the back of high oil prices
Saudi energy giant Aramco's shares rose to a record high on Wednesday amid a surge in global oil prices following...
- Aramco's stock was trading at 42.9 Saudi riyals ($11.4) in Riyadh, according to the Saudi Tadawul market website
- Aramco had priced its landmark initial public offering at 32 riyals ($8.53) per share and it soared the maximum limit to 35.2 riyals on its market debut
Business
Yahsat revenue $123m in 2021
The company signed several contracts in Data and Mobility solutions businesses.
- Yahsat said it is well-positioned to grow in 2022, with approximately 70 percent of the Group's 2022 projected revenues contracted as of 31 December 2021.
- In 2021, Yahsat achieved an Adjusted EBITDA margin of 59 percent with Adjusted EBITDA of AED883.2 million [$240.5 million].
Business
US finds Ericsson disclosures on Iraq graft ‘insufficient’
Sweden's Ericsson said Wednesday that US authorities have found its disclosures about an internal inquiry into its conduct in Iraq,...
- The news from the telecom equipment maker sent shares tumbling more than 10 percent as the Stockholm stock exchange opened
- It revealed an internal Ericsson 2019 investigation that was never made public, identifying possible corruption over many years in the group's Iraqi operations
Business
Romania-UAE Business Forum promotes economic collaboration
Romanian business leaders were speaking at Romania-UAE Business Forum at Expo 2020 Dubai.
- Romanian business leaders were speaking at Romania-UAE Business Forum at Expo 2020 Dubai
- Private sector representatives from the UAE and Romania called for harnessing available opportunities to create joint investment ventures
Business
Boeing halts Russia support
It has stopped its Moscow operations and support for Russian airlines.
- Boeing suspended parts, maintenance, and technical support services for Russian airlines over Putin's invasion of Ukraine
- Apple has already stopped all its products sales in Russia while the EU has banned Russian state media from streaming
Business
Master Works raises $40m
The transaction was done by Merak Capital.
- Founded in 2010, Master Works offers products and services across multiple technology fields
- They include data management, AI, data strategy, API management, software development, and RPA
Economy
Biden says US will contribute half of 60 mn emergency oil barrel release
The United States will contribute half of the 60 million barrels of oil International Energy Agency (IEA) countries agreed to...
- The decision aims to "send a unified and strong message to global oil markets that there will be no shortfall in supplies," the IEA said in a statement earlier
- The invasion came "against a backdrop of tight global oil markets, price volatility, commercial inventories that are at their lowest level since 2014," the statement said
Business
Apple pauses Russia sales
Apple Pay and other services are also limited in Russia.
- Western governments, sporting organizations, and big companies have cut Russia off
- They have also sanctioned Russia over the internationally condemned attack Ukraine
Business
ExxonMobil out of Russia
It has offices in Moscow and St Petersburg with 1,000 employees.
- The US oil giant deplored Russia's action in Ukraine and underlined that it will no longer invest in Russian projects
- ExxonMobil had earlier pulled out two joint ventures during the previous round of sanctions against Russia
Business
Saudi Central Bank licenses new payment fintech company
Named Moyasar Financial Company, the new entity is expected to provide ecommerce payment services.
- The total number of payment companies licensed by SAMA now stands at 16
- This is in addition to nine companies that were granted an in-principle approval
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
Company News
Latest News
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
Economy
Tabreed signs MoU with Indian state
Asia's largest district cooling PPP project in Hyderabad part of deal.
Business
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
Business
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Business
Qatar real estate trading crosses $143m in August 27-31 2023
DOHA, QATAR - The volume of real estate trading in non-residential sales contracts at the Department of Real Estate Registration...
- The total sales contracts for residential units in the Real Estate Bulletin during August 27-31 reached US$75 million.
- The real estate trading in sales contracts in the non-residential category during August 27-31 reached US$ 68 million.
Business
$8.7 billion lawsuit in UK accuses Google of stifling competition
It accuses Google of breaching competition law by shutting out mobile search competition and using its market dominance to increase...
- The claim, filed with the UK Competition Appeal Tribunal, is seeking around £7 billion ($8.7 billion) in damages on behalf of effectively every consumer in the country
- The lawsuit argues that Google abused its dominant position by tying its Search with other apps and services such as requiring smartphone manufacturers to pre-install Google Search
Business
ENOC Group, Kawasaki renew partnership
The pact was signed through ENOC partner CKW Enterprises.
- The agreement grants Kawasaki access to ENOC Group’s advanced lubricants from top-tier mineral oils for regular bikes to fully synthetic oils designed for high-end bikes.
- ENOC said the new products meet an array of standards including, API SP and JASO T903: 2023 MA-2, guaranteeing best-in-class oil thickening and wear protection.