Big Tech faces AI spending test as earnings season gathers pace
The Magnificent Seven’s 5.7% fall last week shows that investors are no longer rewarding headline beats alone, they want proof...
Analysis
Dubai Chambers legal events draw 1,551 business representatives in H1
Dubai, UAE -- Dubai Chambers said it organized 15 legal events during the first half of 2026, attracting 1,551 representatives...
Business
Business
Lamborghini sales up in 2023
The deliveries sped up 9.5 percent to 10,112 vehicles.
- 2023 was the best year ever recorded," the brand said in a press release, with sales up 12.1 percent to US$2.9 billion
- Operating profit reached $785 million, up 17.8 percent, with operating margins widening to 27.2 percent, said Lamborghini
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
- The move comes after the European Union approved the airline's takeover of smaller rival Asiana.
- The deal involves the purchase of 27 A350-1000 and six A350-900 aircraft, Korean Air said.
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Business
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
- The respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
- The proposed would create one of the most valuable publicly listed space companies in the world with potential for significant global growth.
Meta, Microsoft slam Apple over app store policy
The four companies filed a rare joint amicus brief in a California court in charge of applying a ruling that...
- The Apple Plan comports with neither the letter nor the spirit of the Court's mandate," Meta, Microsoft, X and Match said in their joint filing on Wednesday, in support of Epic
- The plan's "new restrictions are plainly designed to render alternatives to Apple's in-app purchases impractical for developers, and inaccessible to consumers," the companies said
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
- Equity markets in New York and across Asia surged and the dollar retreated
- Gold traders also joined the party to push the precious metal to as high as $2,220 per ounce
Business
Reddit to make trading debut on NYSE
It comes amid a slowdown in the tech sector IPOs.
- The company is set to debut Thursday on the NYSE under the ticker RDDT after an IPO priced at $34 dollars a share
- It was created in 2005 and was quickly sold to Conde Nast, the publisher of Vogue and the New Yorker magazine
Geostrategy
Saudi Arabia to donate US$40m for UN agency in Gaza
The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in...
- Israel accused some of UNRWA's employees of involvement in the October 7 Hamas attack
- The UN has said that Israel has not provided it with any evidence for the allegations
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
- Suleyman is one of the biggest names in the artificial intelligence revolution that is taking the technology world by storm and his hiring is a major move by Microsoft
- Suleyman said that some key collaborators at Inflection, including co-founder Karén Simonyan, had "chosen to join" his team at Microsoft
Big Tech faces AI spending test as earnings season gathers pace
The Magnificent Seven’s 5.7% fall last week shows that investors are no longer rewarding headline beats alone, they want proof...
Analysis
Company News
Aramco signs $11bn deal
Business
Latest News
TAQA H1 net income $1bn
Business
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
Geostrategy
TotalEnergies approves restart of $20-bn Mozambique gas project
Paris, France -- France's TotalEnergies said Saturday the consortium it leads to build a $20-billion liquified natural gas project in...
Geostrategy
Saudi Arabia to host ATP Masters 1000 tennis event from 2028
Paris, France -- The ATP announced on Thursday the creation of a new Masters 1000 event which will take place...
Geostrategy
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Business
Jane Birkin’s Hermes handbag up for auction in Abu Dhabi
Paris, France -- A Hermes handbag once belonging to Jane Birkin will be auctioned in Abu Dhabi on December 5,...
- Nicknamed the "Birkin Voyageur", the estimated value of the late actor's black leather bag hovers between $230,000 and $430,000.
- Gifted to Birkin by Hermes in 2003, it is one of four the celebrity owned after auctioning the original to raise money for an AIDS charity in 1994.
Business
Ring, Lloyds Bank and Snapchat hit by massive internet outage
Lloyds Bank and Halifax’s mobile apps went down for users on Monday after a major outage linked to Amazon Web...
- Dozens of popular websites and apps, including Snapchat, Ring, Fortnite, and Amazon’s own Prime Video, were inaccessible during the blackout
- Lloyds’ website posted a notice saying: “Sorry, we’re unable to process your request at the moment. We are currently having some technical issues.”
Interview
Digital sovereignty Is the new independence, says UAE cybersecurity official
Digital sovereignty, in my view, is no longer a technical concept — it’s a cornerstone of national independence and strategic...
- Digital sovereignty, in my view, is no longer a technical concept — it’s a cornerstone of national independence and strategic stability, says Lt. Colonel Al Shebli in an interview
- The UAE has been forward-thinking in this domain, ensuring that data, platforms, and systems critical to our nation’s wellbeing remain under national jurisdiction. he adds