Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
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...
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
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
Company News
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AllianceBernstein office in DIFC
Business
Cash transactions dominate Dubai’s property market
This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors...
Business
First Saudi horror movie ‘Cello’ screened at cinemas across the Kingdom
RIYADH, SAUDI ARABIA - Saudi cinemas began the screening of the horror and thriller movie Cello, with global participation of...
Arts & Culture
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Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
- Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
- Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Market Report
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
- In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
- Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.