Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Business
L’Oreal sales, profits surge
Sales rose by 15.3% from last year to $36.9 bn.
- Sales rose by 15.3 percent from last year to 32.3 billion euros ($36.9 billion), marginally above the analyst consensus figures compiled by Bloomberg and Factset
- net profits hit 4.6 billion euros, up by more than a quarter from 3.6 billion in 2020 and 3.75 billion in 2019
Microsoft vows app store fairness
The company is courting favor of antitrust regulators
- Microsoft president Brad Smith laid out a set of "Open App Store Principles" that will apply to the store it runs for Windows-powered computers
- Microsoft's $69 billion deal to buy video game powerhouse Activision Blizzard needs to pass muster with regulators in Europe and the United States
Opinion
Growing cyber threat demands a united response
A 2021 report by McAfee estimates the monetary loss from cybercrime globally to be approximately $945 billion. When you add...
- The dollar cost to organizations of all types due to cyber threat is staggering. It is estimated that the average cost of remediation in 2021 was $517,961 in the UAE
- The monetary loss from cybercrimes globally is put at $945 billion. When you add to this the global cost of cybersecurity products, it touches $1trn annually
Economy
Dubai plans to attract 50 multi-national companies under a three-year strategy
Dubai plans to attract 50 multinational companies within three years and push the external expansion of 100 companies from Dubai...
- Drawn by Dubai International Chambers, the strategy will also push the the external expansion of 100 companies from Dubai to priority foreign markets.
- It will also support and motivate multinational companies to list on the Dubai Financial Market.
Business
Dubai Islamic Bank issues $750m five-year sukuk
Dubai Islamic Bank has successfully priced its $750 million five-year senior sukuk, taking advantage of global interest in Islamic bonds....
- The debt sale, a first in the UAE this year, attracted huge investor interest and was more than 2.5 times oversubscribed
- The bonds were priced at 95 basis points with a profit rate of 2.74 percent
Business
SAN Group to invest in RAKEZ
The firm will construct a sustainable hydrogen production unit in the zone.
- This biotech facility will consist of a research center, laboratory, desalination plant, greenhouse as well as hydroponic and aquaponic indoor systems.
- The project will be constructed with an investment of $3.2 million and will be operational at the end of 2022.
Business
Covid lockdown in China makes aluminum costlier
The Covid lockdown this week of a relatively unknown Chinese city sent global prices of aluminum rocketing to a 14-year...
- Located near the border with Vietnam, Baise is nicknamed the "aluminum capital of southern China"
- It produces about 2.2 million tonnes of the commodity per year -- more than 80 percent of the output in the resource-rich Guangxi region
Business
DP World volume growth 9.4 percent
All DP World regions delivered volume growth, especially India.
- 2021 gross volume growth was broad-based with India, Asia Pacific, Middle East & Africa, Europe, Australia and Americas regions being the key growth drivers.
- Chief Executive Officer Sultan Ahmed Bin Sulayem said the performance was due to the company's continued investment in high-quality assets in the right locations.
Business
EGA to build an aluminum recycling facility in UAE
Emirates Global Aluminum is looking to set up an aluminum recycling facility with a capacity to churn out 150,000 tonnes...
- EGA intends to market recycled aluminum under the product name "EternAL," the company announced on Wednesday in a statement
- Feasibility studies for the project are underway. Production ramp-up could begin as early as 2024, the company revealed
Business
Asian markets rise again as traders wait for US inflation data
Signs of lower tensions between Russia-Ukraine have put investors at ease.
- Asian markets rose following a positive performance as traders prepared for the release of highly anticipated US inflation data
- Oil prices also enjoyed a small bounce on demand optimism after two days of losses fueled by several worldwide factors
Most Read
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
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Company News
Vodafone merges with Hutchison
Business
Latest News
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
Business
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...
Business
ADGM’s Registration Authority fines KPMG Lower Gulf $30,000
Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG...
Business
Most Read
Geostrategy
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
- The primary objective of this cooperation is to regularize the electronic connection between the bureau and SJC.
- SJC will supply the bureau with the outcomes of the rulings related to its work in quest of achieving data accuracy.
Business
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
- The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
- The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.