Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
Business
SoftBank Arm sale scrapped
The company plans public offering of Arm by March 2023.
- The announcement came as the telecoms firm-turned-investment giant reported a net profit of 29.0 billion yen ($251 million) in the third quarter
- And there have been challenges elsewhere for SoftBank, including losses on Chinese ride-hailing giant Didi Chuxing
Opinion
The proverb-ial road to success
After all, what is considered traditional wisdom — and therefore infallible — has at times been known to run counter...
- Owners of today’s large enterprises are advised to resist the temptation to personally manage the daily affairs of businesses
- Instead, they should hire the most talented professionals and delegate to them the authorities needed for that purpose
Science
Lockheed Martin nets NASA deal
The company will make a rocket to bring back rocks from Mars.
- According to the US space agency's statement, Lockheed Martin has won a NASA contract to build the rocket which will bring the first Mars rock samples to Earth in the 2030s
- NASA will launch a plan in 2026 to send the mini-rocket to Mars, carrying another rover responsible for collecting the rock samples
Business
EU joins chips race with 42 bn euro bid to rival Asia
The production of semiconductors, also known as chips, has become a strategic priority in Europe as well as the United...
- The production of semiconductors, also known as chips, has become a strategic priority in Europe as well as the United States, after the pandemic choked off supply
- The manufacturing of chips overwhelmingly takes place in Taiwan, China and South Korea and the European Union's 27 member states
Business
Industries Qatar profit up 321%
The company achieved a net profit of QR 8.1 billion for 2021.
- Industries Qatar said in a statement that the Group revenue significantly improved by 77 percent to reach a record QR 20.2 billion
- Earnings per share (EPS) amounted to QR 1.34 for the year, versus QR 0.32 for last year
Business
‘Jail restaurant’ in Iran frees bad-debt inmates
Two Iranian ex-prisoners have opened a ‘jail restaurant’ to help raise funds to free convicts who are behind bars for...
- In Iran, bounced cheques, or failure to pay agreed dowries or bank loans results in jail time until the money is repaid
- More than 11,000 Iranians are in jail for failing to repay debts: almost 5 percent of Iran's prison population
Analysis
Wynn Resorts-RAK deal raises a few eyebrows
Legal experts weigh in on what lies ahead for the UAE when it comes to gaming entertainment in various forms.
- The announcement comes after rumors circulated about legalizing gambling clubs and permitting casinos in the UAE
- Gambling is prohibited in Chapter VI of the UAE Federal Penal Code, with those found guilty facing imprisonment and hefty fines
Business
MENA Transport Congress Exhibition kicks off in Dubai
The fourth edition of the MENA Transport Congress & Exhibition began on Monday in Dubai.
- The three-day event is organized by Dubai’s Roads and Transport Authority, and includes 13 sessions, five of which are main sessions
- The sessions will discuss the smart transport service, eco-friendly electric buses, artificial intelligence and big data, first and last-mile trips
Business
CBD signs a debt financing deal with Postpay
Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later...
- The strategic partnership with CBD will provide support to Postpay on several fronts including Transaction Banking
- The continued support from CBD will also enable Postpay’s planned expansion in the UAE, KSA, and other GCC countries
Geostrategy
WIPO and Qatar sign pact to promote Intellectual Property education
The World Intellectual Property Organization (WIPO) in collaboration with Hamad Bin Khalifa University (HBKU) will now promote education in intellectual...
- The World Intellectual Property Organization and Hamad Bin Khalifa University will collaborate for IP law teaching.
- The WIPO will provide expertise under the terms of the agreement.
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
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
Company News
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ECI, KazakhExport ink MoU
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
Business
Microsoft bows to EU competition concerns over Teams
In a bid to address the concerns, Microsoft will unbundle Teams from its Microsoft 365 and Office 365 suites in...
Business
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Business
SAMA licenses new company to provide E-wallet solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With...
- With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia
- SAMA is endeavoring to support the payments sector and increase efficiency of financial transactions
UBS gives peek at operations after Credit Suisse merger
Analysts have said UBS's own operating results will surely "take a backseat" to interest in how the integration process is...
- UBS's second-quarter income statement will mark the first results presented since the mega-merger that rocked Swiss banking earlier this year
- Investors and employees alike are also eager for clues as to the fate of Credit Suisse's Swiss division, as well as what level of job cuts to expect
Business
Gulf Bank to up paid-up capital
It will be hiked by US$79.6m through a public offering.
- According to a bank statement, the offering will be at a nominal value of 100 fils, in addition to a share premium of 130 fils for each share
- The bank posted a net profit of $56.50 million for the first three months of the current year, a 15 percent rise as against the same period of 2022