QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
Economy
EDGE acquires 50% stake in SIATT
Business
Aramco to invest in LNG
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Binance selling Russia business
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Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Business
First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion
The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
- The bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income.
- Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
Business
India fines Google $113 mn for ‘unfair’ payment system
The CCI ordered Google to allow app makers to use third-party billing systems and treat rival payment processing services on...
- The California-based company's Android mobile operating system is by far the dominant player in India and runs on 95 percent of all the country's smartphones
- Independent developers distribute their own software on Android through the company's app store, Google Play, but must use Google's billing system to collect revenue
Business
Inditex sells Russian business to Middle Eastern Daher Group
Inditex closed its over 500 stores in Russia in March.
- Following Moscow's invasion of Ukraine on February 24 and Western sanctions, Inditex closed its over 500 stores in Russia in March
- The UAE and a number of other Gulf and Asian countries are regarded by the Kremlin as friendly states, and their companies are encouraged to conduct business in Russia
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Business
DP World gross container volume rises 2%
On a third-quarter basis, DP World handled 20.1 million TEU.
- The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
- Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
Business
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.
- Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
- This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
Business
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing.
- Revenues jumped 56 percent to $41.9 billion, a quarterly record.
- GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth.
Business
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion.
- The energy crisis had affected their retail and small business clients in Switzerland.
- The CEO of UBS said clients are concerned about high inflation, elevated energy prices and the war in Ukraine,
Business
SALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.
- The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
- ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
Economy
Company News
EDGE acquires 50% stake in SIATT
Business
Aramco to invest in LNG
Business
Binance selling Russia business
Business
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Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
Business
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Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.
- In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
- SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).