GASCO 9M 2023 profit up 16%
Business
Luberef’s 9M profit up 2%
Business
Empower 9M revenue $618m
Business
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
Business
EGA, ITOCHU sign agreement
They would set up UAE's largest aluminum recycling facility.
- EGA's relationship with ITOCHU stretches back to the 1980s, with the Japanese company marketing the UAE company's metal in Japan.
- The two companies will work in the development of new aluminum alloys with third parties for niche applications.
Business
Amazon confirms it has begun laying off employees
US media have previously reported that the platform and its various branches will lay off about 10,000 employees. Amazon did...
- A reduction of 10,000 employees would represent a little less than one percent of the group's total payroll, which had 1.54 million employees worldwide
- Many technology companies that had been hiring heavily during the pandemic have recently announced job cuts, including Meta, Twitter, Stripe and Lyft
Business
Educational Holding net profit $20.3m
The profits grew by 1,3 percent compared to 9M period last year.
- The Group provides educational services in Kuwait in accordance with Shariah principles.
- Earlier this month, Kuwait Capital Markets Authority approved the merger between Educational Holding Company and Boubyan Petrochemical Company.
Business
Alibaba posts Q3 loss of $2.9bn
Firm's result is seen as a gauge of Chinese consumer sentiment.
- The heavy net loss attributable to ordinary shareholders was primarily due to a decrease in market prices of its equity investments in publicly traded companies.
- Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses.
Business
Mubadala acquires stake in ACX
ACX is setting up a carbon trading exchange in Abu Dhabi.
- ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
- In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.
Business
Siemens posts Q4 profit of $3bn
Firm posts FY 2021-22 net profits of around US$4.6 billion.
- Siemens Energy's loss-making wind turbine maker subsidiary, Siemens Gamesa, has faced huge struggles.
- Siemens Energy was spun off in 2020 from Siemens, which still owns a 35 percent stake.
Business
Tencent Q3 revenue down 2 percent
It is Tencent's second consecutive quarterly decline in revenue.
- The Hong Kong-listed company is the world's top video game maker and the owner of popular super-app WeChat.
- Tencent said domestic video games in particular saw a 7 percent decrease in the three months ending September 30.
Business
Walmart posts Q3 loss of $1.8bn
Settlement on opioid cases hit earnings of the firm.
- The opioid crisis in the US - causing over 500,000 deaths over 20 years - triggered a flurry of lawsuits against drugmakers, distributors and pharmacies.
- US pharmacy chains CVS Health and Walgreens similarly reached preliminary agreements this month to pay more than a total of $10 billion to resolve opioid claims.
Business
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022.
- Adjusted total income grew 17 percent to $28.9 million in 9M-2022.
- Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022.
Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
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Company News
EDGE acquires 52% of ANAVIA
Business
GASCO 9M 2023 profit up 16%
Business
Luberef’s 9M profit up 2%
Business
Empower 9M revenue $618m
Business
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BMW Q3 profit drops 7.7%
Business
SAIC 9M net profit 38%
Business
Ducab, Somagec ink MoU
Business
Lufthansa Q3 profit $1.3bn
Business
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
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Business
Lufthansa orders planes for $9 bn
The airline ordered 40 planes each from Boeing and Airbus.
- The Airbus planes are intended to be used by Lufthansa's new regional carrier, City Airlines, which is due to start operating in summer 2024.
- The aircraft, the first of which will be delivered in 2026, will be deployed on short-haul routes from Frankfurt and Munich.
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
- The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.
- The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.
Business
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.
- AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
- AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.