Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
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Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
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Lootah Biofuels inks MoU
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ACWA Power 9M net profit up 22%
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Business
ADNOC Drilling 9M net profit $568m
Onshore revenue for the period was $1.074 bn, up 25% YoY.
- The third quarter revenue was $372 million, up 33 percent year-on-year.
- Offshore revenue for the nine-month period was $431 million, broadly flat versus the prior year.
Business
Invictus 9M net profit $105m
The firm reported a 125 percent increase in its revenues.
- The company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
- This year, the company introduced fertilizers which added over AED 140 million to revenues.
Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
Business
SoftBank Q2 net profit at $21.4b
Firm's reduction of stake in Alibaba partly helped.
- Falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
- The investment behemoth has made huge bets to find and grow new tech companies around the world - making its earnings vulnerable to fickle market forces.
Business
ADNOC Distribution 9M net profit up 39%
The company paid a dividend of AED1.285 bn in Oct.
- The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 percent of distributable profits.
- The company’s non-fuel business for the first nine months of 2022 rose by 18 percent, while non-fuel gross profit also increased by 9 percent.
Business
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.
- The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
- In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Business
SALIC buys 9.2 percent stake in LT Foods
The deal follows the acquisition of 30% stake in Daawat
- The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
- LT Foods delivers rice and rice-based food brands in more than 60 countries
Business
Air Arabia Q3 net profit $113m
The profit rose by 99 percent compared to Q3 2021.
- In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
- The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Business
Mazda pulls out of Russia JV
Firm to transfer it equity interest to JV partner Sollers.
- Mazda stopped shipping parts to Russia in March and ended operations the following month.
- The company said it signed an agreement last month to transfer all of its equity interest in the Russian business to its joint venture partner Sollers.
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
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BMW Q3 profit drops 7.7%
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SAIC 9M net profit 38%
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Lufthansa Q3 profit $1.3bn
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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.
Business
Japan’s Nippon to acquire US Steel
Nippon Steel will also assume the US firm's debt.
- Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
- US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
- The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
- CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.