Business
BYD posts record 2023 profit
The Shenzhen-based firm is now moving quickly overseas.
- BYD overtook Elon Musk's Tesla in the fourth quarter of 2023 to become the world's top seller of EVs.
- The figure is in line with a forecast issued by the firm in late January of 29-31 billion yuan ($4bn - $4.3bn)
Business
RSG, Hyundai Motor ink pact
The two firms will explore opportunities in various areas.
- The two parties will focus on validating and deploying Hyundai Motor Group's eco-friendly mobility solutions.
- They will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility and maritime vessels.
Business
ESA, SAP ink agreement
ESA will consolidate operations under a single ERP solution
- ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
- ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.
Business
Nasdaq edges to record
The Dow Jones Industrial Average dropped 0.8 percent.
- All three indices finished at records the last two days, on the back of Wednesday's Federal Reserve meeting
- The Dow Jones Industrial Average dropped 0.8 percent to 39,475.90, retreating from a serious drive at the 40,000-point level
Business
Lamborghini sales up in 2023
The deliveries sped up 9.5 percent to 10,112 vehicles.
- 2023 was the best year ever recorded," the brand said in a press release, with sales up 12.1 percent to US$2.9 billion
- Operating profit reached $785 million, up 17.8 percent, with operating margins widening to 27.2 percent, said Lamborghini
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
- Borse Dubai is selling 27 million shares at $59 each in a secondary offering, a decision revealed in a stock exchange filing
- The offering also grants underwriters a 30-day option to acquire up to four million additional shares of Nasdaq
Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
- Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimizes damage to healthy cells
- AstraZeneca, whose cancer treatments represent a third of its overall sales, saw its share price drop one percent following the news
Business
Sovcomflot 2023 net profit $900m
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
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Emirates Islamic Q1 profit $394m
Business
Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
Business
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Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.
Business
Nissan forecasts $5.3bn annual net loss
Last year, it announced 9,000 job cuts worldwide.
- One of the top 10 automakers by unit sales, Nissan is heavily in debt, having trouble selling vehicles in the Chinese market.
- In February, the company had projected a much smaller annual net loss of 80 billion yen ($560 million).
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.