Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
stc Group posts 9-month revenue
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
- Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
- The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
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.
Tesla sales tumble in Europe in Q1
The company suffered from boycotts against the policies of Elon Musk.
Business
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AlUla signs pact with Six Senses
Business
stc Group posts 9-month revenue
Business
Mulk, Ajman Holding form JV
Business
Borouge Q3 net profit up 22%
Business
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Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
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Business
ENEC, X-energy sign agreement
The firms will collaborate on nuclear energy technologies.
- The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
- The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.
Business
Bosch to cut 1,500 jobs
The firm said the cuts will be completed by the end of 2025.
- Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
- The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.
Business
Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
- Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
- OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.