Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
UDC posts net profit of US$63m
Business
QFZ, Samsung C&T ink MoU
Business
Mashreq’s net profit surges 122%Â
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
Business
PIF, Pirelli establish a JV Â
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Ghitha Holding Q3 profit of $33m
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Bank Albilad posts net profit
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Boeing posts Q3 loss
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Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
- The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
- Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.
- Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
- The bank was rocked last year by the collapse of the British financial firm Greensill.
Business
Arada closes $100m tap on its Sukuk
Its existing Sukuk valued $350m was issued in June.
- The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
- Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.
Business
Dlala Holding to resume trading
The authorized capital of the company is US$78 million.
- The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
- Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.
Business
EasyLease net profit $8.91m
The total revenue in Q3 ended Sept reached AED156.11 million
- The company will reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier.
- Easy Lease said it will open local offices in Saudi Arabia and Bahrain before the end of this year, targeting a 10 percent share by the end of 2023 of the Saudi Arabian market.
Business
Medicare net profit up 4.58% in first nine months of 2022
The earnings per share amounted to $0.54.
- Data issued by the company, published on Qatar Stock Exchange website, Thursday, indicated that earnings per share amounted to $0.54
- The Group was established in 1996, and was listed on Qatar Stock Exchange in 1997, with a capital of $77 million
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.
Business
Ericsson Q3 profit at $480m
Firm is making 'pricing adjustments' as inflation soars.
- Ericsson's shares closed down 15 percent on the Stockholm stock exchange.
- The lower profits were partly due to Ericsson's $6.2 billion acquisition of US cloud communications company Vonage.
Business
SABB nine-month net profit $926m
The net profit for the same period last year was $738m.
- The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
- SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
Business
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Equinor profits tumble
Business
UDC posts net profit of US$63m
Business
QFZ, Samsung C&T ink MoU
Business
Mashreq’s net profit surges 122%Â
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TotalEnergies Q3 profit up 1.5%
Business
PIF, Pirelli establish a JV Â
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Ghitha Holding Q3 profit of $33m
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Bank Albilad posts net profit
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Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
Business
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Business
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide.
- "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
- The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added
Business
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.
- Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
- The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.
- An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
- The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion