Glencore 2023 profit down 75%
Business
e& 2023 net profit is US$2.8bn
Business
Walmart to buy TV maker Vizio
Business
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
- The bank's Balance Sheet increased to approximately $84.78 billion, up 9% YoY
- Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY
Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration
Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Company News
Goldman Sachs, Mubadala ink pact
Business
Lloyds Group profit is $6.2bn
Business
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Rolls-Royce back into profit
Business
Glencore 2023 profit down 75%
Business
e& 2023 net profit is US$2.8bn
Business
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
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Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
US downs three Houthi drones, strikes anti-ship missiles
Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
- CENTCOM said US forces destroyed "seven Iranian-backed Houthi mobile anti-ship cruise missiles that were prepared to launch towards the Red Sea."
- US Central Command said those strikes , carried out between 12:30 p.m. and 7:15 p.m. Sanaa time, were made in self-defense
Business
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
- "The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
- Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England