Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
Business
EIH buys stake in Gewan Holding
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DUBAL, Oriental Copper ink MoU
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SABIC H1 net profit slumps 87%
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Mubadala invests in Aligned
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e& H1 net profit $1.27bn
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Ooredoo Algeria gets new CEO
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GM plans electric Corvette
Traditional carmakers are in a race to make more electric vehicles.
- GM has set a goal of overtaking Tesla in terms of sales of electric vehicles
- To achieve that, it plans to invest $35 billion in electric and autonomous vehicles by 2025
Twitter bans ads that defy climate change science
"Misleading advertisements on Twitter that contradict the scientific consensus on climate change are prohibited," says Casey Junod, Twitter global sustainability...
- Twitter bans misleading information about climate change saying that undermine efforts to protect the planet
- Earlier, Elon Musk made a bid of $43 billion for Twitter citing better freedom of speech as a motivation
Business
Meta renews bid for Giphy
Britain's competition authority had stopped the FB-Giphy merger.
- Created in 2013, Giphy — a platform and search engine for GIFs — has some 700 million daily users
- Britain’s competition authority found Meta’s proposed takeover of Giphy would give it too much market share
Business
ADNEC’s launches, successes in 2021
The company said it added about $653m to Abu Dhabi's economy.
- The company said it made significant investments and expanded its mandate to the leisure tourism sector, which contributed to a strategic approach to diversifying the portfolio.
- In collaboration with SEHA, ADNEC was a key player in delivering critical support for Abu Dhabi and the UAE in mitigating the impact of COVID-19, the company said.
Business
SIB Q1 net profit up 13.9 percent
The bank said it continued to maintain a strong liquidity.
- The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period.
- Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million.
Business
Price hikes fuel Nestle Q1 sales rise
Nestle raised prices due to inflation, and signaled more hikes.
- Nestle's organic growth reached 7.6 percent in the first quarter, exceeding the forecast of analysts
- The growth excludes the effects of acquisitions or divestments to focus on a company's core operations
Business
DP World gross volume up 1.9 percent
Qingdao (China) and Sokhna (Egypt) among strong performers.
- The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.
- The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.
Business
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.
- The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
- The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Business
ADNOC Drilling approves 2021 dividend
The company saw revenues increase by 8.2 percent.
- The company saw revenues increase by 8.2 percent, EBITDA of more than US$1 billion and 6 percent in net income growth
- The dividend will be paid to shareholders in accordance with Securities and Commodities Authority (SCA) regulations
Business
Tesla reports record profits
Tesla shares rose 5% to $1,026.99 in after-hours trading.
- Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion
- This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries
Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
Business
Company News
EIH buys stake in Gewan Holding
Business
DUBAL, Oriental Copper ink MoU
Business
SABIC H1 net profit slumps 87%
Business
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Cathay Pacific orders A320neo planes
The value of the deal is expected between $3.2 billion to $4.1 billion.
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
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Business
Binance selling Russia business
Binance is likely to sell its Russian assets to CommEX.
- The move comes months after reports suggested US authorities were investigating possible sanctions violations.
- The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
- Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
- Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
- The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
- It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.