QGIRC net profit down
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
Business
Honda plans $40bn EV investment
The automaker is switching all sales away from traditional fuel cars.
- Global auto giants are increasingly prioritizing the production of electric and hybrid vehicles
- After all, demand is growing for less polluting models as concern about climate change grows
Business
Empower pipeline grows 33.2 percent
The growth in Dubai cooling network occurred between 2018 and 2021.
- The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
- The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Business
Al Seer begins VLGC construction
Lucky Gas is the company's first Very Large Gas Carrier.
- Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
- Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.
Business
Musk not joining Twitter board:Â CEO
Parag Agarwal announced on Tuesday that Musk was joining the board.
- Elon Musk, who became the largest shareholder after buying 73.5 million shares in Twitter, has decided not to join its board
- A day earlier, Musk called out users who were followed by millions and billions of people on Twitter but rarely posted on it
Business
Elon Musk asks: ‘Is Twitter dying?’
He also called out users who are highly followed but rarely post.
- Tesla founder Elon Musk recently disclosed that he had acquired a more-than-9-percent stake in Twitter
- This made him Twitter’s largest shareholder, and so the social media company named him to the board
Business
Rising prices threaten Petrobras
It is caught in a political tug of war, with the president on one side.
- Jair Bolsonaro, the right-wing President of Brazil, is widely blamed by the public for the country's double-digit inflation and high fuel prices
- Even as Brazil's economy recovers from the pandemic, fuel prices rose 33 percent and the war in Ukraine made the situation worse
Business
Twitter employees to meet Musk
They are concerned about his influence on the company board.
- The social media company named Tesla Chief Executive Elon Musk to the board on Tuesday
- It came after he acquired a more-than-9-percent stake in the company, making him Twitter's largest shareholder
Business
Audi, Porsche eye entry into F1
The firms aim to burnish their green technologies and ambitions.
- Audi will only join the championship on "condition" that the regulations from 2026 "provide for extensive changes for a more sustainable sport".
- The firms have said a final decision in this regard is yet to be made.
Business
Tesla recalls 128,000 cars
The company said the fault could increase the risk of vehicle collision.
- It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns.
- Tesla sold a record 70,847 cars in China in December, facing stiff competition from homegrown brands such as Nio and XPeng.
Business
Toshiba pauses spin-off plan
The Japanese firm will now weigh the possibility of going private.
- It was the latest setback for the engineering giant, which was once a symbol of Japan's tech and business prowess
- Toshiba has since then faced a series of scandals, financial troubles and shock high-level resignations in recent years
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QGIRC net profit down
Business
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ESG H1 net profit $162m
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Alibaba plans to list subsidiary in IPO
It did not give a timetable for the move or how much it hoped to raise.
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
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Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.