EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
Business
Amazon tactics under US scanner
Amazon is accused of using merchant info for its own products.
- Former Amazon employees have said the online retail titan used data of other sellers on its platform without their permission
- Amazon gathered information about sales trends by third parties at its website to develop private-label products, said reports
Business
Aramco, Saudi varsity sign MoU
An Artificial Intelligence center will be set up at King Abdullah University.
- The center will support research, development and marketing of advanced artificial intelligence technologies.
- It will combine leading innovations of digital transformation adopted by Saudi Aramco and the globally accredited academic excellence at KAUST.
Business
AUB to acquire Citi Bahrain unit
The acquisition includes retail banking and credit card.
- Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.
- Citigroup plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia and South Korea.
Business
Amazon inks satellite deals
Satellites in low orbit to provide internet service to people below.
- Amazon said that its contracts with Arianespace, Blue Origin and United Launch Alliance (ULA) are the largest commercial procurement of launch vehicles in history.
- The overall cost and timing of launches booked to make Amazon's Project Kuiper a reality were not disclosed.
Business
Elon Musk buys 9.2% Twitter stake
The investment is worth $2.9 billion based on Friday's share price.
- Musk became Twitter’s largest shareholder following the purchase of 73.5 million shares or 9.2 percent of common stock
- The Tesla founder is currently the world's richest man, with a net worth of $287.6 billion, according to various sources
Business
Captagon trade tops $5b in MENA, raises health risk concerns
Exponential growth in the trade of the amphetamine-type stimulant captagon poses an increasing health and security risk to the region
- The figure is a jump from an estimate of around $3.5 billion in 2020 and only reflects the retail value of the pills seized last year
- The real amount of seized pills is likely higher and still only a fraction of the total amount of captagon produced
Business
Gulf Air, Texel Air sign MoU
They will explore charter agreements, engineering and maintenance activities.
- Texel Air is a Bahraini registered airline and maintenance repair organization (MRO) formed in 2013.
- It is dedicated to providing third party cargo charter operations to a wide range of customers with diverse requirements.
Business
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.
- The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
- CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business
Tesla delivered 1m EVs last year
That is 67 percent higher than deliveries in the year-ago period.
- The company delivered 1.06 million cars from April 2021 to March 2022
- This included more than 310,000 cars in the first quarter of this year alone
Business
Ortega heiress heads Zara parent
Marta Ortega on Friday took the reins of Zara-owner Inditex.
- Worth some €62 billion, Zara-parent Inditex nearly tripled its profits last year to €3.2 billion
- However, its outlook for 2022 has been overshadowed by Russia's invasion of Ukraine
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
Business
Company News
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
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Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
Borouge Q2 net profit $231m
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
Business
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Business
Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.
- As part of the deal, Anthropic will use Amazon's chips and its cloud services -- the data cen that store and process data on a vast scale -- for "mission critical workloads"
- The deal intensifies competition between Amazon and Google, which had earlier opened its cloud services to Anthropic and invested $300 million to acquire 10 percent of the company
Business
Microsoft to acquire Activision Blizzard
Activision Blizzard makes popular games like "Call of Duty".
- The transaction faced scrutiny from regulators in the United States as well as Britain, where the CMA blocked a similar deal in April.
- Activision Blizzard CEO Bobby Kotick said the UK regulator's announcement was "a significant milestone for the merger".
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
- ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
- Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.