GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
ADCB prices $650m green bond
Business
L’Occitane shares nosedive
Business
Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
PIF to buy Hadeed, Rajhi Steel
Business
Business
Strong Meta profit calms investors
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
- Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
- Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Business
Samsung Q1 profit up almost 60%
Steady chip demand and brisk smartphone sales led to the rise.
- Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
- This was an increase of 58.6 percent year-on-year, beating expectations
Business
GM lifts 2022 profit forecast
The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
- Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
- GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Alphabet Q1 profit slips
Shares sank nearly 5 percent to $2,257 on the news.
- Alphabet reported net income of $16.4 billion in the first quarter of the current year
- Its revenue climbed 23 percent to $68 billion compared to the same period last year
Business
Aldar acquires stake in AD Business Hub
The UAE-based Aldar Investment is the subsidiary of Aldar Properties.
- The acquisition marks the creation of Aldar Logistics, the company's new logistics real estate vertical.
- Aldar Logistics will focus primarily on the UAE, potentially expanding into Saudi Arabia and Egypt, said an Aldar press release on Tuesday.
Business
e& Q1 net profit $653m
Its consolidated revenues rose 0.8 percent to AED13.3 billion.
- At constant exchange rates, revenue rose 3.5 percent and EBITDA was up 2.8 percent year-over-year
- The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022
Business
HSBC Q1 pretax profits down 30%
Higher-than-expected credit losses and inflation are to blame.
- Tuesday's results of London-based HSBC were published against the backdrop of Russia’s invasion of Ukraine
- The bank said the war was exacerbating inflationary pressures and contributing to higher ECL charges
Business
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
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Company News
Enbridge inks $14bn pact
Business
ADCB prices $650m green bond
Business
L’Occitane shares nosedive
Business
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Arm seeks $52bn valuation
Business
Mubadala, Petrobras sign MoU
Business
Emirates NBD invests in Komgo
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
Business
Americana Restaurants reports $1,897m revenue
The company's adjusted EBITDA reaching $446.5 million.
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Toyota hikes annual profit forecast
The company plans a $13.9bn investment in a battery plant.
- Toyota said a weaker yen and cost-cutting efforts meant it now expects annual net profit of 3.95 trillion yen, from a previous estimate of 2.58 trillion yen
- Toyota on Tuesday said it now plans a $13.9 billion investment in a battery plant in North Carolina in US, expanding a previous commitment to spend $5.9 billion
Business
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.
- Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
- Maaden posted net earnings of $183 million for the first nine months of 2023.
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
- The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
- The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.