Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
Business
Twitter throttles Musk bid
It is to ensure that he doesn’t get a controlling stake in Twitter.
- Elon Musk's proposed buyout faces several hazards, including possible rejection and the challenge of assembling the money
- Musk buying Twitter could have significant impacts on the globally-used social media platform if the deal is consummated
Business
Petrobras names new CEO
Jose Mauro Coelho was appointed to the post for a one-year term.
- Jose Mauro Coelho is the third Petrobras CEO in just over a year after President Jair Bolsonaro fired his predecessors in a standoff over fuel prices
- He was the government's choice to succeed Joaquim Silva e Luna, who was ousted by Bolsonaro last month after slightly more than a year in the post
Business
Volkswagen posts Q1 profit
The German auto giant said operating profit rose to $9.3bn.
- The group's operating profit rose to 8.5 billion euros ($9.3 billion) over the first three months of the year
- The boost was down to strong "operating performance" and a positive effect of 3.5 billion euros
Business
Amazon fined $98k/day in France
France says Amazon’s seller contracts have ‘unbalanced’ clauses.
- French authorities on Wednesday slapped a €90,000-per-day ($98,000) fine on Amazon
- It would continue until Amazon removes abusive clauses in its contracts with businesses
Business
Pfizer plans new Covid jab
It has said a shot for multiple variants is coming by 2022-end.
- Chairman Albert Bourla said Pfizer was also working on a vaccine that could provide good protection for a whole year
- This means people would come back annually for boosters, as with influenza shots currently given out in the US
Business
ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.
- These transactions are part of ADQ's commitment to investing in the country’s economic growth through its $20 billion joint strategic investment platform.
- The transactions include stakes in Commercial International Bank (CIB), one of Egypt’s largest banks.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
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.
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Company News
Lavoie buys e-bike firm VanMoof
Business
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
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Ryanair inks pact with Joramco
Business
ICIEC, SAPICO ink pact
Business
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
Business
SABIC Agri-Nutrients profit falls
SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
Business
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Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.
Business
Mulk, Ajman Holding form JV
Collaboration in the T10 Cricket League key element of the JV.
- The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
- Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries.
Business
Borouge Q3 net profit up 22%
The rise in net profit was driven by 16% increase in sales.
- The company has committed a dividend of $1.3 billion (15.9 fils per share) for the 2023 financial year, which equates to a 6.3 percent current dividend yield.
- Third-quarter revenue increased 6 percent quarter-on-quarter, reaching $1.5 billion, and declined 11 percent year-on-year. On a year-on-year basis, net profit declined by 9 percent