Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
Business
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
Ryanair inks pact with Joramco
Business
Business
QEWC profit up 4.5% in Q1
Profits in the first quarter of 2022 reached $106.78 million.
- QEWC is one of the largest energy production and desalination companies in MENA
- It is the main provider of electricity and desalinated water in Qatar
Business
NBQ reports Q1 profit of $26.3m
Its net profit increased 26.26% from the same period last year.
- The cost to income of NBQ stood at 27.11 percent during three months
- It reflected the bank's operational efficiencies and disciplined cost management
Business
Investcorp may buy AC Milan
The Bahrain-based firm looking to spend around €1 billion.
- Italian Serie A team AC Milan is a seven-time European soccer champion
- It was once owned by the country’s former Prime Minister Silvio Berlusconi
Business
Emaar plans new Fujairah resort
The Emaar Hospitality Group will open the resort in Q2.
- The Emaar Hospitality Group is the hospitality and leisure arm of Dubai-based developer Emaar Properties
- Palace Beach Resort Fujairah will reportedly be the third beach resort of its Address Hotels + Resorts collection
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.
Company News
PIF to buy Hadeed, Rajhi Steel
Business
Alahmadi joins SHUAA Board
Business
SABIC-Sinopec China plant opens
Business
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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
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
Business
BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
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Business
Borouge reports 22% Q3 2023 net profit
The company has issued a dividend of $1.3 billion.
- Borouge’s Value Enhancement Programme delivered a $420 million positive impact in the first nine months of 2023
- The company has issued a dividend of $1.3 billion for the 2023 financial year, which equates to a 6.3% current dividend yield
Business
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
- The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
- Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.
Business
SABIC Agri-Nutrients profit falls
SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
- Revenue fell 40 percent year-on-year (YoY) to US$712 million (SAR2.67 billion) in the three months ended September 30, 2023.
- Net profit dropped 66 percent to US$714 million (SAR 2.68 billion) in the first nine months of 2023 compared to US$2 billion a year ago.