Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
Business
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
Business
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: 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
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.
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Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
Business
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Ryanair inks pact with Joramco
Business
ICIEC, SAPICO ink pact
Business
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SAMI launches radio systems line
Business
Evergrande posts H1 loss
Business
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Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Business
Elm net profit up 43%
The profit growth was driven by 27% revenue increase.
- The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
- The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
- The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
- In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.