Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
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
Business
DNIR approves 30% dividend
The dividend of the company totals AED 34.650 million.
- Shareholders also approved DNIR’s financial statements for the year ended 31st December 2021
- Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, said the dividend is indicative of the company’s financial strength
Business
FB bug pushed problematic posts
FB said the bug affected ‘only a very small number of views’ of content.
- The bug was serious enough for a group of Facebook employees to draft an internal report referring to a ‘massive ranking failure’ of content, reports said
- In October, the employees noticed that some content which had been marked as questionable was nevertheless being favored by the algorithm
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Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).
Business
Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
- Adjusted earnings, which excludes certain exceptional elements, fell by 67 percent from the same period last year to $8.0 billion.
- Revenue came in at $26 billion, a drop of nearly $18 billion from last year. Net profit plunged 73 percent to $2.5 billion.
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
- The company said that the Earnings per Share (EPS) amounted to US$0.01 (QR 0.065) as of September 30, 2023.
- UDC is a Qatari public shareholding company and the master developer of The Pearl and Gewan Islands.