Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
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
Business
ADNEC’s hall 40 percent complete
It would be the biggest exhibition hall in the MENA region.
- The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
- The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business
Alba, EGA sign MoU
Aluminum Bahrain (Alba) is looking to increase its throughput.
- The two Aluminum producers will cooperate to creep production at Alba’s Potline 6 beyond its name plate design capacity.
- They will also explore ways to use EGA technology and expertise in future expansions at Alba smelter.
Business
Evergrande to sell stake
The developer would sell the Crystal City Project in Hangzhou for 3.66 bn yuan.
- Its total liability is now $300 billion as the company has struggled to repay its investors and bondholders.
- The company has said said it would finish projects and deliver them to buyers in a desperate bid to salvage its debts.
Business
Ericsson board censured for graft
Shareholders sanctioned it for alleged payments to terror groups.
- Ericsson has been under scrutiny after a media investigation coordinated revealed that an internal probe from 2019 was never made public
- The internal probe had identified possible corruption in 2011-2019 in the group's Iraqi operations, including the potential payment of bribes
Business
Nahdi shares fall 1.26 percent
The firm made a strong debut on the Saudi stock exchange on Mar 22.
- Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
- Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Business
Waha approves dividend in 2021
Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45...
- The company recorded investment gains and fee income of AED902 million and a net profit of AED603 million.
- Â Waha Capital had total assets of AED5.8 billion as at 31 December 2021, compared to AED5.1 billion in 2020.
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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.
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.