Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
Business
Ant Group to buyback shares
Business
Verition opens office in DIFC
Business
Business
Meta stock value down $200bn
Mark Zuckerberg lost some $25 billion in value.
- Facebook founder Mark Zuckerberg had some $25 billion in value wiped from his personal holding by the rout on Wall Street
- Meta, which also owns Instagram and WhatsApp, has noted that it faces fierce competition for young users from the likes of TikTok
Business
Aldar Education gets $272m
Company's growth plan focused on three locations in Abu Dhabi.
- Aldar Education currently owns nine schools under Aldar Academies and Cranleigh Abu Dhabi and manages a further 11 schools.
- The company aims to increase the existing student capacity in Aldar Education’s owned and managed schools to over 40,000 seats by Academic Year 2024-25.
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Geostrategy
Spotify posts $44.1m loss
The company reported a loss of $44.1 million in Q4 2021.
- The company announced a loss of $44.1 million and forecast its first-quarter 2022 gross profit margin would fall to 25 percent from 26.5 percent
- The company, however, pointed to "continued momentum in our subscription business and meaningful advertising results
Business
Mubadala, Trafigura complete mining sale
They have sold 100 percent of Spanish operation MATSA to Sandfire Resources.
- MATSA owns and operates two mines in the municipality of Almonaster La Real and one mine in the province of Huelva, Andalucia.
- The company’s processing plant can process more than 4.4 million tons of copper and polymetallic ore per year.
Business
GM sees strong demand in 2022
In Q4 2021, GM saw global car sales sink
- Profits fell in the final quarter of 2021 as GM saw global car sales sink but the US automaker still managed to notch a record $10 billion in annual profits
- GM signaled it expects comparable profits in 2022 in spite of cost pressures in commodities, freight services and labor
Business
Alphabet doubles annual profit
The tech giant had net income of $20.6 billion on revenue that grew 32 percent to $75 billion in the...
- The tech giant had net income of $20.6 billion on revenue that grew 32 percent to $75 billion in the final quarter of 2021, ending the year with a total of $76 billion in profit
- Google earned more than $61 billion in advertising revenue, mostly from online search and its video platform, while its cloud business grew by 45 percent to $5.5 billion in revenue
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
DFM 2021 net profit $28m
Its total revenues reached AED294.6m in 2021, reduces expenses by 4 percent.
- In the fourth quarter of 2021, the net profit increased by 269 percent to AED65.7 million compared to AED17.8 million in the corresponding period of 2020.
- The company's Board of Directors recommended a 3 percent cash dividend to the shareholders, which is equivalent to AED240 million.
Business
Sony to buy Bungie
Bungie is based not far from Microsoft headquarters in the US.
- Sony's deal comes weeks after Microsoft unveiled a landmark $69 billion pact to acquire "Call of Duty" maker Activision Blizzard
- "Halo" franchise of Bungie is considered to be among the video games that contributed to the popularity of Xbox consoles.
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
Company News
Arada H1 sales $1.15bn
Business
QNB H1 2023 net profit at $2bn
Business
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Ant Group to buyback shares
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
Business
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Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
- Sinopec SABIC Tianjin Petrochemical Company, established in 2009, consisting of nine manufacturing units.
- The production capacity of the new polycarbonate factory is 260,000 tons per year.
Business
Lavoie buys e-bike firm VanMoof
The cost of the acquisition has not been specified.
- VanMoof's bikes, which are sold in 20 countries, are known for their sleek, simplistic design with a battery hidden in the frame.
- VanMoof had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.