Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
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Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
Cloud plaint hits Microsoft
The tech giant is being accused in Europe of stifling competition.
- Three companies have lodged a complaint with the European Commission against Microsoft
- They have accused the US technology giant of anti-competitive practices in its cloud services
Business
Google faces racism lawsuit
Ex-employee says Google imposed ‘barriers’ on Black workers.
- Ex-employee April Curley, hired by the tech giant in 2014, has contended in her suit that she was undermined at Google
- She says she was ultimately fired for advocating reform of ‘barriers and double standards’ imposed on Black Google employees
Business
Julphar revenue up 100 percent
The growth attributed to increased market share in key operating regions.
- In 2021, Julphar reported EBITDA from Continuing Operations at AED164.8 million.
- The Company’s profit after tax for full year 2021 reached AED59.4 million.
Business
Telenor subsidiary sale approved
Myanmar junta Okayed the sale to Lebanese conglomerate M1 Group.
- The Southeast Asian nation has been in chaos since a coup last year sparked huge protests and a bloody military crackdown on dissent, sending its economy into freefall.
- In July, Telenor cited junta demands that it install monitoring equipment on the network as a reason for leaving the country.
Business
Meta sued over scam crypto ads
The ads were for schemes apparently hailed by prominent figures.
- Australia's consumer protection commission said it had started legal proceedings against Meta platforms for breach of consumer or securities laws
- Meta vowed to defend itself, saying in a statement that it sought to stop scam ads by using technology to detect and block them
Business
P&O Ferries suspends passenger and freight ships, denies bankruptcy
DP World-owned P&O Ferries on Thursday suspended its passenger and freight ships but denied the group was heading into bankruptcy....
- P&O Ferries operates four routes serving Britain, France, Ireland and the Netherlands.
- The company is badly hit by fallout from COVID-19 lockdowns and travel restrictions over the last two years.
Business
Emirates Steel exports up 50 percent
The firm's capacity is enough to meet the domestic market's demand.
- The countries where Emirates Steel exports its products increased to 56 in 2021 in comparison to just 38 in 2019.
- Emirate Steel's expansion strategy is aligned with the National Strategy for Industry and Advanced Technology' Operation 300bn.
Business
Al Hamra to launch $270m project
The villa project is located within the Al Hamra Village residential community.
- This idyllic island community project offers views of the turquoise Arabian Gulf and the lagoon.
- Falcon Island is set to be completed within two years of its launch, which will be implemented in phases.
Business
ADNIC to pay $62m in dividends
The year 2022 marks the 50th anniversary of the company.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said the distribution of 40 percent cash dividends demonstrated the company’s robust financial performance.
- Futoon Hamdan Mohammed Al Mazroui was welcomed as the first woman to join the company's Board of Directors.
Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
Company News
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
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DP World H1 EBITDA $2.6bn
Business
Tencent Q2 net income $3.6 bn
Business
Mashreq’s net profit surges 122%Â
The Return on Equity also achieved a record high, reaching 32.1%.
Business
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Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Business
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
- The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
- The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.