Adidas posts $92m Q2 profit
Business
EIH buys stake in Gewan Holding
Business
SABIC H1 net profit slumps 87%
Business
DAE H1 profit up 13%
Business
Mubadala invests in Aligned
Business
Business
Toshiba to split into 2 firms
This is a revision of an earlier proposal to divide into three companies.
- Toshiba aimed to complete the split in the second half of the 2022-23 financial year
- Toshiba has revealed its deal worth some $867 million to sell air-conditioning subsidiary Toshiba Carrier to the US-based Carrier Corporation
Business
DP World Q4 volume up 2.6%
The gross container volumes rose by 9.4% year-on-year.
- DP World has said its gross volume growth in 2021 overall was reportedly broad based
- India, Asia Pacific, Middle East & Africa, Europe, Australia, and the Americas were key growth drivers
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
Company News
Adidas posts $92m Q2 profit
Business
EIH buys stake in Gewan Holding
Business
Latest News
DUBAL, Oriental Copper ink MoU
Business
SABIC H1 net profit slumps 87%
Business
DAE H1 profit up 13%
Business
Mubadala invests in Aligned
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
Business
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Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.