QGIRC net profit down
Business
ESG H1 net profit $162m
Business
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
Business
SINOPEC inks Iraq gas deal
The contract includes training workers to keep up with the sector,
- Iraq has signed contract with to develop the Mansouriya gas field in Diyala in the Anbar Governorate
- This deal represents an addition to the investment of free gas from the Mansouriya field
Business
Intel to build two chip factories
The company will invest $20 bn, hire 3,000 new workers for the sites in Ohio.
- Construction of the plants is scheduled to begin at the end of the year. Chip production could start as early as 2025.
- Recent problems in global supply chains have highlighted the fundamental importance of semiconductors, which are used in a growing number of products including cars, TVs.
Business
Netflix subscriber growth slows
The company saw 221.8 million subscribers in 2021.
- The streaming service ended the year with 221.8 million subscribers, just below target, after booming during coronavirus lockdowns
- The market punishment was immediate, with shares of the California streaming giant losing some 20 percent in after-hours trading
Business
Google appeals EU fine
It was fined €2.4-billion for abusing its search engine dominance.
- The case centers on Google's shopping service and is one of three against the search engine giant currently in the EU's appeals system
- The fine had come after seven years of investigation over complaints from other price-comparison services against Google Shopping
Business
Masdar, Mitrabara announce JV
The venture targets commercial and industrial segment.
- The venture will help Masdar expand its presence in Indonesia and support the nation’s clean energy and climate objectives.
- Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company.
Business
Tadweer inks deals worth $64m
The deals were signed at the eighth edition of EcoWASTE.
- EcoWASTE 2022, where the deals were signed, was held at Abu Dhabi National Exhibition Centre
- It was organized as part of Abu Dhabi Sustainability Week in strategic partnership with Tadweer
Business
Red Cross hacked
Hackers seized data of more than 515,000 extremely vulnerable people.
- The International Committee of the Red Cross said the hackers targeted an external company in Switzerland that it contracts to store data
- There was no evidence so far that the compromised information had been leaked or put in the public domain
Business
Aramco signs 10 Korea deals
The signings took place at the Saudi-Korean Investment Forum.
- The deals aim to advance Aramco’s downstream strategy and support the development of low-carbon energy solutions
- They are also expected to create new financing options for the world’s largest oil and gas company
Business
ExxonMobil to go net-zero by 2050
The net-zero target is only for its operations, not products.
- Chief executive of ExxonMobil confirmed that the company has committed to have a Permian operations at net-zero carbon by 2030
- The company will release "detailed roadmaps" addressing 90 percent of operations-related greenhouse gas emission by the end of 2022
Business
Microsoft to buy Activision Blizzard
The $69-billion deal is the largest acquisition in the gaming world.
- The deal will make Microsoft the third-largest gaming company by revenue, behind Tencent and Sony
- This will be the largest acquisition in the industry, far ahead of Take-Two's $12.7-billion purchase of Zynga
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Company News
QGIRC net profit down
Business
ESG H1 net profit $162m
Business
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ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
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Tabreed H1 23 net profit $105m
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
Business
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Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.