BT to axe 55,000 employees
Business
Business
Pyypl, Ripple launch on-demand liquidity service in Middle East
ODL uses XRP for instant, low-cost cross-border payments.
- ODL is the process of buying and selling XRP in originating and destination countries
- XRP is the native cryptocurrency of products developed by Ripple’s creator Ripple Labs
Business
Samsung boss convicted, fined for anaesthetic misuse
Lee Jae-yong was found guilty of having repeatedly taken the anaesthetic at a plastic surgery clinic
- Lee Jae-yong was found guilty of having repeatedly taken the anaesthetic at a plastic surgery clinic
- Propofol is normally a medical anaesthetic but is also sometimes used recreationally
Business
Safari lands Saudi contracts
The contracts pertain to managing the King Fahd Causeway.
- Safari has been awarded all three facilities management packages by the King Fahd Causeway Authority
- According to the five-year contract, Safari will provide over 500 staff to maintain and enhance the aesthetics and functionality of the causeway
Business
ADH revenue, profit up by end of Q3
Rise in net profit attributed to a slew of acquisitions.
- Year-on-year revenue growth 341 percent, reaching AED 11,425 million in nine months.
- Healthcare sector major contributor to revenue, which reached AED 11,425 million at the end of Q3.
Business
Evergrande shares rise
The Chinese firm has restarted work on 10 projects.
- Evergrande owes various lenders close to $300 billion, but speculations are rife that it may not be able to pay all of it back
- However, after the project restart announcement, shares in the firm rallied more than four percent in early trade
Business
Aramco, TotalEnergies launch stations
The service stations are part of a joint venture signed in 2019.
- The joint venture is aimed at upgrading a network of 270 service stations and expanding the range of retail services.
- The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café.
Business
India’s SGL opens plant in HFZA
The plant involves an initial investment of AED 50mn.
- Automotive, industrial and construction lubricants and special greases for electric vehicles will be produced at the plant.
- Named Trinity Lubes & Greases FZC, the facility has a production capacity of 48,000 liters annually in the initial stage.
Business
QLM’s net profit in Q3 $20.4 million
Gross written premium as of Sept. 30 was QAR 750 million.
- The gap in gross written premium continues to narrow down as compared to previous quarters, the company said.
- The net investment income by September was QAR 29.2 million, compared with QAR 30.3 million for the same period in 2020.
Business
STC net profit $2.32 bn for 9 months
Net profit in Q3 alone increased by 5.71 percent
- The company attributed the rise in profits in the third quarter to the rise in revenues and a decrease in operating expenses.
- STC's shares are up nearly 20 percent so far this year
Business
VPS behind T20 bio-bubble
There will be over 2,200 people in the bio-bubble this time.
- The ICC World Cup T20 bio-bubble will consist of players, supporting staff and their families, and broadcast crew
- There will also be BCCI and International Cricket Council officials, staff at the hotel and stadium, and selected medical personnel
Company News
Emaar EC Q1 losses $45m
Business
BT to axe 55,000 employees
Business
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easyJet H1 loss $382m
Business
Aramco appoints two Presidents
Business
SoftBank Group Q1 loss $3bn
The investment giant was hit by a drop in the share prices of major holdings.
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Business
Toshiba readies deal to go private
The 14bn deal comes after years of turmoil for the company.
- The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.
- In March, Toshiba said the tender offer will be called off if the consortium fails to buy at least 66.7 percent of the outstanding shares.
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.