BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration
Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
- Mobile devices will become the primary access points for AI, with Samsung aiming to be a leader on that path, Samsung president T.M. Roh said
- The premium S24 Ultra unveiled at an event was said to have the capability to translate foreign language phone calls and texts while they were taking place
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
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RSG, Hyundai Motor ink pact
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ESA, SAP ink agreement
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Nasdaq edges to record
Business
Lamborghini sales up in 2023
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EGA to acquire Leichtmetall
Business
Masdar to buy stake in Terra-Gen
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RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
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Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Business
Embracer sells Borderlands
The sale is expected to be completed by June-end .
- The sale would reduce the company's net debt by around $300-327 million, the group said in a statement
- Gearbox will join a Take-Two line-up that includes the likes of "Grand Theft Auto" maker Rockstar Games and 2K