Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.
Business
PureHealth buys Circle Health
The deal signifies PureHealth’s operational capabilities.
- The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare.
- The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity.
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
- The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
- Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.
Business
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.
- The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
- The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
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Business
BYD posts record 2023 profit
The Shenzhen-based firm is now moving quickly overseas.
- BYD overtook Elon Musk's Tesla in the fourth quarter of 2023 to become the world's top seller of EVs.
- The figure is in line with a forecast issued by the firm in late January of 29-31 billion yuan ($4bn - $4.3bn)
Business
RSG, Hyundai Motor ink pact
The two firms will explore opportunities in various areas.
- The two parties will focus on validating and deploying Hyundai Motor Group's eco-friendly mobility solutions.
- They will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility and maritime vessels.
Business
ESA, SAP ink agreement
ESA will consolidate operations under a single ERP solution
- ESA will benefit from a streamlined and integrated system, improving visibility and control over all of its operations.
- ESA will be using an integrated supply chain model that eliminates process silos, predicts disruptions.