ADIB, ADIO to fund businesses
Business
PIF to set up pharma firm Lifera
Business
Business
Apple, Google ‘chokepoint’ row
The companies face outrage after pulling a Russian opposition app.
- The companies face outrage after pulling a Russian opposition voting app
- The case has resonated in particular because it touches on something deeply personal
Business
ADQ to acquire pharma firm
ADQ will acquire Swiss firm Acino from its current shareholders.
- Switzerland-based Acino is known as a provider of pharmaceuticals
- Its markets include the Middle East, Africa, Latin America, Russia, Ukraine, and the CIS Region
Business
Solutions by STC prices IPO at top range
The IPO order book 130 times oversubscribed during the book-building process.
- The company is set to raise $960m, pricing IPO at 151 riyals per share.
- The individual investors tranche subscription process will commence on Sunday and ends on Tuesday.
Business
Al Salam Bank buys back shares
The Bahrain’s bank has bought back around 445,000 treasury shares.
- The bank buys back 445,000 treasury shares on the Dubai Financial Market (DFM) and the Bahrain Bourse
- The move raises the total holding of the bank’s treasury shares from 109,475,000 to 109,920,000, which is 4.543% of the issued share capital.
Powerbar Gulf, parent selling for $1.8bn
Vertiv Holdings Company is making the buy via its subsidiaries.
- The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
- The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business
Instagram to curb mental harm
Instagram has worked to address problems of bullying, suicide
- Instagram is now exploring ways to understand what kinds of posts make viewers feel bad in comparison and then "nudge" people to content more likely to make them feel good
- Social media giant is making a version of the social network for children 13 years old or younger, a move opposed by child safety advocates
Apple’s iPhone 13 set to capture 5G potential
Apple Inc today revealed iPhone 13, Series 7 smart watch, and an iPad Mini with 5G connectivity. The iPhones will...
- iPhone 13 will have custom 5G antennas and radio components
- The Series 7 smart watch will feature a larger display and will start at $399
Business
UCAC gets nod to amend insurance practice
The company had sought Saudi Central Bank's approval for the amendment.
- After approval, the UCAC would be limited to the practice of insurance activity only.
- In a bourse filing on Sunday, the company said it will reduced accumulated losses to SAR 113.6 million.
Business
Some Facebook rules exempt VIPs
The program, "XCheck," shields millions of elite users
- The program, referred to as "XCheck," shields millions of elite users
- Facebook spokesman Andy Stone in a series of tweets defended the program
Business
Apple fix for Pegasus breach
Researchers found the problem while analysing a Saudi activist's phone
- Researchers found the problem while analysing a Saudi activist's phone
- Hours after releasing the fix, Apple said it had "rapidly" developed the update
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Company News
ADNOC L&S gets new VLCC
Business
ADIB, ADIO to fund businesses
Business
PIF to set up pharma firm Lifera
Business
Latest News
Jamjoom Tadawul debut on Jun 20
Business
Bupa renews contract with SABIC
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
Business
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Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
Business
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.
- The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
- Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.