LinkedIn to drop Stories format
Stories is expected to be removed from LinkedIn by September.
- In doing so, LinkedIn will follow Twitter, which earlier this year discontinued a similar experiment called Fleets
- One big way the Stories format differs from TikTok or Reels of Instagram is these short-video formats do not see the message disappearing after 24 hours
Business
Investcorp sells PRO Unlimited
EQT Private Equity has bought it from the Bahrain-based asset manager.
- The transaction was first announced on June 28, 2021
- The Bahrain-based asset manager had acquired PRO Unlimited in October 2014
Business
‘Fly Arna’ Armenia’s new national airline
The new national airline is a joint venture between ANIF and Air Arabia.
- The name was chosen by the joint venture company from over 500 suggestions
- ANIF and Air Arabia Group had agreed to launch Armenia’s new national airline in July 2021
Business
Burgerizzr sets IPO share price at $44
A total of 725,000 ordinary shares of the Saudi company were fully subscribed.
- The coverage ratio amounted to 6,646% of the total IPO shares.
- The company is yet to coordinate with Tadawul to finalize the date of the listing
DEWA launches camp for women
The two-month virtual camp is said to feature six learning tracks.
- The virtual self-development camp is being attended by 200 participants across different divisions
- It will focus on balancing personal and professional lives, career success tools, and self-development and adjusting to change
SABIC inks $6bn China deal
Saudi Basic Industries Corporation is the chemical arm of Aramco.
- SABIC’s deal in China is expected to see it build a mega petrochemical complex in the country
- The total investment going into the project will reportedly be 40 billion yuan ($6.18 billion)
Business
Google to appeal €500m French fine
The fine, issued by the French Competition Authority in July, was the biggest in the agency’s history for a failure...
- The fine, issued by the French Competition Authority in July, was the biggest in the agency’s history for a failure to comply with one of its rulings
- The watchdog said Google had failed to negotiate with media companies in a battle over the internet giant’s use of snippets of articles, photos and videos in search results
Business
Windows 11 rollout from October 5
Microsoft said the first rollout would upgrade Windows 10 PCs.
- The free upgrade for Windows 10 PCs will be phased and measured with a focus on quality
- Computers that come preloaded with Windows 11 will also become available for purchase from October 5
Business
OptiNAND: WD’s new disk feature
Data retention, performance enhanced in the new architecture.
- OptiNAND offers customers a solution to meet the demand for storing vast amounts of data.
- A drive works smarter with enhanced firmware algorithms.
Stella Stays eyes $12bn Bahrain push
This is part of its expansion plans in the Middle East region.
- Stella Stays operates a portfolio of managed properties in the UAE, Bahrain and Canada
- The startup, launched in late 2019, has grown to manage nearly 300 properties as of August
Company News
Vodafone merges with Hutchison
Business
ECI, KazakhExport ink MoU
Business
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HSBC relaunches SVB UK
Business
solutions signs $118m contract
Business
Inditex posts record profit
Business
Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
Business
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Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
- The company's CEO said revenue surged 10 percent faster than the market, as its revenue touched $4 billion in the first half of 2023.
- Lego credited the growth in revenue to success of products like Star Wars and Lego Icons, also including Lego City, Lego DREAMZzz.
Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.