Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Advanced secures $586m loan
Business
East Pipes net profit $26.63m
Business
Gazprom 2022 profit at US$15bn
Business
Etihad arm to convert Boeings
Etihad Engineering will provide passenger-to-freighter conversions.
- Etihad Engineering will use its expertise and capabilities for the specialized Boeing 777-300ERSF conversion
- It will initially facilitate two conversion lines to accommodate multiple aircraft conversions per year
Qatar Petroleum begins expansion
It has awarded an contract to Madrid-based Técnicas Reunidas.
- The expanded facilities will be utilized to handle liquid products from the four new LNG trains comprising the North Field East project
- The facilities will also reportedly support two new LNG trains comprising the North Field South project
Business
ADNOC L&S acquires line boats
Boats used for marine services at Abu Dhabi petroleum ports.
- All six vessels contracted from Sharjah-based Albwardy Damen.
- ADNOC L&S says it is in the midst of strategic expansion program.
TikTok to offer in-app shopping with Shopify
The social media app will expand into e-commerce in partnership with Shopify
- The social media app will expand into e-commerce in partnership with Shopify
- The news comes amid rising interest in "social commerce" that is expected to be worth some $36 billion in the US this year
Marafiq to sell power from Oman plant
The power production at the plant will start in November.
- The plant will have a capacity of more than 80MW and be built in Duqm
- It will aim to meet the energy requirements of Tanweer, which is part of the Nama Group
L’Oréal ME sales up 750% since 2018
The growth was driven by a partnership with CNNB Solutions.
- L’Oréal Middle East entered into a D2C e-commerce and e-distribution partnership with Dubai-headquartered CNNB Solutions
- CNNB developed a set of services, which include a model where it Solutions buys inventory from L’Oréal ME
Business
Empower buys 19 plants for $234m
Empower will as a result acquire all the assets of these systems.
- Empower is expected to manage and operate the plants, carrying out all of their activities, functions, operations, and obligations
- These plants have a total cooling capacity of 110,000 refrigeration tons
Business
Aldar launches Yas Acres Magnolias
The community consists of 312 properties available for purchase from September 4.
- The gated community consists of 312 villas and townhouses available for purchase from Sept. 4.
- Each unit has fixtures that reduce water and energy consumption, the company said.
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Economy
Monopoly case against Facebook revived
The case was dismissed by a US federal judge two months ago.
- The lawsuit filed in federal court in the US capital said Facebook used “anti-competitive acquisitions” of potential rivals such as Instagram and WhatsApp to protect its dominance
- Facebook, which has long denied it maintains a monopoly, said in a statement, “We are reviewing the FTC’s amended complaint and will have more to say soon.”
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Company News
ADNOC L&S Q1 net profit $144m
Business
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Advanced secures $586m loan
Business
East Pipes net profit $26.63m
Business
AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
Business
SAMI launches radio systems line
PIF-owned SAMI will be partnering with the Ministry of Defense.
Business
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Business
Evergrande posts H1 loss
Firm said it has $556 million remaining in cash assets.
- The developer's January-June losses amounted to 33 billion yuan ($4.53 billion), compared to 66.4 billion yuan lost in the same period last year.
- Its statement on Sunday estimated its liabilities now stood at almost $328 billion, down from nearly $340 billion at the end of 2022.
Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
- Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
- Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.