BT to axe 55,000 employees
Business
easyJet H1 loss $382m
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
TikTok is most downloaded app
The Chinese-owned video app has surged in popularity
- The Chinese-owned video app surged in popularity despite efforts by former president Donald Trump to ban it or force a sale to US-based investors
- The app is believed to have one billion users worldwide including more than 100 million in the United States
Lincoln Middle East H1 sales rise 54%
Lincoln is the luxury-vehicle arm of US carmaker Ford.
- Sales of the Lincoln Corsair small SUV increased 98 percent compared to the previous year
- Meanwhile, sales of the mid-size Lincoln Aviator SUV grew 108 percent
Mulk JV to launch Alubond in US
The JV will launch Mulk’s Alubond brand of façade materials in the US.
- Mulk Holdings has joined hands with Park International Investments and Silver Heights Real Estate in the JV
- Alubond USA, the JV, has already secured supply contracts worth over $100 million involving five projects in the US
New Instagram tools to reduce abuse
Instagram's latest move comes after racist abuses during the Euro 2020 final.
- Instagram's latest attempt to curb hate speech came after racist abuse directed at UK footballers after the Euro 2020 final
- The Facebook-owned platform said it would start using "stronger warnings" when people post potentially offensive comments
Market Report
Gulf International Bank net up to $9.8m
For the first half of 2021, GIB reported a net profit of $17.7million.
- For the first half of 2021, GIB reported a net profit of $17.7 million attributable to the shareholders of the bank compared to a loss of $85.4 million in the prior year period
- The second quarter provision charge was $12.1 million, compared to a $49.6 million in the second quarter of 2020
Business
Jazeera Airways posts 138% growth in passenger traffic in Q2
The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect...
- The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect by the middle of Q3 2020
- The airline registered a net loss of KD6.5 million for Q2 on account of the higher costs due to increased operations and higher fuel prices
DP World to help SMEs with trade finance
This is part of its strategy to become a global trade enabler.
- DP World will connect companies needing trade finance solutions with financial institutions on its Cargoes Finance platform
- The platform will disseminate trade data to financial institutions, so they can assess credit and compliance risks
Science
Facebook removes accounts linked to smear campaign against Pfizer, AstraZeneca
The Fazze network offered to pay the influencers for reposting misleading content
- A network consisting of 65 Facebook and 243 Instagram accounts have been traced back to Fazze, an advertising agency working in Russia for an unknown client
- The Fazze network offered to pay the influencers for reposting misleading content
Science
China approves first mixed-vaccine trial as Delta spread
The trial will test the efficacy of combining an "inactivated" vaccine made by China's Sinovac with a DNA-based one developed...
- The trial will test the efficacy of combining an "inactivated" vaccine made by China's Sinovac with a DNA-based one developed by US pharmaceutical company Inovio
- Preclinical work has found that "two different vaccine applications... produce an even stronger and more balanced immune response"
Emirates ‘stewardess’ on top of Burj Khalifa
The new advertisement has gone viral on social media.
- The 33-second ad shows what appears to be an Emirates stewardess atop the Burj Khalifa, the tallest building in the world
- The woman is seen thanking the United Kingdom for removing the UAE red list and onto the amber one
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
BT to axe 55,000 employees
Business
easyJet H1 loss $382m
Business
Latest News
Aramco appoints two Presidents
Business
Alcoa, EGA ink supply pact
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
Business
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Business
DP World H1 EBITDA $2.6bn
The company's revenue grew 13.9 percent to $9.03 billion.
- CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
- DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Business
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.
- Tencent also announced an 11 percent increase in revenue during the second quarter, reaching 149.21 billion yuan ($20.46 billion).
- The Shenzhen-based firm is the world's largest video game company in terms of revenue, dominating the Asian market in particular.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.