Maaden Q1 net profit down 81%
Business
Emaar EC Q1 losses $45m
Business
BT to axe 55,000 employees
Business
easyJet H1 loss $382m
Business
Business
Adidas sells Reebok to Authentic Brands Group in $2.5bn deal
Adidas in 2006 acquired Reebok — till then an independent entity with a history that can be traced back to...
- Reebok is the latest big brand under ABG, which already owns Arrow, Brooks Brothers, Forever 21, Sports Illustrated, and Van Heusen
- It also owns the likeness rights or estates to celebrities like Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe
Chevron JV wins $240m Bapco deal
This is the largest catalyst management deal in Bapco’s history.
- This is an exclusive five-year agreement, which includes an option to renew for an additional five years
- The resulting plant would be known as 1RHCU when fully operational in 2023
Shareholders okay Arkan merger
Arkan will merge with Emirates Steel by the end of this year.
- The key terms of the merger were proposed in May this year by Emirates Steel’s parent company Senaat
- They are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument
Business
Bank ABC Islamic H1 gains hit $19.2m
The profit absorbed a one-off fraud-related impairment in 2020.
- The profit reflects the bank's success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020
- Other key highlights include the total operating income of US$21.5 million which is 8.1% lower than the same period last year
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
Company News
Maaden Q1 net profit down 81%
Business
Emaar EC Q1 losses $45m
Business
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BT to axe 55,000 employees
Business
easyJet H1 loss $382m
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
Business
Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
Business
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Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
- The novel liquid is an effective and safe solution for energy storage systems operations, notably lithium-ion batteries and fuel cells.
- DEWA chief Al Tayer said the patent supports its commitment to promoting energy security and sustainability.
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
- Etihad Cargo's Boeing 777-200 freighter arrived in Ezhou on Friday, making the carrier the first international airline to operate flights to the airport.
- Equipped with a 23,000sqm cargo terminal and a 700,000sqm freight transit center, the airport serves as a gateway for air trade between China and the rest of the world.