Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration
Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Most Read
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
Meraas awards $544m contract
Business
stc net profit for 2024 $6.58bn
Business
Latest News
TAQA net income $1.93bn in 2024
Business
ADNOC L&S 2024 net profit $756m
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
Business
Most Read
Business
Al Ansari approves $85m dividend
This is approx 78% of the company's net profit after tax.
- Al Ansari Financial Services is preparing to finalize the acquisition of BFC Group Holding for AED 735 million, a move that will significantly expand its regional footprint.
- Post-acquisition, the company will emerge as the largest exchange company in Bahrain and the third largest in Kuwait.
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
- TikTok temporarily shut down in the United States and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.
- Trump suspended its implementation for two-and-a-half months after beginning his second term in January, seeking a solution with Beijing.
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
- It reported consolidated full-year revenue of AED 30.98 billion and EBITDA of AED 15.73 billion for 2024.
- It said the consolidated annual revenue grew by 6.17 percent, primarily driven by rising demand for electricity, water, and cooling services.