Closure of Strait of Hormuz may trigger lasting shift in Gulf trade corridors: report
About $650 billion in trade flows are affected, with global maritime routes facing growing disruption and uncertainty risks.
Economy
Business
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
- The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
- The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
- Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
- RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash
Business
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
- Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
- Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.
Business
GSK profit in 2023 falls
The drug maker said revenues swelled 3 percent to $38.54bn.
- Profit after tax slid sharply to £4.9 billion ($6.2 billion) last year from £14.9 billion in 2022, when it received a massive gain from the Haleon demerger
- However, underlying adjusted operating profit, excluding exceptional items, jumped 12 percent to £8.8 billion last year to beat company guidance
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Business
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.
- The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
- Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
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
Closure of Strait of Hormuz may trigger lasting shift in Gulf trade corridors: report
About $650 billion in trade flows are affected, with global maritime routes facing growing disruption and uncertainty risks.
Economy
Company News
Latest News
Most Read
Business
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
- Last week, UK fintech Wise, specializing in international money transfers, said it plans to shift its primary listing from London to New York.
- For California-based Qualcomm, the acquisition will help boost its AI infrastructure amid soaring demand for the technology.
Business
Equinor signs $27 bn gas deal
The 10-year contract was signed with Centrica.
- Natural gas accounts for 38% of UK's total energy supply, according to the IEA, making it the top fuel source, and the nation depends heavily on imports.
- Russia's invasion of Ukraine and Western sanctions roiled energy markets, sparking a rise in prices that British consumers are still struggling with.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
- The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards.
- This award further de-risks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance, the company said.