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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

ENEC, X-energy sign agreement

The firms will collaborate on nuclear energy technologies.
  • The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
  • The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.

Bosch to cut 1,500 jobs

The firm said the cuts will be completed by the end of 2025.
  • Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
  • The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.

Shell eyes $6bn in Nigeria

The investment opportunities are being explored in offshore gas projects.
  • Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
  • OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.

KPMG to merge UK, Swiss ops

The UK unit employs about 17,000 staff and the Swiss over 2,600.
  • KPMG UK said it is in discussion with Swiss firm to explore ways to bring greater benefits
  • KPMG rival EY recently failed in a bid to split its audit and consulting units, causing its boss Carmine Di Sibio to retire a year early

ROSHN, Retal sign $99m deal

363 single-family villas will be constructed in Riyadh.
  • SEDRA, spanning eight phases over 35 million square meters, integrates nature and local heritage, creating a unique living experience.
  • The latest agreement with Retal underscores the commitment to delivering a modern, upscale, and sustainable urban community, ROSHN said.

McDonald’s eyes big expansion

The company plans about $2.5bn in capital expenditures in 2024.
  • McDonald's will seek to effectively grow its network of namesake sites by about one quarter in what it called the speediest expansion in the brand history
  • For CosMc's - which McDonald's executives had teased in July - the company plans an initial store in Chicago in 2024 and nine others in Texas

Volkswagen to reduce workforce

Volkswagen has some 675,800 employees worldwide.
  • "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
  • The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added

BAT takes shock $32bn hit

The impairment charge sent BAT shares sinking 7.6 percent.
  • Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
  • The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent

Musk’s AI startup to raise $1bn

He hopes it will compete with ChatGPT's Open AI.
  • An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
  • The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion

Tawzea, NWC ink pacts

The companies have signed two agreements.
  • Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
  • Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.

stc net profit for 2024 $6.58bn

This is an increase of 85.7 percent over the previous year.

Latest News

Chevron $53bn Hess deal in danger

Rivals' challenge to the control of a key oil asset can derail the acquisition.

AI entity is Board Observer in IHC

IHC is a pioneer in leveraging AI for decision-making.

Goldman Sachs, Mubadala ink pact

The two firms have signed a $1 billion private credit deal.

Most Read

Lloyds Group profit is $6.2bn

High interest rates benefitted the British lender and banking sector as a whole.
  • "The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
  • Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England

Rolls-Royce back into profit

The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
  • Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
  • Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.

Boursa Kuwait posts $51m net profit

Operating profit for 2023 was recorded at US$59 million.
  • Total operating revenues of US$99 million were recorded for 2023.
  • Consolidated assets came in at approximately US$386 million in 2023.