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TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

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

stc net profit for 2024 $6.58bn

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

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.

Mubadala invests in Zenobē

The investment is aimed at powering 4,000 electric vehicles.
  • The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
  • London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.

Turkish Airlines, Riyadh Air ink MoU

The pact will benefit customers of both the airlines.
  • The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
  • The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.

Spotify cuts 17% jobs

Spotify has invested over $1 billion into podcasts alone.
  • Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
  • Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts

HPDC, HDC ink agreement

The aim is to stimulate the growth of the halal industry.
  • The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
  • The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.

Masdar, Taaleri acquire 8 energy projects

The hybrid renewable energy projects in Poland have 1Gw capacity.
  • Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
  • These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.

ENEC, Kazatomprom ink pact

The move will ensure a secure supply of nuclear fuel.
  • ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
  • This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.

Alaska Airlines to buy Hawaiian Airlines

Based in Seattle, Alaska Airlines serves the western US.
  • Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
  • The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations

Presight AI, Samruk-Kazyna launch JV

The partnership aims to accelerate digital transformation in Kazakhstan.
  • Revealed at COP28, the venture aims to deploy advanced AI and big data solutions.
  • Energy, public services, and transport in Kazakhstan to benefit from big data analytics.

Zain KSA expands 5G network

The company launched the first zero-emission 5G network.
  • The network expansion supports Zain KSA’s strategic goal of accelerating the nationwide digital transformation by providing high-speed digital services
  • The 5G network expansion complements Zain KSA's growing portfolio of bespoke 5G applications and pioneering solutions in artificial intelligence (AI)

stc net profit for 2024 $6.58bn

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

Latest News

Goldman Sachs, Mubadala ink pact

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

US downs three Houthi drones, strikes anti-ship missiles

Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...

Lloyds Group profit is $6.2bn

High interest rates benefitted the British lender and banking sector as a whole.

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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.

Glencore 2023 profit down 75%

The company said lower energy prices cut into its profits.
  • Gross operating profit fell 50 percent to $17.l billion, "primarily reflecting the rebalancing and normalization of international energy trade flows," it said
  • The commodities trading unit saw operating profit fall 46% to $3.5 billion, "with coal and LNG (liquefied natural gas), and to a lesser extent, oil prices materially declining"

e& 2023 net profit is US$2.8bn

e& said the net profit is a growth of 3 percent year-over-year.
  • Consolidated revenues reached US$14.6 billion which is a growth of 8.3 percent year-over-year.
  • Consolidated EBITDA rose by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion.