GSK profit in 2023 falls
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TECOM Group net profit up 49%
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$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
Business
Evergrande posts H1 loss
Firm said it has $556 million remaining in cash assets.
- The developer's January-June losses amounted to 33 billion yuan ($4.53 billion), compared to 66.4 billion yuan lost in the same period last year.
- Its statement on Sunday estimated its liabilities now stood at almost $328 billion, down from nearly $340 billion at the end of 2022.
Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
- Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
- Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.
Business
Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
- The company has asked to extend payment on a 3.9 billion yuan ($535 million) note until 2026, originally setting an online vote among bondholders to end on Friday.
- Country Garden's cash flow problems have ignited fears that it could collapse and spread turbulence through China's economy and financial system.
Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
- Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.
- VNG plans to sell nearly 22 million shares in the IPO, according to a US Securities and Exchange Commission filing, with the proposed price range not yet set.
Business
e& capital invests in Maxbyte
The funding aims to expedite growth by bolstering sales team.
- Maxbyte is a leading provider of Industry 4.0 solutions with a strong presence in the automotive, defense, utilities, and food and beverage sectors.
- It aims to enable smart connected industrial enterprise for flexibility, productivity, predictable revenue and profit growth, as well as sustainability.
Business
Microsoft submits new Activision deal
A previous version of the acquisition deal was blocked.
- Xbox-owner Microsoft launched a bid for Activision Blizzard early last year, seeking to establish the world's third biggest gaming firm by revenue.
- Britain's Competition and Markets Authority said it has "opened a new phase 1 investigation into the restructured deal by Microsoft to buy Activision".
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
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GSK profit in 2023 falls
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TECOM Group net profit up 49%
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Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
- The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
- Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.
Business
AI entity is Board Observer in IHC
IHC is a pioneer in leveraging AI for decision-making.
- Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
- This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.
Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.