TomTom cuts 300 jobs
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Aldar nets $953m in sales at Fahid
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Equinor signs $27 bn gas deal
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Business
Ford’s US Q1 auto sales dip
But its Q1 figures exceed a forecast by Edmunds
- The automaker reported a 1.3 percent dip in sales in the world's biggest economy, to 501,291 vehicles, compared with the same period in 2024.
- This was mainly due to the discontinuation of certain vehicle models and rental fleet sales timing, the company said.
Business
Vanke reports annual loss of $6.8 bn
The property giant attributes loss to falling sales and shrinking profit.
- Beijing has in recent years grappled with a prolonged crisis in the country's vast real estate sector, once a key pillar of the economy but now beset with sprawling debt.
- Hong Kong-listed Vanke is part-owned by the government of Shenzhen and was China's fourth-largest real estate firm by sales last year, according to research firm CRIC.
Business
Goldwind 2024 revenue up 12.5%
The clean energy giant posted $7.8bn in revenue for 2024.
- Net profit last year also saw growth, rising nearly 40 percent percent to 1.9 billion yuan.
- China now dominates the global wind sector in terms of total installed capacity, aided over the years by generous strategic subsidies from Beijing.
Business
Emaar to pay $2.39bn dividend
The company had posted $19bn in property sales for 2024.
- Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
- Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase.
Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.
Business
ADNOC L&S okays $273m dividend
The final dividend of $136.5m will be paid on April 3.
- ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency, the company said.
- Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
Business
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
- It reported a record adjusted net income of $5 billion, up 13 percent year-on-year, and strong EBITDA growth of 14 percent year-on-year to $8.65 billion.
- ADNOC Gas' full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024, the company said.
Business
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
- The Shenzhen-based firm has emerged in recent years as the clear leader in China's highly competitive EV market, which is the largest in the world.
- BYD's publication of strong results comes after Tesla announced lower than expected profits for the fourth quarter of 2024 in late January.
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.
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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.