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Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
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Yalla 9M revenue at $237.9m
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HSBC relaunches SVB UK
The new unit is headed by former SVB UK boss Erin Platts.
- HSBC rebranded SVB UK as HSBC Innovation Banking, the London-listed lender said in a statement.
- HSBC in March bought SVB UK under a deal brokered by the UK government and the Bank of England.
Business
solutions signs $118m contract
The contract's impact will show in the firm's Q3 financials.
- The company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR.
- The company reported a revenue of SAR 2.7 billion in the first quarter of 2023, an increase of 19 percent from the same quarter last year.
Business
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.
- River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
- The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
Business
Inditex posts record profit
The firm attributed the figures to strong sales which reached $8.15bn.
- The Spanish group said its net profit jumped 54 percent to 1.17 billion euros ($1.25 billion) in the three-month period ending on April 30.
- Excluding a 216 million provision a year ago to deal with the consequences of Russia's invasion of Ukraine, the firm's profits were up 24 percent.
Apple launches spatial computer; takes VR world by storm
CUPERTINO, California: Apple on Monday unveiled Apple Vision Pro, a spatial computer that seamlessly blends digital content with the physical...
- Apple CEO Tim Cook says: “Today marks the beginning of a new era for computing."
- The breakthrough design of Vision Pro features an ultra-high-resolution display system that packs 23 million pixels.
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Business
TAQA Arabia’s shares listed on EGX
More than 1.35 billion shares of the energy distribution firm were listed.
- The shares, at a nominal value of Egyptian Pound 0.50 apiece, will be listed in Egypt Listed Securities.
- From Sunday, TAQA Arabia’s shares shall be added to EGX database under the ticker symbol TAQA.CA, and it will be allocated in the utilities sector.
Business
PIF to acquire stake in Tamimi Market
The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
- PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
- Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
Credit Suisse fails NYSE listing criteria
Under NYSE rules, shares must trade for at least $1 for 30 consecutive days.
- Credit Suisse is listed in New York under a "Depositary Shares" scheme that allows foreign firms to sell stock in the United States.
- Its share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks.
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ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
- Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
- The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.
Business
ADNOC signs LNG delivery agreement
The 15-year agreement was inked wit ENN LNG (Singapore).
- The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
- The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.
Business
Hyundai to sell Russian plant
Sales of Hyundai cars have tumbled in Russia.
- The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.
- Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.