CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
PureHealth buys Circle Health
Business
Business
Goldman Sachs Q2 profits at $1.1bn
Profit fell due to anemic M&A market, weakness in trading.
- The big investment bank has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers.
- Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.
Business
Microsoft, Activision gaming deal deferred
July 18 was the cut off point to finalize the $75bn deal.
- The deal for Microsoft to acquire Activision now gets pushed by three months to October 18.
- In return, Microsoft agreed to pay Activision an increased break-up fee in case either side walks away from the deal.
Business
Tata to build car battery factory in UK
The $5.2bn factory is expected to create up to 4,000 jobs.
- The factory is Tata's first giga facility outside India, and will be built in Somerset, southwest England.
- The British government said the new manufacturing facility is expected to provide almost half of the battery production that the UK will need by 2030.
Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.
Business
Riyad Bank H1 profit up 27%
The rise attributed to increase in total operating income.
- However, this was partially offset by a drop in gains on disposal of non-trading investments, net fee and commission income, and dividend income.
- The three-month net profit jumped 23 percent to SAR 1.98 billion from SAR 1.61 billion in Q2 2022.
Business
Dar Al Arkan issues sukuk of $600m
issuance is the ninth tranche Sukuk program in US dollars.
- The maturity period is of five years at a profit rate of 8 percent annually.
- The issuance order book reached US$1.64 billion (SAR 6.15 billion).
Business
QatarEnergy 2022 net profit $42.46bn
QE is working to increase LNG production capacity by 64%.
- The company's bumper profits sprang from an increased demand for liquefied natural gas (LNG) spurred by Russia's invasion of Ukraine.
- Nearly 40 percent of all LNG in the international market will come from QatarEnergy by 2029
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
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EDGE, Baykar collaborate
Business
Goldman Sachs profits up 58%
Business
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CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
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Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.
Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023