TikTok’s US future uncertain
Business
Tesla Q1 sales sink 13 percent
Business
Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
- The tech giant estimates that more than 50 million "AI PCs" will be sold over the next 12 months, given the appetite for devices powered by ChatGPT-style technology
- Of all the tech giants, Microsoft has pushed the most aggressively to infuse the powers of generative AI into its products, often leaving rival Google to play catch-up
Business
Amazon triples quarterly profit
The company's cloud, ads, and retail businesses thrive.
- Amazon shares were up about one percent in after-market trades that followed release of the earnings figures
- Sales at Amazon online stores grew by 7% in the quarter despite competitive pressure from rivals such as Shein and Temu
Business
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
- The cash injection to ramp up output to meet growing demand for antibody drugs brings "the total investment in the facility to over $3.2 billion", the company said
- The investment is part of its strategy of enabling the firm "to construct identical large-scale production facilities" in the United States and Europe, it said
Business
CBI, zypl.ai ink partnership
The pact aligns with CBI’s plan to support innovation in UAE.
- CBI, zypl.ai partnership signifies a strategic entry into using AI implementation for advanced credit scoring.
- CBI plans to further enhance operational efficiencies to ensure a swift and seamless lending experience.
Business
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
- This strategic partnership leverages DP World's extensive trade network and real-time data insights.
- It empowers RAKBANK with enhanced risk assessment capabilities and streamlined access to financing.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
- United Trans has been at the forefront of transforming the regional transport spectrum.
- The company collaborates with major global organizations across all modes of transport.
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
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TikTok’s US future uncertain
Business
Tesla Q1 sales sink 13 percent
Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
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Business
TikTok’s US future uncertain
It must find non-Chinese owner to avoid ban.
- In the hours before that deadline, TikTok temporarily shut down in the United States and disappeared from app stores, to the dismay of millions of users.
- Much of TikTok's US activity is already housed on Oracle servers, and the company's chairman, Larry Ellison, is a longtime Trump ally.
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
- Musk's electric vehicle company delivered 336,681 autos in the quarter ending March 31, missing analyst expectations.
- Tesla shares fell more than six percent in early trading after the deliveries fell by more than expected from the year-ago stretch. Shares later partially rebounded.
Business
AD Ports Group 2024 revenue $4.70bn
The Group's EBITDA increased by 69 percent YOY.
- All of the Group’s business segments — Ports, Economic Cities and Free Zones, Maritime and Shipping, Logistics, and Digital — contributed to the record-breaking revenue.
- The Group successfully integrated two major acquisitions and accelerated its international expansion strategy, boosting profitability.