Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
KIPCO sells its stake in GIG
Business
Hyundai Motor, Mubadala ink MoU
Business
ADNOC to buy stake in Fertiglobe
Business
ADCB, EIH sign agreement
Business
Pfizer set to acquire Seagen
Business
Business
Bed Bath & Beyond files for bankruptcy
The firm was a regular on the Fortune 500 list of biggest American companies.
- The home goods chain filed voluntary petitions for relief under Chapter 11 at the United States Bankruptcy Court.
- The New Jersey-based retailer, sold everything from shower curtains and soaps to vacuum cleaners and duvet covers.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Business
Nokia Q1 earnings down
Nokia's share price was down seven percent at $4.35.
- Nokia's earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet.
- Despite the mixed results, Nokia remains on track to "deliver another year of growth in 2023," said an official.
Business
DIB Q1 profit up
Net financing and sukuk investments stood at $65.35bn.
- DIB's total income rose to AED 4.431 billion ($1.21bn) compared to AED 3.016 billion ($820m), a solid expansion of 47 percent YoY.
- Net operating revenues showed a robust 12 percent YoY to reach $750 million, while net operating profit stood at $550 million.
Business
MBM Holding, Portland Holdings ink MoU
Firms will work together on nuclear, renewable energy.
- The two firms seek to address global challenges by adopting innovative solutions in health sciences and nuclear and clean energy.
- The MoU comes as part of the UAE’s Year of Sustainability in preparation for the country's hosting of COP 28 to promote environmental sustainability.
Business
DAE okays $300m for bond repurchase
The repurchase will be made through open market transactions.
- To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
- The airplane lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Business
M42 acquires Diaverum
Diaverum is world’s third-largest provider of dialysis services.
- Founded in 1991, Diaverum operates across 23 countries, with 440 clinics and over 13,000 employees.
- It has a strong track record of clinical excellence, providing critical care to around 39,000 patients.
Business
Goldman Sachs net income down
The bank's shares dropped 3.7% to $327 in pre-market trading.
- The big investment bank pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions".
- Net income came in at $3.1 billion, down 19 percent from the year-ago period on a five percent drop in revenues to $12.2 billion
Business
Volkswagen to invest in China
The new venture will be launched in 2024.
- Electric Vehicles now make up one out of four car sales in China, the world's largest car market. Local brands command 81 percent of the EV market in China.
- Executive Ralf Brandstaetter said the move was a key step of the group's "in China, for China" strategy.
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Company News
KIPCO sells its stake in GIG
Business
Hyundai Motor, Mubadala ink MoU
Business
ADNOC to buy stake in Fertiglobe
Business
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ENEC, CNNC sign MoU
Business
ADCB, EIH sign agreement
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
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Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).