ADCB, EIH sign agreement
Business
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%.
Business
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.
- GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
- Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Business
Ericsson Q1 net profit at $155m
Firm announced that it would slash 8,500 jobs worldwide.
- Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
- Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
Business
MBME lists on ADX
The firm provides customized digitalization solutions.
- MBME Group operates the region’s largest online utility and government services payment platforms.
- It became the 14th company to list on the ADX Growth Market, which delivered robust performance last year.
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ENEC, CNNC sign MoU
Business
ADCB, EIH sign agreement
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Pfizer set to acquire Seagen
Business
UAE, Korean firms ink pact
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
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Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.