UAE, Korean firms ink pact
Business
ENEC, X-energy sign agreement
Business
Bosch to cut 1,500 jobs
Business
Shell eyes $6bn in Nigeria
Business
KPMG to merge UK, Swiss ops
Business
Business
Sega to buy Rovio
The deal is worth more than $770 million, the companies said.
- The deal would mark the end the independence of Finnish mobile game makers, which burst into the scene when Rovio launched its slingshot-bird game more than a decade ago.
- The bid by Sega, famous for its own animal character, Sonic the Hedgehog, is also the latest high-profile acquisition in the gaming sector.
Economy
Ajman Bank, EIH ink deal
The bank will act as a strategic partner during listing of EIH.
- Ali El Gebely, Managing Director and CEO of EIH, said the partnership aims to build real value for the future of investment through strategic partnerships.
- Established in 2007, Ajman Bank is an Islamic commercial bank that listed on the Dubai Financial Market in 2008.
Business
Hermes Q1 revenue at US$3.7bn
The performance was driven by strong sales, especially in Asia.
- "The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
- China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
Business
Infosys Q1 profit drops
Revenue grew 8.8% YoY, but fell 3.2% quarter-on-quarter.
- Infosys benefitted from an IT boom that made India the back office to the world for subcontracted work.
- The company, like local rival TCS, also gained from the increased use of digital services during the Covid pandemic.
Business
LVMH posts Q1 revenue of $23.1bn
Jump in sales across all regions, including China.
- LVMH became Europe's most valuable company in January when its market capitalization soared to US$440 billion.
- The United States had a steady performance while "Asia experienced a significant rebound following the lifting of health restrictions".
Business
Saudi Amiantit Q1 profit $0.5m
The net profit was down 78% compared to the previous quarter.
- The revenue increased by more than 65 percent year-on-year to 197 million riyals from 119 million riyals in Q1 2022.
- The company’s accumulated losses reached 33% of share capital due to “applying the international accounting standards and the lack of liquidity in general.
Business
Microsoft, G42 sign MoU
MoU will leverage core competencies of both the firms.
- The MoU will help explore joint business development and marketing opportunities across a variety of areas G42 covers.
- Microsoft and G42 will be working in the coming months to finalize the development required to ensure regulatory compliance.
Business
SISCO to pay $8.6m dividend
The cash dividend will be paid for the second half of 2022.
- The dividends will be paid from 16 May 2023 and the payment is the final instalment of dividends for the year 2022.
- The company paid a total of 65.28 million riyals in dividends for the second half of 2022.
Business
Lufthansa to sell catering unit
LSG Group is to be sold to private equity group Aurelius.
- The airline giant had already sold LSG's European operations activities to Swiss-based Gategroup in 2019.
- The Lufthansa group was brought to the brink of bankruptcy when the COVID-19 pandemic saw global air travel grind to a halt.
Business
SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
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Company News
Pfizer set to acquire Seagen
Business
UAE, Korean firms ink pact
Business
Latest News
ENEC, X-energy sign agreement
Business
Bosch to cut 1,500 jobs
Business
Shell eyes $6bn in Nigeria
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
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Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.
Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
- Mobile devices will become the primary access points for AI, with Samsung aiming to be a leader on that path, Samsung president T.M. Roh said
- The premium S24 Ultra unveiled at an event was said to have the capability to translate foreign language phone calls and texts while they were taking place