ADCB, EIH sign agreement
Business
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 Â
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.
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 Â
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.
Company News
ENEC, CNNC sign MoU
Business
ADCB, EIH sign agreement
Business
Latest News
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.
Business
Most Read
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration
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.