ENEC, X-energy sign agreement
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Bosch to cut 1,500 jobs
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Shell eyes $6bn in Nigeria
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Alibaba to split into six groups
Each will be managed by its own CEO and board of directors.
- The restructuring is likely to enable each separate business to pursue its own fundraising and public listing plans.
- Hangzhou-based Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Business
Savola to pay $93m in dividends
The date of distribution will be announced later.
- The General Assembly date will be set after securing the formal approvals from the relevant authorities.
- The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business
Al Rajhi to issue sukuk
The sukuk terms will be determined as per market conditions.
- The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
- The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.
- The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
- Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Business
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.
- The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
- MBRSC will benefit from e& enterprise’s resources and capabilities.
Business
Presight to list on 27 Mar
Presight IPO received $496 million. It was oversubscribed 136 times.
- Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
- Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business
Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.
- A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
- Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Business
SATORP 2022 net profit $2.39bn
Improved refining, petrochemicals margins behind profit rise.
- The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
- Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business
Tencent 2022 profit falls
Tencent is the owner of popular messaging app WeChat.
- Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
- The drop in profit comes in the background of increased scrutiny on China's tech sector.
Business
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend.
- The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
- ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Company News
ENEC, X-energy sign agreement
Business
Bosch to cut 1,500 jobs
Business
Shell eyes $6bn in Nigeria
Business
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KPMG to merge UK, Swiss ops
Business
ROSHN, Retal sign $99m deal
Business
Volkswagen to reduce workforce
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
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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
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.