Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
Business
Credit Suisse shares down
The bank has lost 81% of its value since Greensill bankruptcy.
- Shares in Switzerland's second largest bank plunged quickly by 14.3 percent to reach 2.139 Swiss francs.
- Despite a huge restructuring effort, the value of Credit Suisse has dropped repeatedly on the stock market.
Business
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Business
VW to cut e-car prices
The price drop is seen as a direct response to cuts by Tesla.
- Volkswagen will start selling its ID.3 electric car model from March end for less than $42,000.
- That is a 3,000-euro markdown from the current ID.3 price tag, putting it on par with US rival Tesla's popular Model Y.
Business
Credit Suisse delays yearly report
Delay has had no effect on its annual financial statement.
- The publication of the yearly report which includes information about the company's functioning, was due on Thursday
- The bank had reported a net loss of 7.3bn Swiss francs ($7.9 billion) - the biggest since 2008, in its 2022 financial statement
Business
CVC to invest in WTA
The company likely to buy 20 percent stake.
- The WTA tour includes more than 70 events annually but it has suffered financially from suspending tournaments in China and Hong Kong.
- Liberty Media bought CVC's stake from Formula One in 2016 but the firm owns an Indian Premier League franchise.
Business
Ducab 2022 revenues up 19%
The company said the metal business alone grew by over 23 percent.
- The cable business increased by more than 9 percent during the same period, the company said.
- Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Business
Lego to gain market share
Excluding currency effects, the sales gain was 11 percent.
- For 2022, net profit at the Danish firm rose four percent to a record 13.8 billion kroner ($1.98 billion).
- The company has been buoyed both by sets based on franchises such as Star Wars and Harry Potter.
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
Trafigura to receive $135m loan
The loan will support Trafigura's procurement from the UAE.
- ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
- SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
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Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
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ENEC, Kazatomprom ink pact
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Zain KSA expands 5G network
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Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
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Business
PureHealth buys Circle Health
The deal signifies PureHealth’s operational capabilities.
- The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare.
- The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity.
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
- The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
- Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.