Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
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EWEC, Masdar sign purchase pact
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ADNOC to deploy UAE-made drones
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UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.
- In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
- The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.
Business
Adidas picks new CEO
The new CEO is being given a five-year contract, the firm said.
- Bjorn Gulden, the Norwegian former professional football and handball player will take on the role from January next year
- He has held senior roles at companies including shoe retailer Deichmann and clothing and sports equipment company Helly Hansen.
Business
Binance to buy rival FTX
No financial terms were disclosed of the proposed deal.
- Bitcoin slid more than five percent, trading back under $20,000 before recovering.
- FTX's FTT token slumped 25 percent to its lowest levels since early 2021.
Business
Zain Group 9M net profit $492m
Revenue was up 12% to reach $4.2 billion for the same period.
- An interim cash dividend of 10 fils, totaling $140 million was distributed in September 2022.
- The company added 3.5 million active subscribers to a total of 52 million customers, a 7 percent year-on-year growth.
Business
Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn.
- Net loans, advances and financing grew by 7.3 percent, reaching RO 2.538 billion.
- The bank's operating income and expenses also increased to the tune of 13 percent (RO 67.93 million)
Business
Bayer Q3 profits at US$544m
Strong performance of the firm's agrochemicals division helped.
- Bayer reported US$84.9 million in profit in the third quarter of 2021.
- Sales rose by 5.7 percent, to more than US$11.18 billion.
Business
ADNIC 9M net profit $72m
Net investment and other income reached AED93.8m.
- Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said ADNIC's gross written premiums growing by 32.4 percent to AED4.29 billion.
- "The performance was driven by robust growth in the commercial division of 50.7 percent, and stable growth in consumer lines of 10 percent," he said.
Business
Yahsat reports double digit revenue
The company posted an EBITDA of $189 million.
- The company also announced a normalised net income of $76 million, up 39 percent year-on-year
- It also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year
Business
2 Emirates NBD India branches
The branches cater to northern, southern areas.
- In 2017, the bank inaugurated its first full-fledged branch in India’s commercial centre, Mumbai.
- The bank’s 60-second zero-fee digital funds transfer service to India, DirectRemit, has facilitated 2.5 million remittances to India.
Business
Apple says iPhone production hit by China Covid lockdown
Owing to Covid restrictions in central China, Apple has said that production at the world's largest iPhone factory has been...
- Foxconn locked down its massive factory in Zhengzhou last month after a spike in infections -- in line with China's zero-Covid policy
- Multiple workers have recounted scenes of chaos and increasing disorganization at Foxconn's complex of workshops and dormitories
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
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eXtra net profit down 17%
Business
EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
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ADNOC signs pacts with 30 firms
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Evergrande shares up 28 percent
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Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
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Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Business
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.