Alstom to cut 1500 jobs
Business
ADNIC reports $82m profit
Business
ACWA Power, SEC sign PPAs
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Chemanol to buy stake in ACC
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Business
Flybe stops trading, cancels flights
Earlier it was a leader in the UK domestic flights sector.
- "We are sad to announce that Flybe has been placed into administration," the airline tweeted.
- The UK Civil Aviation Authority advised passengers booked with Flybe not to go to the airport.
Business
UAE banks’ saving deposits rise to $67bn
On a monthly basis, the deposits grew by 0.06 percent.
- On a monthly basis, the deposits grew by 0.06 percent, compared to about $67 billion in October 2022
- Demand deposits increased by $234 billion, or 82.5 percent, to $245 billion at the end of November last year
Business
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated markets
- Monument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
- Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Business
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth.
- The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
- The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Business
Boeing posts Q4 loss of US$634m
Firm confirmed its 2023 outlook amid strong aviation demand.
- Boeing said its commercial plane business was dented by "abnormal costs".
- It said "labor instability and supply chain disruption" weighed on its defense, space and security unit.
Business
ASML posts yearly profit of $6.1bn
The profit in year 2022 is 4.4 percent lower than in 2021.
- The maker of lithography machines that print microchips, said it expects strong growth for 2023, with net sales rising more than 25 percent.
- The United States restricted exports of semiconductor technology to China last year and wants the Netherlands and Japan to follow suit.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Business
Gulf Warehousing reports $66mn profit
The company made a profit of $62 million in Q4 2021.
- The company said in a statement that Earnings Per Share were QR 0.41 in 2022, compared to QR 0.38 in 2021
- The company's board said that it proposed dividends of QR 0.1, subject to the approval of the General Assembly
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ADNOC Gas net income $3.37bn
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ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
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Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia