New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Google makes case for keeping Chrome browser in US court
Washington, United States - Google on Friday urged a US judge to reject the notion of making it spin off...
Business
Geostrategy
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...
- UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
- UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.
Business
DFM net profit surges 30%
The consolidated revenue rose 13 percent to $24.2 million.
- The total consolidated revenue rose 13 percent to $24.2 million in Q1 2023, compared to $21.4 million in Q1 2022.
- Operating income amounted to $12.9 million, while investment returns and other income reached $11.3 million
Business
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.
- The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
- With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Market Report
Global stocks rise despite data showing US economic slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest...
- The first quarter growth figure adds to lackluster US consumer confidence data which has deepened worries about a broader recession.
- Yields on US government debt rose after the data was released and also reported a drop in weekly jobless claims.
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Economy
Strong first-quarter Meta earnings push Wall Street stocks up
Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave...
- About 30 minutes into trading, Meta was up around 15 percent, while all three major US indices were in positive territory.
- The broad-based S&P 500 advanced 0.8 percent to 4,087.37, while the Nasdaq Composite Index climbed 0.9 percent to 11,960.26.
Economy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
- US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
- The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Economy
Gulf countries build on unprecedented megaprojects
Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States,...
- Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States, a latest report highlights
- The first construction megaproject with a cost exceeding $1 trillion is expected to emerge by the end of the decade, the latest 1Build report points out
Business
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...
- In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
- The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
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Global stock markets swing ahead of Fed’s latest rate decision
"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate...
Business
Qatar awards $6bn in contracts for Al-Shaheen oilfield expansion
The four engineering, installation and procurement contracts will increase production at the Al-Shaheen oilfield -- the country's largest -- by...
Business
Dubai is a key player in global business landscape
"The emirate is continuing to consolidate its position as an ideal platform that brings together creative ideas and innovative entrepreneurs...
Economy
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Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
- Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
- Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
Economy
IMF lifts global growth forecast citing unexpected ‘resilience’
The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International...
- Among G7 advanced economies, growth in European countries looks set to remain weak, reflecting ongoing challenges, while Japan and Canada are expected to fare slightly better.
- While many Asian economies remain buoyant, Europe continues to cast a long shadow over the global outlook, with the IMF highlighting "notably subdued growth in the euro area."
Business
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
- 24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
- Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.