INSEAD Day 4 - 728x90

Economy

flydubai Aleppo flights resumed

The flights were resumed after nearly 14 years.

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms

Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...

Economy

From healthcare to finance: How AI is reshaping global industries and GCC economies

A study by the World Economic Forum reveals that AI could replace around 85 million jobs by 2025

Science
Business

Saab 2022 net profit at $211m

Revenue rose as countries boost military spending.
  • Order intake for the Swedish company totaled US$6.1 billion in 2022, a 45 percent increase from the previous year.
  • They soared by 144 percent in the fourth quarter alone to US$2.8 billion year on year.
Business

Russia to slash oil output by 5% over Western price cap

Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
  • The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
  • "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.

World Bank to provide Turkey $1.78 bn for recovery after quake

The 7.8-magnitude quake struck as people slept early Monday, with Turkish officials saying that over 70,000 people have been injured...
  • Immediate assistance of $780 million will be offered via Contingent Emergency Response Components from two existing projects in Turkey
  • An added $1 billion in operations is being prepared to support people affected amid recovery and reconstruction from the catastrophe
Economy

‘Dubai among key global maritime destinations’

The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1...
  • Dubai is one of the leading players in the maritime sector, as it ranks among the most important global maritime destinations such as London, Singapore, Shanghai and Hong Kong
  • The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent
Business

Credit Suisse 2022 loss $7.9bn

Since March 2021, bank's stock lost over 75% of value.
  • The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
  • Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Economy

Turkey, Syria quake economic losses may exceed $4 billion: Fitch

More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
  • More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
  • Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area.
Business

AstraZeneca 2022 profit $3.3bn

The firm's revenues rose to US$44.4 billion in 2022.
  • Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
  • The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
Business

Volvo Cars 2022 net profit $1.6bn

Revenue climbed by 17 percent to a record US$31.8 billion.
  • Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
  • Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
Business

ArcelorMittal 2022 profit $9.3bn

Profit was affected as demand for steel fell and production hit.
  • ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
  • The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Economy

Saudi Industrial Production Index rises by 7.3 percent in Dec 2022

Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
  • A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
  • Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.

US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms

Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
Economy

Company News

Latest News

Eurozone business activity continues downward trend in December

BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...
Economy

‘Double efforts to tackle labor market challenges’

"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...
Economy

Palestine sees 3.7% economic shrink amid conflict

The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADCB, EIH sign agreement

ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
  • The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
  • ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Economy

Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023

RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
  • This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
  • This achievement adds to the recent major records, including a score of 77.66 during Q3.
Economy

Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
  • The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
  • The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.