SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
Business
Business
Boeing to cut 10% of workforce
The aviation giant has projected a large third-quarter loss.
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly month-long strike of 33,000 workers.
- Boeing said the strike contributed to $3 billion in pre-tax charges to its commercial aviation results in the third quarter.
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.
Geostrategy
Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
- The situation for children in Gaza is similar to the situation in Japan at the end of World War II, the co-head of Nihon Hidankyo said.
- "In Gaza, children in blood are being held. It's like in Japan 80 years ago," Toshiyuki Mimaki told a news conference in Tokyo.
Geostrategy
UN probe accuses Israel of seeking to ‘destroy’ Gaza healthcare
"Israel has perpetrated a concerted policy to destroy Gaza's healthcare system as part of a broader assault on Gaza," the...
- The country is "committing war crimes and the crime against humanity of extermination with relentless and deliberate attacks on medical personnel and facilities", it added.
- The report found that Israeli security forces had "deliberately killed, detained and tortured medical personnel and targeted medical vehicles" in Gaza.
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.
Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.
Geostrategy
October 7 anniversary: Hamas praises ‘glorious’ moment in its resistance, Netanyahu says ‘we will win’
Hamas called the Palestinian resistance a testament of resilience against Israeli aggression, while Netanyahu reaffirmed Israel's commitment to crush Hamas...
- Last year's October 7 attack resulted in the deaths of 1,205 people, according to an AFP tally based on Israeli official figures that include hostages killed in captivity
- At least 41,870 Palestinians, a majority of them civilians, have been killed in Israel's military campaign in the Gaza Strip since the war began
Geostrategy
Dubai’s night beaches a cool solution to summer heat
With temperatures regularly topping 40 degrees Celsius, outdoor activities are severely limited. More than one million people have visited the...
- For residents of Dubai, a coast-hugging, desert metropolis of about 3.7 million people, the hot season from June to October is an annual trial.
- The city now has more than 800 meters (yards) of designated night beaches fitted with shark nets and illuminated by giant, bright floodlights.
Business
Casino operator Wynn wins UAE’s first commercial gaming license
Dubai, United Arab Emirates -- US casino operator Wynn has received the first commercial gaming operator's license to be issued in...
- The license was issued by the General Commercial Gaming Regulatory Authority, which was set up last year to allow for commercial gaming licenses to be issued in the Gulf Arab state
- Wynn operates casinos in Las Vegas and Boston as well as in Macau, a Chinese territory close to Hong Kong.
SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
Company News
Latest News
Israeli strike on broadcast vehicle kills five Al-Quds Today journalists
Palestinian Territories -- A Palestinian TV channel said five of its journalists were killed Thursday in an Israeli strike on...
Geostrategy
Turkey lowers interest rate to 47.5% as it battles double-digit inflation
The bank's monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement...
Economy
Pope calls for ‘arms to be silenced’ in Christmas appeal
Rome, Italy -- Pope Francis called Wednesday for "arms to be silenced" around the world in his Christmas address, appealing for...
Geostrategy
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Business
Honda shares soar 16%
The surge came after the auto giant announced a $7bn buyback.
- The buyback announcement came as Honda and its struggling rival Nissan agreed on Monday to launch talks on a merger.
- Honda will buy back its own shares worth up to 1.1 trillion yen, or 23.7 percent of the total issued shares, to improve "efficiency of its capital structure".
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
- The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD.
- It also garnered support from investment funds from Saudi Arabia and Qatar among others.