Meta, YouTube face trial over children harm
Opening statements in the first trial began in Los Angeles County Superior Court, where Instagram parent company Meta and Google’s...
Geostrategy
MENA must integrate research, enterprise, and leadership development
Over the next five years, knowledge and innovation will redefine the MENA region’s economic landscape, moving it beyond traditional resource...
Interview
Geostrategy
Wealthy nations offer $250bn on climate but pressed for more
At the COP29 talks in Azerbaijan, developing nations are demanding a bigger commitment from historic polluters most responsible for warming,...
- The text also sets an ambitious overall target to raise at least $1.3 trillion per year by 2035 from not only developed countries but the private sector.
- But a red line for many climate-imperiled nations at COP29 had been securing a new commitment from developed nations well above their existing pledge of $100 billion a year.
Business
BP announces $7bn gas project
The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.
- BP said in a statement the "major investment" highlights its "strong confidence in Indonesia's investment climate".
- The project involves the development of a new gas field, Ubadari, as well as enhanced gas recovery through carbon capture, ut and storage (CCUS) and onshore compression.
Geostrategy
ICC issues arrest warrants for Netanyahu, Gallant, Deif
The court said it had found "reasonable grounds" to believe Netanyahu and Gallant bore "criminal responsibility" for war crimes
- The ICC's move now theoretically limits the movement of Netanyahu
- A warrant had also been issued for Deif
Business
Adani Group tanks after US bribery charges
India's opposition leader demands Gautam Adani's arrest; Kenya scraps airport, power deals with the Group that has significant investments in...
- Adani, once the world's second-richest man, is a close ally of Prime Minister Narendra Modi and critics have long accused him of benefitting improperly from their relationship.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a shock report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.
Business
Lulu Retail Q3 profit $35m
For the nine-month period, net profit increased by 73.3%.
- In its first financial update since its record IPO on ADX, the company posted a revenue growth in Q3 2024, reaching $1.86 billion, up 6.1% YoY.
- The UAE saw strong revenue growth of 7.5% in Q3 2024, mainly driven by healthy LFL growth of 4.7% during the quarter.
Arts & Culture
Banana taped to a wall sells for $6.2 million
The provocative work of conceptual art by Italian artist Maurizio Cattelan debuted at the Art Basel show in Miami Beach...
- The sale featured seven potential buyers and smashed expectations, with the auction house issuing a guide price of $1-1.5 million before the bidding.
- As well as his banana work, Cattelan is also known for producing an 18-carat, fully functioning gold toilet called "America" that was offered to Donald Trump during his first term.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
- But the wording angered Israel, with a senior US official warning ahead of the vote that the resolution had "the potential only to buoy Hamas".
- Since the beginning of the conflict, the Security Council has struggled to speak with one voice, as the United States used its veto power several times.
Business
Talabat IPO offer price range announced
The subscription will close on 27 Nov for UAE retail investors.
- A total of 3.493 billion shares will be made available in the offering, representing 15% of the company’s total issued share capital.
- All Shares to be offered are existing shares held by the company’s sole shareholder, Delivery Hero MENA Holding.
Geostrategy
Hamas negotiators ‘not in Doha’ but political office not closed: Qatar
Qatar, along with the United States and Egypt, had led months of fruitless negotiations for a truce in the Gaza...
- "The mediation process right now... is suspended unless we take a decision to reverse that which is based on the positions of both sides," spokesperson Majed Al-Ansari said
- "The office of Hamas in Doha was created for the sake of the mediation process. Obviously, when there is no mediation process, the office itself doesn't have any function," he said
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Meta, YouTube face trial over children harm
Opening statements in the first trial began in Los Angeles County Superior Court, where Instagram parent company Meta and Google’s...
Geostrategy
Company News
Wed by app: Abu Dhabi launches virtual marriage for all
Arts & Culture
Latest News
‘Dinosaur tartare’ and holograms: Dubai AI chef sparks awe and ire
Dubai, United Arab Emirates -- A Dubai restaurant has opened that prides itself on having the world's "first AI chef",...
Arts & Culture
Singapore AI teddy back on sale after recall over sex chat scare
Singapore, Singapore -- A plushy, AI-enabled teddy bear recalled after its chatbot was found to engage in sexually explicit conversations...
Business
Four European nations urge Israel to end West Bank ‘settler violence’
"We -- France, Germany, Italy, the United Kingdom -- strongly condemn the massive increase of settler violence against Palestinian civilians...
Geostrategy
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Business
Insurance giant Allianz signals job cuts in AI shift
Frankfurt, Germany -- German insurance giant Allianz signalled Wednesday looming job cuts due to its adoption of artificial intelligence, with...
- Allianz Partners, the company's subsidiary dealing principally with travel insurance, said it was "leveraging AI" to strengthen its position and improve its services.
- Such changes could, however, "impact positions which are heavily reliant on manual processes today," it said in a statement.
Geostrategy
Robots take centre stage at Singapore ‘Olympiad’
Singapore -- The World Robot Olympiad opened in Singapore on Wednesday with hundreds of international students, some as young as...
- Organizers said 594 teams, comprising 1,571 participants from 91 countries, have registered for competitions to be held on Thursday and Friday on the theme "The Future of Robots".
- The theme "explores the way robotics can help solve global challenges and improve our lives", according to a fact sheet issued by the organizers.
Business
GCC countries attract $523.4bn in foreign investment in 2023
Muscat, Oman -- The GCC countries have seen a steady rise in foreign investment, according to data from the Statistical...
- Intra-GCC investments rise to $130 billion, aided by infrastructure, technology improvements, and modern legislation boosting regional business attractiveness.
- Capital markets grow to $4.2 trillion as corporate profits improve and institutional investments continue despite global economic uncertainties.