Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Business
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Emirates half-year profit $2.5bn
Business
Business
OpenAI disbands team devoted to artificial intelligence risks
San Francisco, United States -- OpenAI on Friday confirmed that it has disbanded a team devoted to mitigating the long-term dangers...
- OpenAI weeks ago began dissolving the so-called "superalignment" group, integrating members into other projects and research, according to the San Francisco-based firm.
- Company co-founder Ilya Sutskever and team co-leader Jan Leike announced their departures from the ChatGPT-maker this week.
Geostrategy
Israeli leaders split over post-war Gaza governance
Jerusalem, Undefined -- New divisions have emerged among Israel's leaders over post-war Gaza's governance, with an unexpected Hamas fightback in parts...
- After Hamas regrouped in northern Gaza, where Israel previously said the group had been neutralized, broad splits emerged in the Israeli war cabinet in recent days.
- Netanyahu came under personal attack from Defense Minister Yoav Gallant for failing to rule out an Israeli government in Gaza after the war.
Geostrategy
Despite international appeals, Israel to ‘intensify’ Rafah assault
Defense Minister Yoav Gallant said "additional forces will enter" the Rafah area and "this activity will intensify". "Hundreds of targets...
- Israel's top ally the United States has joined other major powers in appealing for it to hold back from a full ground offensive against Hamas in Rafah.
- The 22-member Arab League, meanwhile, called for UN peacekeepers to be deployed in the occupied Palestinian territories until a two-state solution has been implemented.
Business
ADX gains $1.90bn on strong performances from bank stocks
Abu Dhabi, UAE -- The Abu Dhabi Securities Exchange (ADX) extended its gains at the close of trading today, adding...
- The total market capitalization of listed shares reached AED 3.49 trillion at the end of Thursday's trading session.
- Local stocks attracted over AED1.5 billion in liquidity at the end of the session, distributed as follows: AED 1.12 billion on the ADX and AED396.3 million on the DFM.
Business
TAQA Q1 net income $571m
Net income fell $2.58bn due to one-off items recognized in 2023.
- Net income, excluding these one-offs, increased by AED 100 million, 6.9% higher than the prior-year period.
- TAQA’s revenues reached AED 13.7 billion, 5.3 percent higher than the prior-year period, due to the contribution from SWS Holding.
Business
As international gas demand grows, Qatar eyes more long-term deals
Energy Minister Saad al-Kaabi, who is also chief executive of QatarEnergy, said the state-owned giant had secured sales of 25...
- "It's just agreeing on terms and conditions and pricing... but I think there's a huge demand out there, whether it's from Asia or Europe," Kaabi told the Qatar Economic Forum.
- "I think even Europe is realizing now they have to do something different to secure long term," he added.
Geostrategy
Summer 2023 was the hottest in 2,000 years: study
Paris, France -- Last year's northern hemisphere summer was the hottest in 2,000 years, according to a new study published on...
- Study co-author Max Torbenson told reporters that 25 of the last 28 years exceeded the summer highs of AD246 -- the hottest year before modern temperature records began.
- A separate study warns that higher temperatures and ageing populations would see tens of millions of older people being exposed to dangerous heat extremes by 2050.
Geostrategy
Israel’s Rafah attack set Hamas talks ‘backward’: mediator Qatar
"There is no clarity how to stop the war from the Israeli side. I don't think that they are considering...
- Israeli politicians were indicating "by their statements that they will remain there, they will continue the war. And there is no clarity on what Gaza will look like after this".
- A senior US official told AFP negotiations were "at a simmer, they are at a low boil", but that conversations with the parties were continuing.
Interview
RAKEZ powers Ras Al Khaimah’s growth: CEO Ramy Jallad
Jallad underscores the role played by RAK ruler Sheikh Saud in positioning the emirate as a magnet for SMEs and...
- Ras Al Khaimah is strategically located near several logistics’ routes, including shipping and aviation, says Jallad.
- RAKEZ has investors and companies from over 100 different countries, as well as 100 different industries and segments.
Geostrategy
Egypt says to support South Africa ICJ case against Israel
Pretoria brought its case to the ICJ in December, calling on the UN court to order Israel to suspend its...
- Egypt said its move to back the case comes "in light of the worsening severity and scope of Israeli attacks against Palestinian civilians in the Gaza Strip".
- It further pointed to Israel's systematic "targeting of civilians and destruction of infrastructure" and "pushing Palestinians into displacement and expulsion".
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Business
Company News
Avia to buy 40 Boeing aircraft
Business
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Emirates half-year profit $2.5bn
Business
Turkish-backed jihadists breach Aleppo, displacing thousands and cutting vital highway to Damascus
By Friday, the jihadists and their allies had taken more than 50 towns and villages in the north and entered...
Okonjo-Iweala’s second term: Trump’s disdain for WTO biggest challenge
Ngozi Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race,...
Geostrategy
Crypto boss Justin Sun eats banana art he bought for $6.2 million
Hong Kong, China -- Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an...
Arts & Culture
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Geostrategy
OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at...
- An OPEC spokesman told AFP that the December meeting will be held online.
- In a bid to boost crude prices, eight OPEC+ members announced earlier this month they were extending supply cuts until the end of December.
Interview
EVs just the start, urban mobility needs a holistic approach
Cities must adopt EVs alongside shared transport, robust infrastructure, clean energy, and inclusivity, says Jamie Wylie, an urban mobility expert.
- One of the biggest hurdles to EV adoption is ensuring a network of accessible, reliable charging stations.
- According to the Global EV Outlook 2024, public charging infrastructure is expected to increase sixfold by 2035, with a focus on cities.
Business
Adani Group says it lost nearly $55 billion as US bribery charges sparked rout
The November 20 bombshell indictment in New York accused billionaire industrialist founder Gautam Adani and multiple subordinates of deliberately misleading...
- Gautam Adani, 62, is suspected of having participated in the $250 million scheme in bribes to secure lucrative government contracts.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.