PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
Renowned designer Cucinelli stresses sustainability at Saudi event
Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the...
Business
Business
Most equity markets fall as US inflation data dims rate cut hopes
The losses tracked a sell-off on Wall Street and saw the dollar strike a 34-year high against the yen, fueling...
- The disappointing data sent all three main indexes on Wall Street deep into the red. Asia followed suit in the morning but some bounced into positive territory as the day wore on.
- Hong Kong, Tokyo, Sydney, Singapore, Wellington, Taipei, Bangkok and Manila slipped, while Shanghai and Seoul edged up.
Business
Uniqlo upgrades net profit forecast
It now expects to make $2.1bn in the year to August.
- It also sees full-year operating profit of 450 billion yen on sales of 3.03 trillion yen, both of which would also be record figures if realized.
- Its low-cost GU clothing brand has been another key driver of the retail group's expansion, Fast Retailing added.
Business
ByteDance profits jump 60%
Sales also grew to nearly $120 billion from $80 billion.
- ByteDance has grown into one of the world's biggest tech firms -- best known in most countries as the creator of video app TikTok -- since its birth in a Beijing apartment 12 years
- A privately held firm, ByteDance does not release revenue and profit figures but media estimates of its earnings put it on par with some of the biggest firms in the world.
Geostrategy
WTO eyes global trade rebound in 2024 but warns of risks
Geneva, Switzerland -- The World Trade Organization said Wednesday that global trade should rebound this year from an unexpected slump in...
- In its annual trade forecast, the WTO disclosed that world trade volumes unexpectedly declined by 1.2 percent in 2023.
- WTO has also warned of worrying signs of growing protectionist behaviour by some countries, although it refuses to name them.
Business
Germany shares observations on Qatar hosting Autonomous e-Mobility Forum
In its efforts toward sustainable transportation, the German embassy is the first diplomatic representation in Doha to utilize an electric...
- The diplomats shared their observations and views on Qatar’s trajectory as a hub for dialogue and the potential of autonomous e-mobility moving forward
- The German embassy is indeed the first diplomatic representation in Doha to utilize an electric vehicle as a staff car
Geostrategy
BP issues upbeat Q1 outlook
The energy major's share price gained almost 2 percent.
- Gas sales are "expected to be strong" after a solid performance in the fourth quarter of 2023.
- Oil sales have regained strength after a weak performance in the prior period.
Geostrategy
Turkey imposes trade restrictions on Israel over Gaza war
The new measures come a day after Turkey said Israel had blocked its attempt to airdrop aid to Gaza. "This...
- Foreign Minister Hakan Fidan on Monday vowed reprisals against Israel for blocking Turkey's air force from airdropping aid to Gaza.
- Turkey is one of the harshest critics of Israel's war on Gaza, with Erdogan branding Israel a "terrorist state". It attached a list of 54 products subject to export restrictions.
Economy
UN food organization raises forecast for world cereal production
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) has released a new Cereal Supply and...
- FAO forecast for world cereal production in 2023/24 to 2.841 billion tons, reflecting expectations of greater outputs of maize, rice and wheat.
- FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tons, marking a 1.0 percent increase from 2023.
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Geostrategy
Stocks trip and oil surges as Middle East tension grows
The threat of regional war compounded fears that the Federal Reserve would not cut interest rates as much as previously...
- Optimism was at a premium on trading floors after a deadly strike on the Iranian consulate in Damascus, which Tehran blamed on Israel and threatened retaliation.
- Tokyo tanked two percent, with a stronger yen adding to the pain for Japanese investors, while Sydney, Seoul, Singapore, Wellington and Manila were also deep in the red.
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
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PIF sets up sarcc company
Business
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
Geostrategy
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...
Business
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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.