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
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy
Business
Boubyan Bank okays 8% cash dividend
The Bank's general assembly also approved 6% in bonus shares.
- The Bank managed a record growth rate of 39 percent, while registering KD 80.4 million ($262.75 million.
- Chairman Boubyan Bank Abdulaziz Abdullah Dakheel Al-Shayahe said the bank continued its precautionary approach by allocating KD 31.7 million in provisions.
Geostrategy
Gaza fighting rages as UN chief decries ‘horror and starvation’
Guterres urged an end to the "non-stop nightmare" endured by Gaza's 2.4 million people in a visit to the Egyptian...
- Deadly fighting meanwhile rocked Gaza, where Hamas reported 21 deaths on Saturday at an aid distribution point on the outskirts of Gaza City.
- Hamas said they were killed by Israeli "tank fire and shells". Israeli forces also pressed on with their offensive in and around the Al-Shifa hospital complex.
Business
Petro Rabigh net loss up 320% in 2023
The company narrowed losses to $367 million in Q4.
- The company said the losses piled up primarily due to the challenging market conditions adversely affecting the margins for both refined and petrochemical products and other factor
- The company’s accumulated losses as of December 31, 2023, amounted to SAR 6.40 billion representing 38.34 percent of the company’s share capital of SAR 16.71 billion.
Business
CATRION 2023 profit up 10%
The company said that net profit, however, dropped 35% in Q4.
- The company' board has announced a cash dividend of SAR90 million for the second half of 2023.
- The company's revenue increased from SAR 1.818 billion in 2022 to SAR 2.133 billion in 2023, due to the inflight catering segment as well as non-aviation catering services.
Death toll climbs to ‘more than 60’ in Moscow concert attack: Agencies
Meanwhile, the fire at a Moscow concert hall has been "mostly eliminated", the Russian capital's governor said on Saturday. "There...
- President Vladimir Putin wished a speedy recovery to the wounded victims of the deadly attack, Russia's deputy prime minister said on Saturday after meeting with him
- The United States warned Russian authorities earlier in March about a terrorist attack possibly targeting "large gatherings" in Moscow, the White House said Friday
Geostrategy
UNSC to vote on new Gaza truce resolution after Russia, China veto US bid
The draft resolution, seen by AFP, "demands an immediate ceasefire" for the ongoing Muslim holy month of Ramadan that leads...
- Three European nations -- Malta, Slovenia and Switzerland -- are co-sponsoring the resolution, along with Mozambique, Guyana and Sierra Leone.
- Russia and China had vetoed a US-led draft resolution saying it did not pressure Israel, as Moscow accused Washington of a "hypocritical spectacle."
Business
Response Plus net profit surges in 2023
The Group's profit increased by 68% YoY to $13.52 million.
- The Group's equity increased to AED230.04 million as of December 31, 2023 from AED222.9 million in the previous year.
- The Earnings Per Share (EPS) increased to AED 0.25 in 2023 from AED 0.15 a year before, reflecting the Group’s commitment to profitability and shareholder value creation.
Business
Qatar’s Industrial Production Index surges 5.5 percent in Jan
Doha, Qatar -- Qatar's Industrial Production index (IPI) in January 2024 reached 108.7 points, an increase of 4 percent compared...
- In the mining sector, the index showed an increase by 4.9 percent compared to December 2023.
- In the water supply sector, a decrease of 0.9 percent was noticed in the production of 'water' between Dec 2023 and Jan 2024.
Business
Asian markets struggle as US data dents Fed rate cut optimism
Equities across the world had surged Thursday in response to the central bank's closely watched dot plot projection that it...
- All three main US indexes clocked up record highs for a second straight day on the back of a tech rally as traders contemplated an end to the era of two-decade-high rates.
- However, Asia struggled to maintain the momentum after a string of data reminded investors that the world's largest economy was still in rude health.
Business
ESG buys additional stakes in 2 firms
The stakes were acquired in Vision Factory and Decovision.
- ESG had acquired 60 percent stake in Vision Factory, a key player in furniture and joinery production, in 2022.
- ESG’s latest acquisition in Decovision, a premier provider of interior design and engineering services, increases its stake to 85 percent.
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
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Saudi crown prince demands Gaza, Lebanon ceasefires at Arab summit
Prince Salman also called on Israel not to attack Iran, highlighting improving ties between Saudi Arabia and its former regional...
Geostrategy
Arab, Muslim leaders fly to Saudi Arabia for talks on Gaza, Lebanon
Riyadh, Saudi Arabia -- Arab and Muslim leaders have begun arriving in Saudi Arabia for a summit scheduled for Monday that...
Geostrategy
Bitcoin hits $80,000 for the first time on Trump return optimism
London, United Kingdom -- Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump's return to...
Business
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Geostrategy
UN probe says women, children comprise the majority of Gaza war dead
In a fresh report, the United Nations Human Rights Office (OHCHR) detailed a raft of violations of international law. Many...
- "Civilians in Gaza have borne the brunt of the attacks, including through the initial 'complete siege' of Gaza by Israeli forces," the UN said.
- "Conduct by Israeli forces has caused unprecedented levels of killings, death, injury, starvation, illness and disease."
Business
Emirates half-year profit $2.5bn
The record profit is subject to new 9% corporate tax for the first time.
- The airline group, operating from the world's busiest airport for international traffic, has faced regional disruptions due to the conflicts, but has expanded its network elsewhere
- Group revenue rose 5.0 percent to $19.3 billion on "consistently strong customer demand across business divisions, and across regions", the statement said.
Trump victory reflects Arab-American support, Netanyahu discusses Iran with him amid lingering regional conflict
In a unique campaign twist, Trump captured Muslim voters by pledging diplomacy, promising to end prolonged conflicts and promote stability,...
- His new Muslim supporters are celebrating his victory and confident he will deliver despite Israel, led by his close ally Benjamin Netanyahu
- But during this campaign, Trump touted his status as Israel's strongest friend, saying Biden should let Israeli Prime Minister Netanyahu "finish the job" against Hamas in Gaza