Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
Business
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
- The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent.
- The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023.
Geostrategy
Iran denies involvement as UAE arrests three people in rabbi killing case
"This murder was carried out in the UAE. The murder of an Israeli citizen and a Chabad emissary, is an...
- Kogan was a former Israeli army soldier, who served in Israel's Givati Brigade, which is infamous for carrying out violent attacks against Palestinians
- The UAE, which normalized relations with Israel in 2020 alongside other countries including Bahrain and Morocco, has confirmed the arrest of perpetrators
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.
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
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Air passenger numbers to top five billion for the first time in 2025: IATA
Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
Business
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
Business
Oil prices higher on China boost, Syria uncertainty
Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for...
Business
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Geostrategy
UK Prime Minister to talk trade, Middle East during Gulf visit
London, United Kingdom -- Britain's leader Keir Starmer makes his first trip to the Gulf as prime minister from Sunday, seeking...
- Starmer will first visit the United Arab Emirates and then travel to Saudi Arabia, before stopping off in Cyprus on his way back to London on Tuesday.
- Starmer's trip comes after Britain last week rolled out the diplomatic red carpet for Qatar's emir Sheikh Tamim bin Hamad Al-Thani who enjoyed a state visit to the UK.
Geostrategy
Trump touts tariffs, mass deportations and NATO skepticism
In his first formal television interview -- and just six weeks before he takes office -- Trump again signaled that...
- He also stressed that his campaign promises of huge tariffs -- including against top US trading partners Canada, Mexico and China -- would be enacted.
- As to whether Americans would see higher prices as a result of those tariffs, Trump said that "I can't guarantee anything. I can't guarantee tomorrow."
Geostrategy
Qatar PM sees ‘momentum’ on Gaza talks after US election
Doha, Qatar - Qatar's prime minister said on Saturday that momentum had returned to talks aimed at securing a truce and...
- The Gulf emirate, along with the United States and Egypt, had been involved in months of unsuccessful negotiations for a Gaza truce
- But in November, Doha announced it had put its mediation on hold, saying it would resume when Hamas and Israel showed seriousness