US unemployment rises further, hovering at highest since 2021
A deteriorating jobs market could nudge the central bank to lower rates further to boost the economy, despite some policymakers'...
Economy
Trump vows revenge after troops in Syria killed in alleged IS ambush
The deadly attack had been "an ambush by a lone ISIS gunman," who was "engaged and killed," US Central Command...
Geostrategy
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.
Business
Sharjah Islamic Bank signs Murabaha pact with Turkiye Wealth Fund
Sharjah, UAE -- Sharjah Islamic Bank (SIB) and the Turkiye Wealth Fund (TWF) have signed a Shariah-compliant Murabaha facility worth...
- This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched Shariah-compliant financing from an international source.
- The Turkiye Wealth Fund (TWF) is the entity responsible for the sovereign ownership of strategic and high-importance assets in Turkiye, including Turkish Airlines.
Business
UAE unveils National Policy on Biofuels aimed at emissions cut
The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
- The policy has been developed by the Ministry of Energy and Infrastructure in coordination with its strategic partners from the public and private sectors.
- Al Mazrouei said the policy supports the objectives of the National Energy and Water Demand-side Management Programme and the UAE Net Zero by 2050 Strategic Initiative.
Business
Emarat partners with Al Maryah Bank
Al Maryah gets first naming rights for Emarat fuel stations.
- Under this partnership, Al Maryah Community Bank becomes the inaugural entity, both locally and globally, to secure the rights to name a fuel station.
- Through Mbank Wallet application, customers can execute transactions by scanning the QR code at the checkout counters using their mobile phones.
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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
US unemployment rises further, hovering at highest since 2021
A deteriorating jobs market could nudge the central bank to lower rates further to boost the economy, despite some policymakers'...
Economy
Company News
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Honda and Nissan expected to begin merger talks
Honda and Nissan were poised Monday to announce the start of talks on a merger to help the Japanese giants...
In stabilization bid, Syria’s new ruler declares all weapons under state control, including Kurdish arms
Ahmed al-Sharaa announced all weapons, including those held by Kurdish-led forces, will come under state control, emphasizing unity and coexistence...
Pope again condemns ‘cruelty’ of Israeli strikes on Gaza
"And with pain I think of Gaza, of so much cruelty, of the children being machine-gunned, of the bombings of...
Geostrategy
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Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.
Geostrategy
UAE says will not arm Sudan paramilitary RSF: White House
Washington, United States -- The United Arab Emirates has informed the United States that it will not arm paramilitaries in Sudan's...
- Two US lawmakers said the UAE pledged to address their concerns and that, as a result, they would drop their attempt to block $1.2 billion in arms sales.
- The UAE has long denied arming the RSF, with which it has fought Yemen's Houthi rebels. Trump has shown a greater willingness to sell weapons to the UAE
Geostrategy
Biden cancels $4.28 bn more in student debt before leaving office
Washington, United States -- US President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which...
- The beneficiaries include teachers, nurses, service members, law enforcement officials, and other public service workers who have given back to their communities.
- In the United States, colleges can often cost anywhere between $10,000 and $70,000 a year, leaving some graduates with crushing debt as they enter the workforce.