Trump tells Cuba to ‘make a deal, before it is too late’
The communist-run island near Florida has been a US foe and ally of Caracas for decades, but Trump has ramped...
Geostrategy
Some food preservatives linked to higher cancer, diabetes risk
Paris, France -- Eating some common food preservatives is linked to a slightly higher risk of eventually developing cancer and...
Research
Business
ADNIC approves cash dividend of $69m
The company had posted its highest-ever net profit of $109.1m for 2023.
- Earnings per share (EPS) had climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63.
- During 2023, ADNIC's total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.
Business
Mubadala acquires KELIX bio
KELIX bio is a specialty pharmaceutical business.
- KELIX bio was incepted in November 2020, and has since acquired manufacturing businesses in India, Egypt, Malta and Morocco.
- Mubadala said the acquisition aligns with Mubadala's goal to position the UAE prominently in the global life sciences sector.
Geostrategy
European Union probes Apple, Google, Meta under new digital law
Among six firms named as market "gatekeepers" under the EU's landmark Digital Markets Act -- along with Amazon, TikTok owner...
- The European Commission, the EU's antitrust regulator, said it suspects the measures the firms have put in place so far "fall short of effective compliance".
- Under the new rules, the commission can impose fines of up to 10 percent of a company's total global turnover. This can rise to up to 20 percent for repeat offenders.
Arts & Culture
Paris crowns champion waiters in one-of-a-kind ‘cafe race’
Paris, France -- Visitors to central Paris were treated Sunday to the sight of hundreds of aproned waiters surging through the...
- First born in 1914, the "course des garcons de cafe" was held on March 24 for the first time since 2011 -- four months before the city hosts the Olympics in July-August.
- The 200 contestants started and finished the race at city hall by the Seine river, set on their way by mayor Anne Hidalgo.
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."
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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
Trump tells Cuba to ‘make a deal, before it is too late’
The communist-run island near Florida has been a US foe and ally of Caracas for decades, but Trump has ramped...
Geostrategy
Company News
Latest News
Israeli strike on broadcast vehicle kills five Al-Quds Today journalists
Palestinian Territories -- A Palestinian TV channel said five of its journalists were killed Thursday in an Israeli strike on...
Geostrategy
Turkey lowers interest rate to 47.5% as it battles double-digit inflation
The bank's monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement...
Economy
Pope calls for ‘arms to be silenced’ in Christmas appeal
Rome, Italy -- Pope Francis called Wednesday for "arms to be silenced" around the world in his Christmas address, appealing for...
Geostrategy
Most Read
Business
Honda shares soar 16%
The surge came after the auto giant announced a $7bn buyback.
- The buyback announcement came as Honda and its struggling rival Nissan agreed on Monday to launch talks on a merger.
- Honda will buy back its own shares worth up to 1.1 trillion yen, or 23.7 percent of the total issued shares, to improve "efficiency of its capital structure".
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
- The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD.
- It also garnered support from investment funds from Saudi Arabia and Qatar among others.