INSEAD Day 4 - 728x90

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AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Divided US Fed set for contentious interest rate meeting

When the Fed last met in October, Chair Jerome Powell asserted that another rate cut in December was "not a...

Economy

Amazon unveils new AI chip in battle against Nvidia

San Francisco, United States -- Amazon Web Services launched its in-house-built Trainium3 AI chip on Tuesday, marking a significant push...

Business
Business

Non-oil trade between UAE and US hits $31.4 billion in 2023

Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is...
  • Danny E. Sebright, President of the US-UAE Business Council, said that US exports to the UAE reached $24.8 billion last year, exceeding 2022 exports of $20.8 billion by 19 percent.
  • He highlighted that US exports to the UAE support 125,000 jobs in the US, while UAE exports to the US totaled $6.6 billion last year.
Business

Eyes on Bank of Japan as unions announce big wage hikes

Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data...
  • The Rengo union said that in spring wage talks so far, its members had secured pay rises of nearly 5.3% on average, compared with 3.8% at this point last year.
  • Wage growth has been sluggish in Japan for decades, and the government partly blames this for the economy's woes.
Geostrategy

UAE rises to seventh rank globally in UN gender balance index

Dubai, UAE -- The UAE advanced to the seventh rank globally in the Gender Inequality Index 2024, issued by the...
  • The UAE rose from its 49th place in 2015 and 11th place in 2022 from Gender Inequality Index 2024 by the UNDP.
  • The UNDP announced UAE's achievement during the meetings of the 68th session of the Commission on the Status of Women, being held until 22 March in New York.
Geostrategy

UN probe: ‘No exchange of fire’ before Israel shelled media in Lebanon

Two Israeli shells hit the group in quick succession as they were working near the border village of Alma al-Shaab...
  • UNIFIL's investigation found that as there was no exchange of fire at the time of the incident, "the reason for the strikes on the journalists is not known".
  • An AFP probe into the attack, jointly conducted with Airwars, an NGO that probes attacks on civilians in conflict situations, pointed to a tank shell only used by Israeli army.
Science

SpaceX mega rocket lost in final phase of third test flight

The sleek mega rocket is vital to NASA's plans for landing astronauts on the Moon later this decade -- and...
  • Starship's third launch test in its fully stacked configuration was its most ambitious yet and the company said it was able to meet many of its objectives.
  • These included opening and closing Starship's payload door to test its ability to deliver satellites and other cargo into space.
Business

Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital

Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
  • The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
  • The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business

Majid Al Futtaim net profit is $735m

The Group reported a 12% increase in EBITDA to $1.25 billion.
  • MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
  • The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
Business

ADNOC Drilling to pay $358m dividend

This brings the total dividend for 2023 to $717 million.
  • The dividend will be paid on or around 3rd April 2024 to all record shareholders as of 21st March 2024.
  • ADNOC Drilling said the annual distribution is expected to grow by at least 5 percent per annum on a dividend per-share basis over the next three years (2024-2026).
Business

Parkin record-breaking IPO raises $428m

The offer was oversubscribed 165 times for all tranches combined.
  • Dubai Investment Fund (selling shareholder) had announced 749 million shares, or 24.99% of Parkin's total issued share capital, for the IPO.
  • Parkin is expected to commence trading on the DFM on 21st March 2024. At listing, the company will have a market capitalization of AED 6.30 billion ($1.72 billion).

Saudi families utilize henna art to encourage kids in fasting

Arar, Saudi Arabia -- In a unique and creative initiative, families in Saudi Arabia's Northern Borders Region are using henna body...
  • The practice involves drawing intricate henna patterns on the hands of young girls, often featuring symbols related to Ramadan and fasting
  • These designs serve as a visual reminder for the children to refrain from eating and drinking during daylight hours

Divided US Fed set for contentious interest rate meeting

When the Fed last met in October, Chair Jerome Powell asserted that another rate cut in December was "not a...
Economy

Company News

Latest News

US stocks mostly rise ahead of expected rate cut, bitcoin hits new record

The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business

Nations step up outreach to Syria’s post-Assad rulers

Governments worldwide are stepping up efforts to engage with Syria's new interim rulers, just over a week after Islamist-led rebels...

Key Libya oil refinery halts operations after clashes: state firm

Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks

In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
  • Cybersecurity in 2024 focused on talent gaps, emerging tech, and resilience
  • Public-private efforts tackled cybercrime and evolving digital threats
Business

Family-friendly ‘Astro Bot’ wins highest award at Oscars of video games

Los Angeles, United States -- Video game "Astro Bot" -- a family-friendly sci-fi adventure -- was named 2024's Game of the...
  • It has sold more than 1.5 million copies according to Sony, which owns the 65-person Japanese studio Team Asobi responsible for the mega-hit.
  • Onstage at the Peacock Theater, Team Asobi's French chief Nicolas Doucet praised the studio for designing a game that "put the user first".
Business

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.
  • The aim is to increase production of the 787 Dreamliner to 10 every month by 2026, Boeing said.
  • In October, Boeing unveiled plans to reduce its global workforce by 10 percent over the coming months, without giving further details.