OpenAI declares ChatGPT ‘code red’ over stiff competition: report
Washington, United States -- OpenAI CEO Sam Altman has declared a company-wide "code red" as its ChatGPT technology faces stiff...
Business
Singapore AI teddy back on sale after recall over sex chat scare
Singapore, Singapore -- A plushy, AI-enabled teddy bear recalled after its chatbot was found to engage in sexually explicit conversations...
Business
Business
Bitcoin hits $60,000 as ETFs draw in new investors
London, United Kingdom -- Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since...
- At 1325 GMT, bitcoin traded at about $60,301, closing in on its all-time high of $68,991 -- that was struck in November 2021 and which some analysts believe is now within reach.
- Since their approval on January 10 by US securities regulators, exchange-traded funds indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency.
Geostrategy
Saudi Arabia’s PIF announces tennis partnership with ATP
In a joint statement, the two bodies said the partnership marked "a significant shared commitment to enhancing global tennis". The...
- PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, in addition to the Next Gen ATP Finals, hosted in Jeddah until 2027.
- "Our strategic partnership with PIF marks a major moment for tennis," said ATP chief executive Massimo Calvelli in the joint statement.
Business
Mubadala Capital, Woori sign partnership
The two firms will explore mutually beneficial investment opportunities.
- They will establish a dedicated working committee to facilitate cooperation and dialogue between both organizations.
- Chang Kyu Kim, CEO of Woori Venture Partners emphasized the potential for mutual growth and affirmed his commitment to strengthening cooperation among group entities in the future.
Geostrategy
Palestinians reduced to antagonists in someone else’s story: Queen Rania
In a powerful speech at the first-ever Web Summit Qatar conference, while calling for an immediate end to the war...
- Palestinian story has been obscured, allowing Palestinians to be dehumanized, discredited, and “turned into a people unto whom anything can be done, without consequence.”
- Their many attempts at non-violent resistance – from historic strikes and civil disobedience, to Gaza’s Great March of Return – have been crushed, even criminalized,” she said.
Business
Luberef net profit falls 24%
Decline attributed to lower prices for base oils, secondary products.
- The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
- The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.
Business
Pakistan-Iran gas pipeline recommences after 10-year delay
Tehran, Iran -- In a significant step towards enhancing energy cooperation between Pakistan and Iran, Islamabad has given the green...
- The approval comes as Pakistan has scrambled to avoid a staggering $18 billion fine. Analysts say the project will improve Pakistan's energy security.
- Iran has extended the project deadline by 180 days until September 2024 so as to avoid a legal dispute with Pakistan at international tribunals.
Geostrategy
Russia in contact with OIC on upcoming presidential vote
Moscow, Russia -- Moscow is maintaining close contact with officials from the Arab League and the Organization of Islamic Cooperation...
- "We are always in contact on all issues, including election cycles in our countries, and we coordinate our approaches," said Russian Deputy Foreign Minister Mikhail Bogdanov.
- The senior diplomat pointed out in this regard that he "himself attended Palestine’s elections as an observer in the past."
Business
Saudi Arabia surpasses 2030 tourism target of 100 million visitors
The Kingdom drew praise for this achievement from UN Tourism and the World Travel & Tourism Council. Motivated by this...
- International tourists numbered 27.4 million, a substantial 56 percent increase over 2019 and an impressive 65 percent rise compared to 2022.
- Tourism has proved to be a significant contributor to the nation’s economy, with domestic and international tourists spending over SAR 250 billion ($66.65 billion) in 2023
Business
Aramco signs $6bn purchase agreements with local suppliers
Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6...
- The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic goods.
- In the same context, Saudi Aramco signed two memorandums of understanding with strategic partners to cooperate in the field of localization and supply chain development.
Business
Robot dogs and flying cars: mobile gadget highlights
US firm Alef Aeronautics displayed to the public for the first time the working model of what it says is...
- Chinese firm Tecno Mobile showed off a robotic dog inspired by the German Shepherd which uses AI and powerful sensors to understand voice commands.
- Dutch startup Whispp demonstrated a calling app which uses AI technology to covert impaired speech due to conditions such as throat cancer.
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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
OpenAI declares ChatGPT ‘code red’ over stiff competition: report
Washington, United States -- OpenAI CEO Sam Altman has declared a company-wide "code red" as its ChatGPT technology faces stiff...
Business
Company News
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Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
Business
Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
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Economy
OECD warns of protectionism weeks before Trump return
While the organization raised its 2025 global growth forecast to 3.3 percent, it cautioned that "greater trade protectionism, particularly from...
- Trump has threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, the US trade partners.
- "Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth," the OECD warned in its economic outlook.
Geostrategy
France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron
The French president said they want to involve both European and non-European allies who are ready to move in this...
- Macron said that France and Saudi Arabia have the "will to move forward" on a deal to sell Rafale fighter jets to the Kingdom.
- Discussions had already been underway for Riyadh to acquire the French-made jets and, though no definitive announcement was expected during Macron's visit.
Business
Tech firms aiming for smaller, leaner AI models
Smaller AI models save energy, reduce costs, and enhance data security but work alongside large models for advanced solutions.