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2PointZero reports strong H1

Expansion drives earnings, revenue growth.

Borouge profit climbs 23%

Prices, recovery boost quarterly earnings

e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

TECOM profit up 9%

Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

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

Saudi Arabia’s PIF to acquire stake in Binladin Group: Report

Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg...
  • The PIF is considering acquiring part or all the 36 percent stake owned by the ministry of finance.
  • The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports. 
Geostrategy

Broad support among G20 for two-state solution in Middle East: Brazil

There was "virtual unanimity for the two-state solution as the only possible solution," Brazilian Foreign Minister Mauro Vieira told journalists...
  • "Every (minister) that addressed the issue voiced support" for a two-state solution, "and it was a lot" of ministers, he said.
  • EU foreign policy chief Josep Borrell had urged Vieira to use his closing statement "to explain to the world that at the G20, everybody was in favor of" a two-state solution.
Geostrategy

Israel strikes crowded Rafah as truce talks under way

Major powers trying to find a way to end the destructive Israel-Hamas war have so far failed, but a US...
  • Alarm has centered on Gaza's southernmost city of Rafah, where hundreds of thousands of displaced civilians are living in makeshift camps where disease threatens.
  • Israel's onslaught has killed at least 29,410 people, mostly women and children, according to the latest count by Gaza's health ministry.
Business

flydubai net profit $572m

This is the carrier's strongest-ever performance.
  • The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
  • flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Business

Mubadala, co-investors buy Truist stake

TIH is the fifth largest insurance broker in the United States.
  • This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20 percent stake in TIH for US$1.95 billion.
  • The all-cash transaction, which values TIH at an implied enterprise value of $15.5 billion, is expected to be completed in the second quarter of 2023.
Economy

WTO meet in UAE to discuss decentralization of global supply chains

WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
  • To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
  • Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.

Ronaldo scores as Al Nassr ease into Champions League quarters

Nassr, who won last week's first leg 1-0 thanks to a Ronaldo goal nine minutes from time, were the better...
  • Ronaldo, 39 earlier this month, was booked in first-half stoppage time for a late challenge, with Nassr manager Luis Castro then given a yellow card for protesting the decision
  • However, the Nassr skipper would have the final say, when four minutes from time, he latched onto yet another Marcelo Brozovic through ball
Business

‘It’s frightening’: YouTubers split over OpenAI’s video tool Sora

Paris, France -- US firm OpenAI debuted a tool last week that can generate highly realistic snippets of video from just...
  • OpenAI, the company behind ChatGPT, said in its announcement that Sora was not yet available to the public.
  • The announcement did not specify use cases but said "a number of visual artists, designers and filmmakers" had been chosen to help test it.
Geostrategy

Gaza a death zone, its humanitarian situation inhumane: WHO chief

"What type of world do we live in when people cannot get food and water, or where people who cannot...
  • "What type of world do we live in when hospitals must close because there is no more power or medicines to help save patients, and they are being targeted by military forces?"
  • "We need a ceasefire now. We need hostages to be released. We need the bombs to stop dropping and we need unfettered humanitarian access. Humanity must prevail," Tedros said.
Business

EDGE Group, Fincantieri launch multi-billion dollar joint venture

Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in...
  • EDGE will hold a 51 percent stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro ($32 billion).
  • The JV will concentrate on sales, commercial operations, and engineering for design and service, taking charge of developing shared intellectual property.

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

Latest News

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.
Business

Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet

Riyadh, Saudi Arabia -- French President Emmanuel Macron and over 100 CEOs besides members of OPSWF, asset managers, and private...
Geostrategy

Developing countries paid $1.4 trillion to service their debts in 2024

The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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QatarEnergy inks gas supply deal for China with Shell

Doha, Qatar - Qatar has agreed to supply three million tonnes of gas a year to China in a deal...
  • The liquefied natural gas deliveries would begin in January as part of a "new long-term sale and purchase agreement."
  • Qatar is one of the world's top gas producers alongside the United States, Australia and Russia
Business

Aramco-Horse Powertrain deal completed

An agreement for the purchase of 10% equity stake was signed in June 2024.
  • Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
  • The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Geostrategy

Macron to hold talks with Crown Prince Salman on Saudi visit

Macron is beginning the first state visit by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing...
  • Macron's three-day stay also coincides with a flare-up of violence in Syria, where anti-government rebels have seized Aleppo, the second largest city.
  • The fighting in Syria comes after France helped to broker a fragile ceasefire in neighboring Lebanon, where Israel has been fighting Iran proxy Hezbollah.