Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
Business
Beyon Q1 net profit $47.7m
Revenues for the first quarter increased by 5 percent over Q1 2022.
- Revenues for Q1 2023 are BD103.5 million ($274.5 million) compared to BD98.5 million in Q1 2022.
- Operating profit for the first quarter of 2023 increased by 15 percent to BD25.5 million from BD22.1 million in Q1 2022.
Zain posts Q1 revenue of $639m
The company also posted its highest-ever quarterly profit.
- The company achieved net profit of SAR 563 million in Q1 2023, a growth of 595 percent compared to Q1 2022.
- Zain attributed the record profit to its "financial performance and the gains achieved through the sale and leaseback of Zain KSA’s 3600 towers.
Business
Ryanair orders 300 Boeing jets
The $40bn order is the largest ever by an Irish firm for US goods.
- The jets are set for delivery between 2027 and 2033, while airlines traditionally negotiate substantial discounts on list prices, especially for big orders.
- The Dublin-based carrier said the deal would be subject to shareholder approval at its annual general meeting in September, owing to the size and scale of the transaction.
Geostrategy
Arrest may hinder Imran Khan’s path to second Pakistan innings
Islamabad, Pakistan -- Since being ousted from office by a vote of no confidence last year, former Pakistan prime minister Imran...
- The one-time international cricket star was arrested as he appeared at Islamabad High Court to face one of a slew of cases levelled against him.
- Khan's vision was for Pakistan to become a welfare state modelled on the Islamic golden age of the seventh to 14th centuries.
Economy
Global stocks mostly drop on eve of key US inflation data
The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped...
- "US inflation data… will play a key role in shaping the Fed's interest rate plans moving forward," said Nigel Green, head of financial advisory firm deVere Group.
- A drop in the inflation reading in recent months has fanned hopes that the Fed will soon pause its tightening campaign and even begin cutting by the end of the year.
Business
Messi makes blockbuster Saudi move, will play next season
The deal would mean Messi potentially joins his arch-rival Cristiano Ronaldo in the Saudi league. There was no confirmation from...
- Reportedly, Messi has been signed under a 'huge' contract by a Saudi club, the details of which are yet to be revealed
- Messi's long-time sparring partner Ronaldo joined Saudi Pro League club Al Nassr in a massive deal in January.
Business
UAE among top three countries with high crypto use or ownership
According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western...
- The global crypto market revenue is expected to double this year to almost $38 billion, following a challenging year in 2022.
- The crypto adoption rate in Germany, the United Kingdom, France, and Italy is even lower, at 12 percent and 11 percent.
Geostrategy
Syria does not merit readmission into Arab League: US
"We continue to believe that we will not normalize our relations with the Assad regime and we don't support our...
- Patel, however, played down the disagreements and said that the United States shared common objectives with many its Arab partners on Syria.
- He said that the United States would also work with Arab partners on expanding humanitarian access to Syrians.
Business
Yahsat posts record Q1 revenue
Net income increased by 35 percent during the quarter.
- In a statement, the company said the growth in revenue was primarily driven by the Managed Solutions segment,
- Infrastructure, the Group’s largest business segment, reported AED220 million [$60 million] in revenue for the period.
Business
Invictus Q1 revenue up 31%
The company posted its highest-ever quarterly sales.
- The company's earnings in Africa region reached AED1.7 billion and in the Middle East AED489 million, reflecting a growth of 48.5 percent.
- A 39 percent increase in net profit to AED93 million was recorded in the first quarter, compared to the last quarter of 2022.
Honda and Nissan in merger talks as electric vehicle competition intensifies
Tokyo, Japan --Japanese auto giant Honda and its struggling rival Nissan will reportedly begin talks on a merger to boost their...
Business
Company News
Latest News
UN, EU and US decry extremist Israeli minister’s prayer at Al-Aqsa
"We are against any efforts to change the status quo within the holy sites," said deputy spokesman Farhan Haq. "Al-Aqsa...
Geostrategy
OPEC says Chinese economy pulling down oil demand
Paris, France -- Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading...
Geostrategy
Calls for Gaza truce grow, Hamas wants Biden plan implemented
Biden had said the first phase of the proposed roadmap would include a "full and complete ceasefire" lasting six weeks,...
Geostrategy
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Geostrategy
‘Children torn apart’: Israel strike rains hell on Gaza dawn prayers
Dawn prayers were shattered by the early morning triple air strike from Israeli warplanes, which gutted Al-Tabieen religious school and...
- "Israel is genociding the Palestinians one neighborhood at the time, one hospital at the time, one school at the time," said UN Rapporteur Francesca Albanese.
- In a report issued in March, Albanese said there were "reasonable grounds" to determine that Israel had committed several acts of "genocide" in its war in Gaza.
Israel agrees to resume Gaza truce talks next week
A prospective cessation of hostilities also involving the release of hostages held in Gaza and scaled-up aid deliveries has centred...
- After a week-long pause in November, US, Qatari and Egyptian mediators have endeavored to secure a second truce in the 10-month-old war
- Netanyahu's office said later Thursday Israel would send a negotiating team on August 15 "to the agreed place to conclude the details of implementing a deal."
Geostrategy
Flying’s never been safer, risk of death halving every decade: MIT study
Washington, United States -- Flying can be a nerve-wracking experience for many people -- but a new study out Thursday finds...
- The fatality rate fell to 1 per every 13.7 million passenger boardings globally in the 2018-2022 period, a major improvement from 1 per 7.9 million boardings in 2008-2017.
- The last major commercial airline disaster in the United States was in 2009, when Colgan Air flight 3407 crashed, killing 50 people.