stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.Company News Business Economy
WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...Economy Energy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Egypt agrees $3 billion loan with IMF as pound hits new low
The IMF had demanded the devaluation as a condition of the loan and the North African nation is among the...The IMF deal is also conditioned on reforms that include further cuts to subsidies, bringing yet more pain for struggling households.
In Aug, global investment firm Goldman Sachs estimated that Egypt would need about $15bn in funding to be able to repay its foreign debt, currently estimated at about $150bn.
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Credit Suisse launches radical overhaul to stabilize bank
Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken...Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September
Its investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022
Samsung posts 31% decline in Q3 operating profit
It, however, reported a 3.79% increase in sales.The third-quarter results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker
Operating profit for July to September 2022 fell to 10 trillion won ($7 billion), down from 15.8 trillion won for the same period last year, the company said
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently on several occasions
Egypt eyes the effective participation of UAE investors under the umbrella of the State Ownership Policy Document, Egyptian PM Madbouly said
UAE-Kazakhstan trade reached $907 million in 2021: Ambassador Menelikov
The Kazakhstan ambassador valued the UAE leadership's interest in strengthening relations between the two countries, pointing out that the 1st...Emirati investments in Kazakhstan amounted to about $2.7 billion since the establishment of diplomatic relations.
Value of Kazakh investments was more than $1 billion, and total direct investment flows from the UAE increased 43 percent.
Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022,...The announcement was made on the second day of the 6th Edition of the Future Investment Initiative, where top CEOs, investors and world leaders are participating.
The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare and financial services.
Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
