It made record profit on the back of higher interest rates.

In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where Japanese firms have been more cautious. The JAMA figures showed that Japan shipped 4.42 million vehicles in 2023, compared with 4.91 million exported by China, as reported by China's automobile...

Its board has proposed a cash dividend of US$76.24m.

Its operating profit for Q4 was US$2.1bn.

The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International Monetary Fund's previous forecast in October. "The global economy continues to display remarkable resilience, with inflation declining steadily and growth holding up," IMF chief economist Pierre-Olivier Gourinchas said.

ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators. The report emphasizes the business ecosystem's attractiveness and its ability to attract quality investments, supported by the Emirate's strong...

It will invest US$169m to develop new capacity.

Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries. In this regard, Khalid Najibi, First Deputy of the Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), highlighted the high potential of investment opportunities for the Bahraini private sector and its...

The firm said the new brand will replace MiCCO Logistics.

It posted losses to the tune of US$502m during the year 2023.

Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy city. Head of the Iranian-Turkish parliamentary friendship group in the Iranian shura council Adel Najafzadeh said during the recent visit of the Iranian President Ebrahim Raisi to Turkey, Raisi and...

The Japanese firm will lease a warehouse in the free zone.

Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent. What is less clear, however, is when the first of those cuts will come. While the US central bank is...

Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the Egyptian Minister of Supply and Internal Trade. The minister said the country's reserves of wheat are sufficient for 4.2 months, oil for 5.3 months, and sugar for 5.4 months. He...

Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment climate, numerous opportunities available in both countries, and identified the most important sectors for cooperation and partnership In this regard, the acting general manager of the Qatar Chamber, Ali Saeed...

The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX 9 to resume service. The FAA grounded 171 MAX 9 planes with a similar configuration to the one in the January 5 incident, in which a door plug blew out...

DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in AI, especially generative AI (GenAI), are leading to a once-in-a-generation shift. The Cisco AI Readiness Index has revealed that 95 percent of respondents have an AI strategy in place or...

iPhone users can download alternative app stores.

Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...

India's urban unemployment rate -- the percentage of people wanting work who cannot find a job -- dipped to 5.1 percent in July 2022-June 2023, from 6.6 percent between the same months a year earlier. Over the same period, nearly 22 percent of India's workforce was classified as "casual labour",...

It grounded the Boeing 737 MAX after in-flight safety episode.

Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the digital-infrastructure sector with an emphasis on data centres in Malaysia. The MoU centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations....

Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he starts his reelection campaign. The world's biggest economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by...

The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at a record four percent. The bank's governing council is expected to repeat that it considers rates are currently at levels that "will make a substantial contribution" to returning inflation to...

Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023. According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position...

Last year, the company reported a profit of $739 million.

The chip maker said the profit was boosted by strong sales.

Manama, Bahrain--Bahrain and South Korea have reviewed ways to enhance diplomatic, economic and parliamentary cooperation and partnership to benefit the two countries. In this connection, Dr. Shaikh Abdulla bin Ahmed Al Khalifa, Political Affairs Undersecretary at the Foreign Affairs Ministry, has affirmed the keenness of Kingdom of Bahrain, under the...

Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking to attract a greater amount of foreign direct investment (FDI) from the United Kingdom. DMCC is the world’s flagship free zone and Government of Dubai Authority on commodities trade and...

It has shrugged off geopolitical tensions to post high profits.

Its net profit fell 10.24% to US$59.07 million in 2023.

Its revenue climbed 36 percent to US$2.53 billion in 2023.

The bank's income rose by 43% YoY to $5.4 billion.

Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set a new record for the highest number of customs transactions handled by Dubai Customs, showcasing a 17.5% growth compared to the 25.8 million transactions in 2022. This success is attributed...

Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial increase from 12,000 to over 26,000 citizens working in the industry since July 2021. The significant 116% leap comes in the wake of the government's decision to prioritize the localization...

New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing global investor optimism about New Delhi's economic prospects, Bloomberg said Tuesday. The total value of shares listed on Indian exchanges hit $4.3 trillion on Monday, slightly higher than Hong Kong's...

Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of Abu Dhabi, establishing the Artificial Intelligence and Advanced Technology Council (AIATC) for developing and implementing policies and strategies related to research, infrastructure and investments in artificial intelligence and advanced technology...

It will engage in the import and trading of oil products.

Paris, France -- While the explosion of debt is throwing a shadow over global economic growth, experts warn that sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis. The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development,...

Kwon, who co-founded Terraform in 2018, was arrested last year in Montenegro and is awaiting extradition to the United States or South Korea. The collapse of the Singapore-based firm's TerraUSD and Luna wiped out around $40bn in investments and caused wider losses in the global crypto market estimated at more...

The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes to tame runaway prices, leaving the benchmark deposit rate at four percent. ECB president Christine Lagarde said last week rates had likely reached their peak but that it was too...

The Saudi giant will develop the US$6.4bn plant in Fujian.

It pulled out of the US$10bn merger of its Indian operations.

Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food security. The issues were discussed in a meeting with a Korean delegation representing from the Hyundai Research Institute (HRI). The meeting was attended by QC board member and Chair of...

Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the world after the US in 2023, a report by the United Nations Conference on Trade and Development (UNCTAD) said. The number of these projects increased by 28 percent compared to...

ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome moved to put the plant under state supervision, the chief executive said in a letter seen by AFP. Aditya Mittal wrote to Italian Prime Minister Giorgia Meloni to press for...

BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's largest logistics market in terms of demand, China Federation of Logistics and Purchasing said. According to a report from CCTV, He Liming, the chairman of the China Federation of Logistics...

Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent.

It will meet growing demand for internet services in the region.

It posted a 31% jump in net profit to US$229.13m in 2023.