Author: Forbes Middle-east

Saudi Telecom Company (stc) posted Tuesday a 9.8% increase in the second quarter of 2024, reaching $880 million (SAR 3.3 billion). …

Shares of General Motors fell over 6% on Tuesday, pacing the company’s worst day in nearly a year after production of an autonomous vehicle from its self-driving unit Cruise was delayed indefinitely, after the car—which doesn’t have a steering wheel or pedals—faced years of delays, and Cruise endured scrutiny after a pedestrian was struck by another company car….

Qatar Airways has placed an order for an additional 20 Boeing 777-9 long-haul aircraft, worth $8.8 billion at list prices, multiple media reports showed on Tuesday….

Shares of Spotify erupted after the audio streaming service delivered robust earnings, as the company seeks to achieve a rarity in the streaming space: Sustained profitability….

The Coca-Cola Company reported $12.4 billion in net revenue for the second quarter of 2024, indicating a 3% year-on-year rise, driven by a 2% growth in global unit case volume….

The European Commission has launched a full scale investigation on German online food takeaway firm Delivery Hero and its Spanish subsidiary Glovo on concerns they may have taken part in an online food delivery cartel, EU antitrust regulators announced Tuesday….

The five-day Farnborough Air Show kicked off with a bang, raking in deals worth a staggering $50.8 billion on its first day. The event, renowned as one of the premier gatherings in the aviation industry, also saw Airbus steal the spotlight with its new single-aisle, long-haul jet….

Etihad Etisalat (Mobily) posted Tuesday a 32.9% increase in net profit for the second quarter of 2024. …

General Motors (GM) said its net income rose to $2.9 billion, or $2.6 a share, for the three months ended June 30, 2024….

Kuwait Finance House (KFH) has posted a 4.1% year-on-year rise in net profit for the second quarter of 2024 to $583.3 million (KD 178.3 million), thanks to better growth in finance income and lower impairment charges….

ADNOC Logistics and Services (ADNOC L&S) said AW Shipping, its joint venture (JV) with Wanhua Chemical Group, has awarded shipbuilding contracts worth $1.9 billion (AED 7 billion) to Jiangnan Shipyard in China….

Saudi-based flour producer First Milling Company (First Mills) said Tuesday that its net profit shot up by 30.4% year-on-year to $12.1 million (SAR 45.5 million) for the second quarter of 2024, largely driven by strong sales growth and a reduction in costs….

South Korea-based artificial intelligence (AI) chip manufacturer Rebellions has raised $15 million in funding from Wa'ed Ventures—the venture capital (VC) arm of Saudi Aramco….

Google’s talks to purchase cybersecurity unicorn Wiz are now dead, per a letter from Wiz CEO Assaf Rappaport shared with the company’s employees on Monday night….

Google announced Monday that it will no longer proceed with removing third-party cookies, opting instead to introduce a new feature in Chrome that enables users to make informed browsing choices and adjust them at any time….

Emirates Integrated Telecommunications Company (du) said Tuesday its second-quarter net profit surged 46.3% year-on-year to $158.2 million (AED 581 million)….

Vice President Kamala Harris has clinched support from the number of delegates needed to secure the Democratic party’s presidential nomination late on Monday, the Associated Press reported, as the party has swiftly coalesced around Harris’s candidacy just a day after President Joe Biden dropped out of the race and endorsed her….

Brian Kim, the billionaire founder of South Korean tech giant Kakao, was arrested early Tuesday, a Seoul court said, over allegations of market manipulation….

Vice President Kamala Harris is the most likely replacement for President Joe Biden, who dropped his 2024 presidential bid and endorsed Harris Sunday—and she is performing about the same as Biden in head-to-head polls with Trump….

Italian luxury powerhouse Dolce & Gabbana (D&G) is reportedly contemplating opening up its capital through a stock market debut or alternative routes….

Coastal Marbella has exceptional natural features such as a mild climate, beautiful gardens, luxury hotels, and unique historical sites….

Three days following the global cyber outage, Delta Air Lines continues to cancel more flights as it struggles to restore operations. Here's why….

Ajman attracts tourists from all over the world thanks to its quietness and varied activities it offers….

Korean Air commits to purchasing up to 50 widebody Boeing airplanes during the UK's Farnborough Airshow. …

Massive technology stocks broke their slump Monday, leading a broader rally that largely stemmed from President Joe Biden’s announcement he won’t seek reelection and his subsequent endorsement of Vice President Kamala Harris….

European consumer authorities have issued a warning to Meta, Facebook's parent company, demanding it address concerns over its new “pay or consent” model, or face potential sanctions….

Asset management firm CSOP will launch Asia’s first Bitcoin inverse investment product, which offers returns based on the fall in the price of the world’s largest cryptocurrency token, in Hong Kong’s stock exchange on Tuesday….

Egyptian fintech startup MNT-Halan has raised $157.5 million from international investors, including $40 million from the International Finance Corporation (IFC)….

US Vice President Kamala Harris has raised $49.6 million for her presidential campaign in less than a day after Biden dropped out of the Presidential race and endorsed her as the Democratic nominee….

Oman's Asyad Group has acquired Skybridge Freight Solutions to expand operations globally….

US markets climbed modestly on Monday morning after President Joe Biden dropped out of the presidential race and endorsed Vice President Kamala Harris over the weekend following weeks of mounting pressure that fueled speculation in domestic, global and cryptocurrency markets that increasingly hedged on a second Donald Trump victory….

Morocco's annual inflation rose to 1.8% in June from 0.4% a month earlier, driven by increases in food and non-food products, official data showed on Monday….

Budget airline flydubai's fleet expansion plans have been disrupted by delays in Boeing's aircraft delivery schedule, the airline said Monday….

Oil prices dipped slightly Monday amid investor expectations of imminent rate cuts by the US starting as early as September….

Vodafone Group sold an additional 10% stake in its Germany-based Vantage Towers for $1.4 billion (€1.3 billion)….

Ryanair saw its first-quarter profit plummet by 46% year-on-year to $392 million (€360 million), primarily due to lower-than-expected airfares….

Saudi Arabia-based shipping gateway and logistics platform OTO has secured $8 million (SAR 30 million) in a Series A funding round, led by Sanabil Investments, a company statement showed on Monday….

President Joe Biden decided to bow out of the 2024 race on Sunday, setting off an unprecedented and potentially chaotic process with just weeks before delegates are set to convene in Chicago to formalize their nominee—though Vice President Kamala Harris will likely have an advantage….

PureHealth has concluded the IPO of its subsidiary, Ardent Health Partners, on NYSE, with a market valuation of $2.2 billion in its listing debut….

China's central bank has slashed its five-year loan prime rate and its one-year rate in a bid to stimulate the struggling property sector and bolster the slowing economy, an official statement showed….

Vice President Kamala Harris emerged as a clear favorite to replace President Joe Biden at the top of the Democratic ticket Sunday, after Biden dropped out and endorsed her—and while she appears to be the most seamless pick to replace him, her political record and approval ratings could impact her chances against former President Donald Trump….

Bond issuance in MENA climbed 59% year on year to hit $73.4 billion during the first half of 2024, marking the highest on record since LSEG began tracking data in 1980….

President Joe Biden announced Sunday he will end his 2024 presidential campaign and endorse Vice President Kamala Harris as his replacement, saying he believes “it is in the best interest of my party and the country to stand down.” …