Category: Economy

Clothing companies are just one of the potential beneficiaries of the boom in GLP-1 medications.

The Federal Reserve’s first meeting of 2025 this week may throw a wrench into the stock-market rally just as investors worry President Donald Trump’s potentially inflationary policies could complicate the central bank’s effort to tame the last bout of price pressures

A rip-roaring rally at the onset of President Donald Trump’s second term in office has brought the S&P 500 back to record territory, stretching market valuations to extremes.

President Donald Trump issued a barrage of executive orders that were aimed squarely at markets and your money — but what will they actually do?

Flipping “60/40” to “40/60” is only part of it.

“Six months after we married, we had planned to get pre-qualified for a mortgage with the intention of selling both our homes.”

Earnings Watch: Meta, Apple, Microsoft and Tesla report quarterly results, as analysts start to focus more on AI results. Earnings are also due from Starbucks and Boeing.

ALBAWABA – A Russian flight attendant shared a list of the world’s most dangerous airports. According to the attendant, Nepal’s Tenzing-Hillary Airport is the most dangerous due to its runway length of just 500 meters…

“I have been a stay-at-home mom for the past five years and my husband is the sole breadwinner.”

‘I do not want my husband to be able to come back to my son and claim the money’

ALBAWABA – The United Arab Emirates saved approximately $4 billion through the digital transformation of its public sector…

“Her son threatened to put her in a nursing home if she didn’t send his check by Friday.”

ALBAWABA – Bugatti, the French luxury sports car manufacturer, has launched its hybrid V16 luxury car, marking a new revolution in automotive engineering…

ALBAWABA – Google, the American multinational corporation and technology company specializing in online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, consumer electronics, and artificial intelligence (AI), announced new updates and features for millions of Android phones…

ALBAWABA – Meta, the American multinational technology company, has announced the launch of advertisements on Threads, an app from Instagram where users can view and share public conversations…

ALBAWABA – As the popular TikTok platform resumes operations in the United States after President-elect Donald Trump announced a 75-day postponement of the TikTok ban, reports indicate that Trump is seeking potential buyers for the platform…

ALBAWABA- CNN is set to lay off around 200 employees as part of a restructuring plan announced Thursday to position the news organization for a more digitally focused future…

ALBAWABA – Saudi Arabia announced that Crown Prince Mohammed bin Salman plans to invest approximately $600 billion in partnership with the United States (US) over the next four years, during Donald Trump’s presidency…

ALBAWABA – The Morocco World Cup organizing committee announced that the country is building a 115,000-seat stadium in Ben Slimane, near Casablanca…

ALBAWABA – Spanish football club Real Madrid recently made history after surpassing €1 billion in operating income for the 2023/24 season, as reported by MARCA…

ALBAWABA – New leaks of the iPhone SE 4 reveal a redesigned look and exciting modern technologies. Apple’s upcoming budget phone will feature radical design changes compared to previous versions…

ALBAWABA – US President Donald Trump announced a major new artificial intelligence (AI) joint venture project valued at approximately $500 billion…

ALBAWABA – Amin H. Nasser, President & CEO of Aramco, stated that the oil market currently remains strong, with oil demand expected to increase by approximately 1…

ALBAWABA – President-elect Donald Trump announced a 75-day postponement of the TikTok ban in the U…

ALBAWABA – President-elect Donald Trump and Melania Trump launched two new meme coins just before the inauguration ceremony…

ALBAWABA – President-elect Donald Trump’s inauguration ceremony will take place on January 20. The total cost of the event is estimated to be around $200 million…

ALBAWABA – Right after the TikTok ban craze in the US, Elon Musk’s social media platform X (formerly known as Twitter) recently went viral after introducing a new feature allowing users to view videos in reel format…

ALBAWABA- President-elect Donald Trump announced on Sunday that he plans to issue an executive order on his first day in office to temporarily lift the TikTok ban, which took effect over the weekend…

ALBAWABA- President-elect Donald Trump has made headlines once again with the launch of his meme cryptocurrency, aptly named “Trump…

ALBAWABA – With the ceasefire agreement in Gaza going into effect on January 19, Egypt and other countries are expected to experience an economic boost…

Apple beat Wall Street’s expectations in its quarterly earnings report Thursday afternoon, despite the worst iPhone sales in years, as hype builds ahead of the artificial intelligence iPhone’s launch later this year….

French banking giant BNP Paribas is in exclusive talks with AXA to purchase 100% of its AXA Investment Managers arm at an agreed price of $5.5 billion (€5.1 billion)….

Amazon’s stock dropped as much as 5% after the company issued its second-quarter earnings Thursday, revealing net sales did not meet analyst expectations alongside a conservative revenue forecast….

Weekly aspirin use may reduce the risk of developing colorectal cancer—especially in those with unhealthy lifestyles—a new study found, as experts warn colorectal cancer is affecting younger populations and harmful lifestyle choices may be to blame….

Former CNN anchor Don Lemon on Thursday filed a lawsuit against Elon Musk, alleging that his partnership with X, formerly Twitter, was unfairly terminated….

It is expected that the global average surface temperature for each year between 2024 and 2028 will be 1.1 to 1.9 degrees Celsius higher than the baseline period of 1850-1900, according to the World Meteorological Organization's report….

OPEC+ kept its crude oil production policy unchanged and reiterated that its plan of a gradual unwinding of cuts could be “paused or reversed” if needed….

The number of US citizens lodging new applications for unemployment benefits surged to an 11-month high last week, indicating a slowdown in the labor market….

Facebook cofounder and Meta CEO Mark Zuckerberg was rewarded handsomely by Meta stock’s post-earnings rally, getting a $11 billion boost to his massive fortune….

Shares of Hershey wavered Thursday as investors digested the chocolatier’s quarterly earnings report, as soaring cocoa prices cut significantly into the food company’s profits….

e& reported a 25.5% year-on-year surge in its net profit attributable to owners of the company to $861.7 million (AED 3.2 billion) in the second quarter of 2024, driven by a 3.5% annual growth in revenue….

Abu Dhabi-based fertilizer maker Fertiglobe announced Wednesday a net profit of $42.6 million for the second quarter of 2024, registering a 60.7% fall from the same period a year ago. …

The Bank of England (BOE) has lowered its interest rate for the first time in four years, cutting the base rate by a quarter of a percentage point to 5%, following a narrow vote….

Meta shares soared during premarket trading on Thursday, extending a rally from the day before after the social media titan reported strong earnings in its core ad business as CEO Mark Zuckerberg strives to soothe investor concerns over the company’s aggressive investments in artificial intelligence….

Petrochemicals giant SABIC registered on Thursday an 84.7% year-on-year surge in its net profit for the second quarter, reaching $581 million (SAR 2.18 billion), thanks to enhanced margins on key products, despite a rise in operating expenses….

Ava DuVernay is one of the 200 all-new members of our fourth annual 50 Over 50 list—a collection of women who, like DuVernay, have careers that are hitting powerful peaks during life’s second half….

Alpha Dhabi Holding reported Wednesday a 35.4% year-on-year plunge in its group net profit to $1.8 billion (AED 6.7 billion) in the first half of 2024, a bourse filing showed Wednesday, despite a marked rise in its revenue. …

Toyota Motor Corp. said its fiscal first-quarter operating income rose 16.7% year-on-year to $8.7 billion (¥1.3 trillion), largely supported by a weaker yen that compensated for a decline in sales….

Energy giant Shell reported Thursday an 8% drop in its net profit to $10.9 billion for the first half of the year in the wake of reduced liquefied natural gas (LNG) trading volumes and prices. …

Oil prices rose in early trading on Thursday due to growing concerns about a broader Middle East conflict and its potential effects on the global oil market, triggered by the assassination of a Hamas leader in Iran….

The probability of developing almost 20 types of cancers increased among millennials and Generation X compared to baby boomers, according to a new study, and the researchers believe rising obesity rates and more consumption of ultra-processed foods among younger generations may be to blame….

China's manufacturing sector is facing a slowdown, as two recent surveys reveal a drop in new factory orders due to poor demand, sparking concerns about the country's economic growth in the second half of the year. …

For the first time since launching her presidential campaign, Vice President Kamala Harris on Wednesday afternoon took the lead over former President Donald Trump in odds on a major election betting platform, as polls show her making gains on the former president in key swing states….

Meta’s second-quarter profits rose by some 73%, the social media conglomerate reported Wednesday, encouraging investors as mounting losses from its more ambitious non-social media bets are outweighed by massive results from its cash cow advertising business….

Many dark chocolate and cocoa products sold across the country contain levels of toxic heavy metals that exceed food safety guidelines, according to new research published Wednesday—and while the food industry and researchers involved said the findings should not stop people from eating chocolate, experts said it warrants further scrutiny….

Saudi Arabia has proposed to host the 2034 football World Cup in 15 stadiums across five cities, according to the details of the kingdom’s official bid book published by the International Federation of Association Football (FIFA) Wednesday….

The pomegranate season in Al Jabal Al Akhdar is one of the most prominent agricultural and cultural events in Oman….

Crude oil prices settled higher Wednesday as conflict in the Middle East continues to escalate amid growing unrest between Israel and Hezbollah following a rocket strike in the Israeli-occupied Golan Heights over the weekend….

The central banks of the UAE and Qatar decided Wednesday to hold interest rates steady after the US Federal Reserve maintained its rates despite inflation falling to a 12-month-low in June, indicating an easing of price pressures in the US economy….

The Federal Reserve announced Wednesday it will keep interest rates the same, as expected, but gave slight indications economic data should soon support a rate cut, a welcome sign for borrowers and investors rooting for rates to come down from their 23-year high….

Stocks rallied Wednesday morning ahead of a crucial meeting at the Federal Reserve, with battered semiconductor chip stocks leading the charge….

Investors from the Gulf Cooperation Council (GCC) countries are expected to spend more than $4 billion (£3.1 billion) in the UK commercial property market in the next 12 months, according to a recent study….

Saudi Arabia's budget deficit, registered for the seventh consecutive quarter, reached $4.1 billion (SAR 15.3 billion) in the second quarter, largely triggered by higher expenditures that exceeded revenue growth….

Emirates airline said Wednesday that all customers transiting from Dubai, UAE, to Lebanon’s capital, Beirut, on Thursday and Friday will not be accepted for travel amid heightened tensions in the region….

Eurozone inflation unexpectedly edged up in July, data released on Wednesday showed, although a key measure of price growth in the services sector indicated some easing. …

Kuwait Finance House Group (KFH) announced that it will voluntarily exit the Malaysian market to focus on its expansion in regional markets. …

Boeing has named Wednesday its new CEO after reporting a core operating loss of approximately $1.4 billion in the second quarter, more than triple the loss from the year-ago period. …

The World Bank approved a $1.5 billion rescue package for Ethiopia on Tuesday under its First Sustainable and Inclusive Growth Development Policy Operation, an economic reform program for supporting the country's economic growth….

Petrochemical firm Borouge reported Wednesday a 33% year-on-year surge in net profit to $308 million in the second quarter of 2024, driven by higher sales and cost efficiencies….

Ismail Haniyeh, the political leader of the Palestinian resistance group Hamas, was assassinated in Iran early Wednesday along with his bodyguard, according to a statement from the group….

PDD Holdings, the online shopping giant founded by China’s second-richest billionaire Colin Huang, is facing a crisis after vendors on its highly popular Temu global e-commerce platform took to the streets of Guangzhou to protest what they called shabby treatment….

The Bank of Japan (BOJ) has hiked interest rates for the second time in almost two decades, as part of its latest approach to tighten the country's monetary policy. …

Saudi Arabia’s economy contracted 0.4% year-on-year in the second quarter of 2024, official preliminary estimates showed on Wednesday, mainly hit by a plunge in the oil sector….

Qatari-based telecom service provider Ooredoo Group said Wednesday its first-half revenue rose by 3% year-on-year to $3.2 billion (QAR 11.8 billion)….

UAE-based healthcare solutions provider PureHealth has reported a 53% year-on-year increase in its first-half revenue, reaching $3.4 billion (AED 12.5 billion), driven by strong performance in its hospitals segment….

Egypt-based AI tech Synapse Analytics has secured $2 million in its latest funding round, led by Silicon Badia and Hub 71, Abu Dhabi, according to a statement released Monday….

US-based chipmaker Advanced Micro Devices (AMD) reported an 8.9% year-on-year increase in its second-quarter revenue, reaching $5.8 billion, fueled by strong growth in record data center and client segment revenues….

Samsung Electronics reported a nearly sixfold increase in its second-quarter net profit, reaching $7.1 billion (₩9.841 trillion) compared to just $1.2 billion in the same period last year, driven by high demand for its advanced memory chips that are essential for artificial intelligence (AI) training….

Former President Donald Trump urged his supporters to “go after Meta and Google” after the companies acknowledged unintended moderation errors on content related to the assassination attempt against Trump—fueling unfounded accusations on the right that big tech companies are working against Republicans to elect Democrats….

French cosmetics giant L’Oréal posted Tuesday an increase in sales and profit in the first half of the year despite the “challenging” conditions in China that continue to weigh on the beauty group’s growth….

Microsoft delivered strong earnings, but it wasn’t enough to satisfy Wall Street during an unusually tense time for investors in big tech companies, as worse-than-forecasted results in its artificial intelligence business sent Microsoft shares spiraling….

US job openings saw a slight decline in June, with a marginal upward revision for the previous month's data, indicating a gradual slowdown in the labor market without signs of weakening….

Nvidia stock faltered again Tuesday, continuing the artificial intelligence king’s summertime blues as the stock delves further into correction territory….

Fitch announced Tuesday that it anticipates a slower issuance of environmental, social, and governance (ESG) Sukuk in the third quarter of 2024 due to seasonal factors, with markets expected to regain momentum in the fourth quarter following the summer holidays….

Plane manufacturer Airbus posted Tuesday a 4% increase in consolidated revenues for the first half of 2024 to $31.14 billion (€28.8 billion), reflecting the number of commercial aircraft deliveries and a higher volume in the air power business of Airbus Defense and Space….

Shares of consumer goods behemoth Procter & Gamble dipped around 6% despite posting a 2% increase in net sales for FY2024 to $84 billion….

Shares of JetBlue saw their biggest daily percentage gain since February on Tuesday, soaring as much as 20% as the airline posted a better-than-expected quarterly revenue, returning company shares to a three-month high….

US-based pharmaceutical giant Pfizer raised its full-year guidance after reporting a 3% rise in revenue for the second quarter of 2024 to $13.3 billion, driven by strong sales of its heart disease drug and newly acquired cancer treatments….

A weight loss and diabetes drug in the same class as blockbuster medicines like Ozempic and Wegovy may help stave off dementia, according to new data reported Tuesday, adding to mounting evidence the popular drugs can help treat a diverse array of conditions….

Texas Attorney General Ken Paxton has secured a $1.4 billion settlement with Meta to stop the company’s practice of capturing and using the personal biometric data of millions of Texans without legal authorization….

Egypt-based B2B e-commerce platform Cartona has raised $8.1 million in a Series A extension funding round led by Egyptian tech venture capital firm Algebra Ventures, with participation from existing investors Silicon Badia and the SANAD Fund for MSME….

Alef Education Holding Plc, an Abu Dhabi-based AI-driven learning solutions provider, has reported a 7% year-on-year increase in its adjusted profit before tax to $67.8 million for the first six months of 2024….

The Eurozone and the European Union (EU) economies grew by 0.3% in the second quarter of 2024 compared to the previous quarter….

Ultratech Cement—owned by Indian tycoon Kumar Mangalam Birla—is doubling down on its investment in India Cements amid intensifying rivalry with fellow billionaire Gautam Adani for dominance in the cement industry….

In a recent episode of “Kitab Hayati,” renowned Egyptian actor Hussein Fahmy delved into his journey, revealing previously undisclosed aspects of his life and sharing profound insights into his spiritual practices and beliefs….

LIG Nex1, the flagship company of South Korean conglomerate LIG Group, has acquired a 60% stake worth 332 billion won ($240 million) in Ghost Robotics, a U.S. maker of four-legged robots….

Satellite operator Al Yah Satellite Communications Company (Yahsat) has reported a 62% surge in its first-half net income to $73 million (AED 269 million)….

Apple chose to use chips designed by Google rather than those from industry leader Nvidia for key components of its artificial intelligence (AI) software infrastructure….

British oil and gas giant BP reported a loss attributable to shareholders of $129 million in the second quarter of 2024, mainly caused by lower profits from gas and lower carbon energy business….

Toyota Motor Corp. said its global sales in June fell by 5.1% year-on-year to 853,082 units….

The Trump assassination attempt. Biden’s decision to withdraw from the election. Democrats uniting behind Kamala Harris. New data from the TikTok analytics firm Zelf reveals how it all played out on TikTok….

UAE-based Al Ansari Financial Services (AAFS) has signed a sales and purchase agreement to fully acquire Bahrain's BFC Group Holdings (BFCGH) for $200 million (AED 735 million). …

Saudi Arabia-based deep-tech artificial intelligence (AI) startup Intelmatix has raised $20 million in a Series A funding round, with Shorooq Partners leading the investment….

Health and the healing process are matters of concern to everyone, but although they are critical components of our daily lives, do we give them enough attention?…

The International Monetary Fund (IMF) completed Monday a third review of Egypt's extended fund facility (EEF) arrangement, allowing the country to draw $820 million to fund its macroeconomic stabilization efforts and implement more economic reforms. …

Former President Donald Trump and Vice President Kamala Harris are tied in the crucial swing states of Michigan and Pennsylvania, according to a new Fox News poll—while a previous swing state poll, by Emerson College, found the two tied in four of five battleground states….

Britain’s Labor Finance Minister Rachel Reeves said that the country’s public finances are on course to show a $28.3 billion (£22 billion) inherited projected overspend as a result of poor budgeting by the previous Conservative government….

The UAE-based EFS Facilities Services Group secured around $408.4 million (AED 1.5 billion) in new contract awards during the first half of 2024, according to a statement issued Monday….

Apple is reportedly giving developers an early look at its upcoming Apple Intelligence AI platform, which has claimed to enhance Siri communication and generate automated emails, as the iPhone maker joins the AI race with the release of its latest developer betas for iOS, iPadOS, and MacOS on Monday. …

In the modern fashion world, the latest trends are not just showcased on the runways of renowned brands, as TV series now play a crucial role in shaping and directing global fashion trends, acting as powerful platforms of influence….

Tesla stock bounced back Monday, gaining almost 5% by midday trading, as bullish Wall Street commentary helped patch investment sentiment for Elon Musk’s electric vehicle maker following last week’s brutal post-earnings selloff….

As the Paris Summer Olympics get underway, some of the nearly 600 athletes on Team USA have begun competing including two children of billionaires, while the son-in-law of billionaire Microsoft co-founder Bill Gates will be competing for Egypt….

Egypt-based edtech startup Educatly has secured $2.5 million in a new funding round as it seeks to enhance its services and boost its growth while expanding its operations in the Middle East and Africa….

McDonald’s reported Monday a decline in global sales for the first time since 2020, with earnings and revenues missing analysts’ expectations, as foot traffic drops amid persistent inflation….

UAE telecom operator e& reportedly offered concessions to answer the EU's concerns that it benefited from subsidies in its bid to acquire Czech telecoms company PPF's assets. …

The London Metal Exchange (LME) has approved Jeddah, Saudi Arabia, as a new warehouse delivery point for copper and zinc, it said on Monday, aligning with Saudi Arabia's broader industrial and logistics development goals….

Jordan-based Arab Bank Group has reported a robust 25% increase in net income after tax for the first half of 2024….

France suspects far-left activists were responsible for the sabotage of the high-speed rail network last week before the start of the Paris Olympics. …

Bitcoin surged to a six-week high following investor optimism bolstered by US presidential candidate Donald Trump publicly endorsing cryptocurrencies in a recent speech….

The value of mergers and acquisitions (M&As) transactions in the Middle East and North Africa (MENA) region increased by 48% year-on-year to $46.6 billion in the first half of 2024, data from LSEG’s Deals Intelligence showed Monday….

The UAE signed a comprehensive economic partnership agreement with Chile on Monday, establishing a trade and investment corridor as the two countries aim to boost their non-oil trade….

Several airlines including Lufthansa and Air France have suspended some flights to and from Lebanon as tensions escalate between Israel and the Hezbollah group….

Here's how eight economic indicators performed under the Biden's administration to date, alongside expert insights on the economic outlook amidst the latest political developments in the US…

UAE's Drake & Scull International (DSI) turned profitable with a net profit of $1.03 billion (AED 3.8 billion) in the first six months of 2024, against a net loss of $44.4 million (AED 163 million) for the same period a year ago….

Dutch electronics and health giant Philips saw its second-quarter net income soar by 510.8% year-on-year to $489.5 million (€452 million) from $80.1 million in the year-ago period, thanks to higher earnings and insurance income related to the Respironics product liability claims….

UAE-based developer Aldar Properties said Monday that its first-half net profit shot up 57% year-on-year to $898.5 million (AED 3.3 billion), supported by higher revenues….

The first and only major release of the year in the Marvel Cinematic Universe delivered a major boost to the box office and the franchise as a whole, which hit the $30 billion global gross mark with the $438 million worldwide opening of “Deadpool & Wolverine”—as the latest Deadpool film broke several domestic records over the weekend….

Mitsubishi Motors Corp. shares surged as high as 6.9% to $2.93 (¥448.8) on Monday after reports that the automaker is in talks to join an alliance between Nissan Motor Co. Ltd and Honda Motor Co. …

Oil prices rose slightly in early trade Monday, driven by concerns of increased Middle East conflict following a rocket strike on the Israel-occupied Golan Heights plateau….

Vital Energy and Northern Oil and Gas have entered into a joint purchase and sale agreement to acquire US shale assets from private equity-owned Point Energy Partners for $1.1 billion in an all-cash transaction….

Kamala Harris’ favorability among American voters rose significantly in the week since she declared she would run to replace Joe Biden as the Democratic nominee for president, an ABC News/Ipsos poll released Sunday shows, while Donald Trump's favor has fallen—as the race between Trump and Harris tightens since Biden dropped out….

As the Paris Olympics kick off, Australia has taken an early lead in the medal count, securing a total of six medals including four gold and two silver, according to the official Olympics website….

Egypt has signed agreements worth $340 million with Shell Egypt, Malaysia's energy company Petronas, and Cairo-based exploration company Cheiron Energy….

SODIC said its first-half net profit attributable to equity shareholders shot up 86.7% year-on-year to $12.9 million, thanks to higher revenues….

The National Shipping Company of Saudi Arabia (Bahri) said its first-half revenue rose 6.3% year-on-year to $1.3 billion (SAR 5 billion)….

During the Bitcoin 2024 conference in Nashville, Tennessee, Donald Trump said that he would make the US the crypto capital and the Bitcoin superpower of the world. …

US Treasury Secretary Janet Yellen said that the global transition to a low-carbon economy demands an unprecedented infusion of $3 trillion annually through 2050….

SABIC Agri-Nutrients Company reported an 8.3% increase in second-quarter net profit, reaching $187.9 million….

Discover how MENA banks are leading the charge in eco-financing, unlocking $13 trillion potential for the GCC economy by 2050. These players are not just banking on profit, but on a greener future. …

The billionaire CEO’s embrace of the anti-EV presidential candidate threatens to politicize a brand that’s always sold best in California and, based on market studies, with Democrats. …

Earlier this year, Breslow settled a lawsuit that alleged he’d defaulted on a loan insured by his own company. Now, angry investors in Bolt, including BlackRock, have blocked it. …

The International Olympic Committee (IOC) issued an apology to South Korea on Saturday following an incident where athletes were mistakenly introduced as North Koreans during the opening ceremony of the Paris Olympics….

China's Sheng Lihao and Huang Yuting won the first gold in the Paris Olympics on Saturday in the mixed-team 10-meter air rifle final….

Apple's iPhone has dropped out of the top five in China's smartphone market as local vendors saw significant growth in the second quarter….

Billionaire brothers Lee Yeow Chor and Lee Yeow Seng are expanding IOI Properties' Malaysian footprint with $257 million in acquisitions, including Tropicana Gardens Mall and 2 hotels, to enhance recurring income and leverage the travel boom….

A new wave of startups are anticipating the existential crisis facing the AI industry: What happens when we run out of data?…

Thousands of athletes, political figures and performers arrived in Paris on Friday for the Olympics opening ceremony, the first-ever outdoor ceremony for the games that will feature live performances and a floating procession down the Seine River….

Former President Donald Trump’s lead in the presidential race narrowed considerably in the latest HarrisX/Forbes survey released Friday, showing his advantage over Vice President Kamala Harris at two points—much less than the eight-point lead he had last week over President Biden, who dropped out and made Harris his presumptive replacement….