Category: Economy

Nvidia will replace Intel in the Dow Jones Industrial Average, illustrating a changing of the guard in technology and the downfall of what was once an industry titan.

“I could have cashed out my investments to get us closer to a 20% down payment.”

“Neither of us will have an inheritance and everything we have, we built together.”

NBA owners have very different ideas about the benefits of showing their teams’ games for free.

“Law enforcement says they can’t prove that he forged signatures, so no charges can be filed.”

“‘A man stepped out of an office and asked what I needed. I told him I needed to deposit cash into my account.”

“We have two children ages 19 and 21, with one starting law school and the younger planning on medical school.”

Bond-market traders shook off Friday’s weak nonfarm payrolls report for October by sending the benchmark 10-year yield to its highest level since early July, which may have sapped some momentum out of the stock-market’s rally.

Wall Street was growing more bullish in the final weeks before the Nov. 5 presidential election — a contrarian sign that may suggest limited upside for U.S. stocks.

Long-dated Treasury yields ended at their highest levels since early July on Friday as traders looked past October’s nonfarm-payrolls report, which came in well below expectations.

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….

Paris is hosting the Summer Olympic Games for the third time, bringing together the world’s best athletes. Let’s take a look at the city’s journey in making this year’s games the most artistic and creative Olympics yet. …

The Reserve Bank of India (RBI) imposed fines on Visa and two other payment system operators, Ola Financial Services and Manappuram Finance, for deficiencies in regulatory compliance, according to a statement by the central bank released Friday….

The Food and Drug Administration on Friday issued a notice to health care providers and patients about dosing errors with compounded versions of Novo Nordisk’s weight loss drug Ozempic, after the agency received reports of possible overdoses from patients who took up to 20 times the prescribed dosage….

Oil prices settled around 1.5% lower Friday, marking a decline for the third consecutive week, weighed by lower demand in China and hopes for a ceasefire in Gaza that could ease supply concerns….

Eurostar said it would cancel 25% of its trains across the whole network on Friday, Saturday and Sunday, urging passengers to postpone travel plans after its rail services were disrupted by “acts of vandalism” in France….

The European Union (EU) said Friday it has made available the first payment of $1.63 billion (€1.5 billion) in proceeds from frozen Russian assets to be transferred to Ukraine to support the country’s military defense and reconstruction….

The African Development Bank (AfDB) offered Morocco two loans, each worth $130 million (EUR 120 million) to finance an industrial zone in the northeastern port and to improve the brewing crisis of economic governance in the North African country….

Americans’ leftover income fell to its lowest level since 2022 last month, according to government data released Friday morning, as the effects of the high-inflation economy roar even as headline economic growth proves strong and the stock market trades at record levels….

The Bank of Russia on Thursday raised its key interest rate for the first time in 2024 to the highest level in over two years, citing increasing inflation that is developing significantly above its April forecast….

Former President Barack Obama endorsed Kamala Harris’ presidential run early Friday, handing the Harris campaign its biggest political endorsement since President Joe Biden backed her on Sunday after dropping out of the race….

Italian energy giant Eni posted a whopping 125% year-on-year growth in its net profit to $717.5 million (€661 million) for the second quarter of 2024….

France’s high-speed rail network faced major disruptions on Friday that authorities have blamed on coordinated “malicious acts,” just hours before the country’s capital is set to host the opening ceremony of the 2024 Summer Olympic games….

The United States offers less than $40,000 to athletes who make it to the podium at the Summer Games, but one Asian delegation will provide nearly $800,000 for Olympic glory….

More than 97% of Microsoft Windows sensors are operational again following a global outage caused by an issue with a recent CrowdStrike software update, according to the cybersecurity firm's CEO George Kurtz….

The Egyptian stock market had a strong start to 2024, continuing the positive momentum from the end of 2023. …

Taiwan Semiconductor Manufacturing Co. (TSMC) shares dropped on Friday as trading resumed following a two-day break due to a typhoon, joining other leading chipmakers in a global tech rout….

If the past is precedent, the vice president will be able to cash in on the 2024 election whether she ends up as commander-in-chief or not….

Former president and one-time bitcoin detractor Donald Trump will speak at Bitcoin 2024 in Nashville, Tennessee, this weekend alongside other political figures, looking to further his rebrand as a “crypto president” ahead of Election Day….

Abu Dhabi-based renewable energy company Masdar has entered into a partnership deal with Spanish utility firm Endesa to acquire a roughly 50% stake in 2.5 gigawatts (GW) of renewable energy assets in Spain for $887.2 million (€817 million)….

The UAE and China have signed agreements and memorandums of understanding (MoUs) in key areas of mutual interest, including energy and logistics, as part of their Comprehensive Strategic Partnership (CSP)….

The small company-focused Russell 2000 index once again outperformed indexes skewed more heavily to a handful of massive companies as the stock market’s July makeover continues….

The US sees no need for the negotiation of an international agreement to tax the super-wealthy, Treasury Secretary Janet Yellen said Thursday, highlighting differences on the plan, which is a key agenda at the meeting of G20 finance ministers in Rio de Janeiro….

OpenAI announced Thursday a prototype of its search engine, called SearchGPT, which combines AI with information from the web, posing a potential challenge to Google’s dominance of the online search market….

Chinese steel producer Baoshan Iron and Steel Co. (Baosteel) announced Thursday it more than doubled its investment in a steel plate joint venture in Saudi Arabia to $1 billion (SAR3.75 billion) from the previous $437.3 million (SAR1.64 billion)….

The UAE’s Minister of State for Financial Affairs, Mohamed Bin Hadi Al Hussaini, has reiterated the country’s commitment to sustainable finance and its collaboration with the G20’s current chair, Brazil, for achieving climate finance goals….

Vienna, the Austrian capital, is not just a traditional tourist city but a gateway to unique experiences that go beyond the ordinary. Known for its rich culture and profound history, this city offers visitors a range of opportunities to discover its beauty in multiple and enjoyable ways….

Former President Donald Trump trails Vice President Kamala Harris by one point in a new survey—though most other polls taken after President Joe Biden dropped his re-election bid show Trump leading by a narrow margin….

Iran has reportedly released the oil cargo of a Greek-owned, Marshall-Islands-flagged tanker called St Nikolas, which was seized by the country in the Gulf of Oman earlier in January….

Dubai-based Mashreq Bank posted Thursday a 14% increase in first-half net profit to $1.1 billion (AED4.05 billion) from the year-ago period, with earnings per share at $5.43 (AED19.95), helped by growth in operating income….

The number of Americans filing new applications for unemployment benefits fell more than expected last week in signs of easing unemployment after it rose to a 31-month high in June, supported by robust growth in the US economy over the second quarter….

Saudi Arabia-based budget airline flynas has signed a deal with Airbus to purchase 130 narrow-body A320 planes and 30 wide-body A330 neo jets as the carrier expands its fleet….

The World Gold Council (WGC) said in a report Thursday that while the bullion has not reacted, on average, to the outcome of the previous elections, the outcome of the upcoming US presidential elections may have a more noticeable impact on investor sentiment….

Shares in French luxury group Kering dipped over 7% Thursday after it announced an 11% decline in revenue year on year in the first half and issued a weak forecast for the remaining six months of the year amid a luxury industry slowdown….

The economy grew by more than expected during the second quarter of this year, according to Bureau of Economic Analysis data released Thursday morning, as the U.S. defies yearslong concerns of a slowdown, even as anxiety about corporate profit growth sends Wall Street into a tizzy….

Baichuan, an artificial intelligence startup based in Beijing, has completed its Series A round, raising 5 billion yuan ($693 million) from investors, including Chinese tech heavyweights Alibaba and Tencent….

Nestlé, the world's biggest packaged food company, said on Thursday its net profit for the first half of 2024 remained flat at $6.4 billion (CHF 5.6 billion), sending its shares down 4.5%. …

Saudi Arabia's non-oil exports, including re-exports, rose by 8.2% year-on-year in May to reach $5.1 billion (SAR 19 billion)….

Mobile Telecommunication Company Saudi Arabia (Zain KSA) said Thursday its second-quarter net profit plunged 7.9% year-on-year to $28 million (SAR 105 million), despite revenue growth….

Oxfam has called for an increase in the annual net wealth tax on the world's richest to 8%, based on its analysis showing their accumulation of $42 trillion in new wealth over the past decade…

First Abu Dhabi Bank registered a 1% yearly rise in its second-quarter net profit to $1.2 billion (AED 4.3 billion), backed by a robust growth in interest income and international franchises. …

Higher levels of belly and arm fat may increase the risk of neurodegenerative diseases like Alzheimer’s and Parkinson’s, while high muscle strength may decrease this risk, new research suggests, the latest study to explore the link between body composition and brain degeneration….

Oil prices decreased marginally in early trade on Thursday amid worries of feeble demand conditions in China and anticipations of a Middle East ceasefire agreement being finalized. …

The UAE-based fintech startup Mamo has raised $3.4 million, bringing its total funding to date to $13 million, according to a statement released Thursday….

Boeing agreed to pay a fine of $243.6 million as part of an agreement completed with the US government to plead guilty to criminal conspiracy related to its two fatal 737 Max crashes….

Lineage, a US-based company that is the world's largest operator of cold-storage warehouses, has set the price for its IPO at $78 per share to raise over $4.4 billion. …

President Joe Biden said Wednesday in his first public address since his historic decision Sunday to end his re-election campaign that he believed his record “merited a second term,” but he put his “personal ambition” aside in “defense of democracy.”…

Egypt-based Elaraby Group and Sharp Corporation have signed an agreement to manufacture refrigerators and deep freezers in the country with an investment of up to $50 million….

Disney and Pixar’s “Inside Out 2” became the highest-grossing animated movie of all time, with over $1.4 billion in box office sales since its release last month, multiple outlets reported Wednesday, as the animated sequel proves to be the hit of the summer….

Google’s parent company Alphabet’s stock dipped around 5% Wednesday amid concerns that the tech giant’s increasing investments in artificial intelligence (AI) infrastructure would weigh on margins and YouTube faces increased competition for advertising revenues….

Egypt has launched an initiative to support the tourism sector with government funding to quickly expand investment in building hotel rooms, as part of the initiative to support productive sectors, according to a statement issued today by the Cabinet….

It was a brutal Wednesday for stocks, as two of three of the major indexes headed toward their worst days in more than a year following the latest batch of corporate earnings, as the big technology stocks behind stocks’ historic expansion led the gore….

An alarming number of people continue to face food insecurity and malnutrition as global hunger levels plateaued for three consecutive years, with around 733 million people undernourished in 2023….

World’s richest man Elon Musk got a good deal less rich Wednesday as the share price of his electric vehicle company Tesla spiraled, causing a broader stock market drought that tanked the net worths of several other billionaires associated with the companies….

Saudi Arabia’s Diriyah Company has signed a joint venture construction contract to develop four luxury hotels and the Royal Diriyah Equestrian and Polo Club worth $2.13 billion (SAR8 billion) as part of the Wadi Safar project near Riyadh, the developer said Wednesday….

OPEC Secretariat said it received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced volumes in the first half of 2024. …

Doha-based Commercial Bank has concluded a three-year $500 million (QAR 1.8 billion) Syndicated Term Loan Facility….

Private sector activity in the UK expanded at a faster rate in July after a pre-election lull in June, supported by the sharpest growth in new businesses in 15 months alongside a strengthening of overall business confidence after a dip in June. …

Stock indexes slid after several massive companies reported earnings which failed to impress investors, as questions over whether fundamentals can support the stock market’s record prices come into the forefront….

UAE-based Reportage Properties has joined hands with Turkiye’s Mesa Holding and Azerbaijan’s Sabah Investment Group to establish RMS Capital Management to execute large-scale projects across the world….

The Commercial Bank of Dubai (CBD) reported Wednesday a 30.2% increase in net profit year on year to $394.8 million (AED1.45 billion) in the first half of the year, boosted by strong overall revenues and customer business activity….

Tesla shares fell during premarket trading after the electric carmaker reported lackluster second-quarter earnings the day before, a sign investors’ patience with CEO Elon Musk is wearing thin as the company invests heavily in AI and other long-term initiatives while its core auto business struggles….

Elon Musk launched a poll on Wednesday asking users whether EV Maker Tesla should invest $5 billion in his artificial intelligence startup xAI. …

Kuwait recorded a budget deficit of $5.2 billion (KWD 1.6 billion) for the 2023-24 fiscal year ending March 31, against a surplus of $20.9 billion (KWD 6.4 billion) in the previous fiscal year….

A historic all-time high in global climate was set on July 22, surpassing the previous day's record to become the hottest day ever, according to preliminary data from the European Union's (EU) Copernicus Climate Change Service (C3S)….

Türkiye's central bank has returned a $5 billion deposit to Saudi Arabia as part of a broader strategy to bring down external liabilities….

HCOB's Purchasing Managers’ Index (PMI) survey data signals a weak economic recovery in July for the Eurozone, as the private sector is almost stagnating. …

The Crown Estate, which manages King Charles’ public property, has posted a record net profit of $1.4 billion (£1.1 billion) for the fiscal year ended March 2024, thanks to the short-term uplift from offshore wind leasing….

Orange reported Wednesday revenues of $10.8 billion (€10 billion) in the second quarter of 2024, marking a marginal 0.9% year-on-year growth, thanks to solid performance from its retail services….

Crude oil prices gained on Wednesday, recovering from three consecutive sessions of decline, amid falling US crude inventories that signaled better demand in the world’s largest crude oil consumer….

Dubai Islamic Bank (DIB) said Wednesday it recorded a net profit of $919.7 million (AED 3.4 billion) for the first half of 2024, marking a rise of 8.6% year-on-year, thanks to higher income and lower impairment charges….

Former President Donald Trump’s camp is accusing the campaign of Vice President Kamala Harris that formerly belonged to President Joe Biden of violating campaign finance laws, according to multiple outlets, calling the transfer of more than $90 million to Harris’ operation from Biden’s old campaign a “brazen money grab.”…

Dubai's economy registered a 3.2% year-on-year growth, reaching $31.3 billion (AED 115 billion) in the first quarter of 2024, thanks to a robust performance of the emirate's transport and storage sector….