The IRS estimates there will be 8,000 fewer audits of wealthy taxpayers and businesses though 2029 without the sidelined $20.2 billion.
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Category: Economy
Latest Economy news from the Middle East and around the world
Netflix payout of $150 million for this pair of NFL games is a ‘prestige’ play, expert says
Christmas Day football games will be streamed exclusively on Netflix. Here’s what you should know.
Is the stock market open on Christmas Eve? Does the post office deliver mail?
It’s the height of the holiday season, so expect schedule changes.
Black Sea oil spill contaminates up to 200,000 tons of soil, Russia says
ALBAWABA – Russia’s minister of natural resources said Monday that the Black Sea shoreline has been severely harmed by a disastrous oil leak in the Kerch Strait that was brought on by a weather storm hitting two Russian tankers, according to AFP…
Japan targets Google over antitrust violations and market dominance
ALBAWABA – Google is being accused of breaking antimonopoly regulations by the Japan Fair Trade Commission (JFTC), which is getting ready to issue a cease-and-desist order against the internet giant, according to the Japan Times…
Stock market will find it hard to rally unless the dollar and bonds calm down
Stocks rose to kick off a holiday-shortened week on Monday, but the bond market and the U.S. dollar will likely need to cooperate for the equities rally to resume in smooth fashion.
Congress passed the Social Security Fairness Act. Millions of people could see more in benefits as a result.
The Senate voted early Saturday morning to repeal two laws that prevent many public employees from receiving Social Security, a move that is expected to weigh on the overall solvency of the Social Security system.
The Social Security Fairness Act is incredibly irresponsible
Instead of being fair, this legislation will lead to harsher and faster automatic benefit cuts for most of us.
10-year Treasury yield ends at 7-month high to kick off holiday-shortened week
Treasury yields advanced on Monday, with the key 10-year rate approaching 4.6% after data showed U.S. consumer confidence pulled back in December.
Oil prices begin the week on a down note
Oil futures ended modestly lower Monday, extending a decline seen the previous week in response to a surging U.S. dollar and worries about the outlook for demand — particularly from China, the world’s largest crude importer.
Hanukkah coincides with Christmas this year, setting up a gift-giving conundrum for Jewish families
The eight-night Jewish holiday begins on the evening of Dec. 25.
‘I’m betting on another 22 spins around the sun’: I’m 65 and have $3.9 million. How much should I realistically spend on a house?
“I have zero debt, no upcoming tax liabilities and no inheritance on the horizon.”
The Impending Trump Administration: Implications for the Israel-Hamas Conflict and Global Financial Markets
ALBAWABA – As the world approaches January 20, 2025, the return of Donald Trump to the presidency heralds transformative implications for U…
British Airways suspends their flights between Abu Dhabi and Heathrow
British Airways has suspended some flights between Abu Dhabi and Heathrow for the summer, next year. Summer flights between the destinations had been resumed this year after a four-year hiatus owing to the pandemic…
UK car production drops to 30.1%, worst November since 1980
UK car production dropped 30.1% in November, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT) on Friday…
Nissan and Honda to merge in 2025
ALBAWABA – Honda Motor, the Japanese multinational conglomerate automotive manufacturer, and Nissan Motor, the Japanese multinational automobile manufacturer, announced plans to merge in 2025…
Party City CEO announces all employees to be laid off from chain
The CEO of retailer Party City, which operates more than 700 company-owned and franchise stores across North America, says the company is going out of business, CNN reported Friday,Barry Litwin told employees in a video meeting monitored by the broadcaster that Party City is “winding down operations immediately” and that Friday would be their last day of their employment…
Syria: new fuel and gas prices under new administration
ALBAWABA – The Ministry of Oil and Mineral Resources in Syria announced a new list of fuel and gas prices to prevent any violations or manipulation of prices…
Stellantis reverses planned layoffs of 1,100 workers
ALBAWABA – Stellantis has walked back on its intention to lay off around 1,100 workers from its Toledo, Ohio, Jeep manufacturing facility, according to Reuters…
First ever All Women Iranian flight lands in Mashhad, making aviation history
ALBAWABA – An Iranian airline has carried out its first flight strictly for women, marking a major milestone in the country’s aviation history, according to AFP…
No teachers in a US school, only AI educators
ALBAWABA – Unbound Academy, a new school in the United States, features no human teachers, only artificial intelligence (AI) educators…
Russia keeps its interest rate unchanged at 21%
The Bank of Russia has kept its policy interest rate unchanged at 21% on Friday.”Monetary conditions tightened more significantly than envisaged by the October key rate decision,” the central bank said, adding: “This is the result of the effects of factors autonomous from monetary policy…
Apple Watch Ultra: 3 major leaks revealed for 2025
ALBAWABA – Apple, the American multinational corporation and technology company, is set to launch the totally new Apple Watch Ultra 3 with three major features in 2025…
Cocoa prices see a new record of nearly $13K per ton
Cocoa hit a record of nearly $13,000 per ton on the Intercontinental Exchange, as sharp fluctuations continue in other commodities, especially in the agricultural group, following President-elect Donald Trump’s election win in November…
Bitcoin price drop by 10% during Fed related concerns
Bitcoin’s price dropped by around 10% in value amid concerns about the Fed’s possible steps against inflation…
Did Mr. Beast really rent the Egyptian pyramids?
ALBAWABA – James Donaldson, known for Mr. Beast, an American YouTuber, internet personality, and businessman, said he rented the Egyptian pyramids for 100 hours to hunt and chase ghosts…
OpenAI fined $15.5M by Italy over ChatGPT
ALBAWABA – The Italian Data Protection Authority (GPDP), an independent authority set up to protect fundamental rights and freedoms in connection with the processing of personal data, announced fining OpenAI, the American artificial intelligence (AI) research organization, over privacy violations related to ChatGPT, the generative artificial intelligence chatbot developed by OpenAI…
Starbucks employees begin strike today in the US
ALBAWABA – The Workers’ Union of Starbucks Corporation, the American multinational chain of coffeehouses and roastery reserves, announced a five-day strike in three US cities ahead of Christmas…
NEOM and Samsung C&T invest $350M in construction robots
ALBAWABA – NEOM, the urban area built by Saudi Arabia in Tabuk Province that was launched in 2017 by Crown Prince Mohammad bin Salman, and Samsung Construction and Trading Corporation, the South Korean construction and engineering company, announced the investment of $350 million (1…
Holiday shopping disruptions as Amazon faces largest worker strike ever
ALBAWABA – Workers at seven Amazon locations in Georgia, California, Illinois, and New York went on strike Thursday, calling demands for better pay, benefits, and safer working conditions…
Apple Reports Record June Earnings Despite Worst iPhone Sales In Years
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….
BNP Paribas In Talks To Buy Insurer AXA’s Investment Managers Arm For $5.5B
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 Shares Slide After E-Commerce Giant Underperforms On Revenue Expectations
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….
Regular Aspirin Use May Reduce Colorectal Cancer Risk, Study Suggests—What To Know
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 Files Lawsuit Against Elon Musk Over Canceled X Deal
Former CNN anchor Don Lemon on Thursday filed a lawsuit against Elon Musk, alleging that his partnership with X, formerly Twitter, was unfairly terminated….
As Global Temperatures Rise, Here Are Essential Tips To Stay Cool And Safe This Summer
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+ Maintains Production Caps, Reiterates Hikes Could Be Paused Or Reversed If Needed
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….
US Weekly Jobless Claims Surge To 11-Month High Amid Labor Market Slowdown
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….
Mark Zuckerberg Now World’s Third-Richest Person—Meta Rally Adds $11 Billion To Fortune
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….
Hershey Earnings Come In Not So Sweet—Worst Profit In 7 Years As Cocoa Prices Soared
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….
UAE-Based e& Posts 26% Surge In Second-Quarter Profit To $862M
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 Fertiglobe Posts 61% Fall In Second-Quarter Profit To $43M
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. …
Bank Of England Lowers Interest Rates To 5%, First Rate Cut In Over 4 Years
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 Rally As Tech Giant’s Aggressive AI Investments Start Paying Off
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’s Second-Quarter Profit Soars 85% As Revenues Touch $9.5B
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….
Forbes 50 Over 50: Meet The Women Winning Life’s Second Half
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 Reports 35.4% Plunge In First-Half Profit To $1.8B Despite Robust Revenue Growth
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 Posts 16.7% Rise In Quarterly Operating Income To $8.7B, Shares Drop
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….
Shell’s First-Half Net Profit Drops 8% To $10.9B On Lower Gas Volume, Prices
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 Rise Amid Fears Of Potential Escalation In Middle East Conflict
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….
Cancer Rates Increased Among Millennials And Gen X, Study Suggests—Here’s Why
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….
Chinese Factories Brace For Tough Times As PMI Data Shows Drop In New Orders
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. …
Kamala Harris Takes First Lead Over Trump In Election Betting Odds
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 Earnings Deliver: Stock Jumps As Profits Soar 73%
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….
Scientists Found Heavy Metals Like Lead In Many Chocolate Bars. Should Consumers Be Worried?
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….
2034 FIFA World Cup: Saudi Bid Proposes 15 Stadiums Across 5 Host Cities
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….
Pomegranate Season In Al Jabal Al Akhdar Is A Fusion Of Agriculture, Culture And Tourism In Oman
The pomegranate season in Al Jabal Al Akhdar is one of the most prominent agricultural and cultural events in Oman….
Crude Oil Prices Rise As Tensions In Middle East Weigh On Investors
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….
Central Banks Of UAE And Qatar Hold Interest Rates Steady, Aligning Decision With US Fed
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….
Fed Holds Interest Rates At 23-Year High—Hints Inflation Improving With First Rate Cut In Sight
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 Race To Best Day In 5 Months As Lower Interest Rate Prospects Jolt Markets
Stocks rallied Wednesday morning ahead of a crucial meeting at the Federal Reserve, with battered semiconductor chip stocks leading the charge….
Gulf Investors Expected To Spend Over $4B In UK Commercial Property In Next 12 Months
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 Posts $4B Budget Deficit In Q2 As Expenditures Exceed Revenues For 7th Straight Quarter
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….
UAE’s Emirates, FlyDubai Are Latest To Adjust Flight Schedules To Lebanon Amid Rising Regional Tensions
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 Edges Up In July Amid ECB Rate Cut Expectations
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 Announces Voluntary Exit From Malaysian Market To Focus On Regional Expansion
Kuwait Finance House Group (KFH) announced that it will voluntarily exit the Malaysian market to focus on its expansion in regional markets. …
Boeing Names Industry Veteran Kelly Ortberg As New CEO; Q2 Operating Loss More Than Triples
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. …
World Bank Approves $1.5B Rescue Package To Support Ethiopia's Economic Reform Program
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 Reports 33% Surge In Second-Quarter Net Profit To Touch $308M
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….
Hamas Confirms Top Leader Haniyeh's Assassination In Iran; Fears Rise Over Ceasefire Deal
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….
China’s Second-Richest Man, Colin Huang, Faces Online Vendors Crisis
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….
Bank Of Japan Hikes Interest Rates For Second Time In Nearly 20 Years To Tighten Monetary Policy
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 Contracts 0.4% In Second Quarter, Hit By Fall In Oil Sector
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….
Qatar's Ooredoo Group Reports 3% Rise In First-Half Revenue To $3.2B
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)….
PureHealth Registers 53% Jump In First-Half Revenue To $3.4B, Led By Hospitals Division
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….
AI Tech Startup Synapse Analytics Secures $2M To Enhance AI-Driven Financial Decisioning
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….
AMD Posts Nearly 9% Rise In Q2 2024 Revenue On Strong Growth In Record Data Revenue
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 Posts Sixfold Rise in Second-Quarter Profit To $7.1B Driven By Strong AI Chip Demand
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….
Did Facebook And Google Censor Trump’s Assassination Attempt Photo? Here’s What Really Happened.
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….
L’Oréal Posts 7.5% Increase In First-Half Sales To $23.9B
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 Earnings: Stock Tanks As AI Business Growth Worse Than Expected
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 Drop To 8.2M In June As High Interest Rates Gradually Slow Tight Labor Market
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 Falls To 2-Month Low—Down 25% From Peak Amid $800 Billion Swoon
Nvidia stock faltered again Tuesday, continuing the artificial intelligence king’s summertime blues as the stock delves further into correction territory….
Fitch Expects Slowdown In ESG Sukuk Issuances In Third Quarter, Markets To Regain Momentum In Q4
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….
Airbus Posts 4% Increase In H1 Revenues To $31B On Higher Deliveries
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….
Procter & Gamble's Shares Dip 6% Despite ‘Strong’ FY2024 Results
Shares of consumer goods behemoth Procter & Gamble dipped around 6% despite posting a 2% increase in net sales for FY2024 to $84 billion….
JetBlue Shares Soar 18% — Biggest Day Since February
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….
Pfizer Raises Fiscal 2024 Guidance As Quarterly Revenue Rise For The First Time Since 2022
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….
Can Weight Loss Drugs Like Ozempic Protect Brains And Stave Off Alzheimer’s? New Research Suggests They Can.
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….
Meta Agrees To $1.4B Settlement In Texas Biometric Data Lawsuit
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….
Egyptian B2B Platform Cartona Raises $8.1M In Series A Extension Funding Round Led By Algebra Ventures
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 Posts 7% Rise In H1 Profit To $67.8M On Higher Revenue
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….
Eurozone Economy Grows 0.3% In Second Quarter, Ireland Records Highest Increase
The Eurozone and the European Union (EU) economies grew by 0.3% in the second quarter of 2024 compared to the previous quarter….
Billionaire Kumar Birla Doubles Down On India Cements As Competition Heats Up
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….
Hussein Fahmy Unveils Personal And Spiritual Insights On Kitab Hayati
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….
LG’s Founding Koo Family’s Defense Company Buys $240 Million Stake In U.S. Robotic Dog Maker
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….
Yahsat Reports 62% Surge In First-Half Net Income To $73M
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 Chooses Google's AI Chips Over Nvidia's For AI Infrastructure Development
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….
BP Posts $129M Loss In Q2 On Lower Profit From Gas, Low Carbon Energy Business
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's Global Sales Drop 5% In June Due To Decline In Chinese Demand, Testing Scandal
Toyota Motor Corp. said its global sales in June fell by 5.1% year-on-year to 853,082 units….
New Data Shows How The 2024 Election Is Playing Out On TikTok
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 To Acquire Bahrain's BFC Group Holdings For $200M
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 AI Startup Intelmatix Secures $20M In Series A Funding Round
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….
Tariq Chauhan, Group CEO of EFS Facilities Services Group: Health Needs More Than Medication Alone
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?…
Egypt Secures $820M In IMF Funding Following Third Review; Fund Calls For Additional Reforms
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. …
Trump-Harris Swing State Polls: Michigan, Pennsylvania Tied In Latest Survey
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….
UK’s Finance Minister Hints At Tax Hikes After Saying Government Inherited $28B Overspend
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….
EFS Facilities Services Group Secures New Contract Awards Worth $408M In H1 2024
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 Releases First Preview Of Apple Intelligence AI Platform Exclusively For Developers: Report
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. …
Fashion Trends Shaped By TV Series: Iconic Looks That Influence Everyday Style
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 Roars Back As Some Analysts Buy Into Full Self-Driving Hype
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….
These Billionaires’ Kids Are Competing The Olympics—Here’s When To Watch
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’s Educatly Secures $2.5M In New Funding To Enhance Services And Expand Operations
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….
Sales Of Fast Food Giant McDonald’s Drop Globally In Q2, First Decline Since 2020
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's e& Offers Concessions To EU Over Allegations Of Subsidies In PPF Deal: Report
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. …
London Metal Exchange Approves Saudi Arabia's Jeddah As Warehouse Delivery Point For Copper And Zinc
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's Arab Bank Group Posts 25% Surge In H1 Profits To $503M On Strong Core Banking Business
Jordan-based Arab Bank Group has reported a robust 25% increase in net income after tax for the first half of 2024….
Far Left Activists Behind Rail Sabotage In Paris Just Before Olympics, Says French Minister
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 Hits Six-Week High After Trump's Pro-Crypto Speech, Anticipated Fed Rate Cuts
Bitcoin surged to a six-week high following investor optimism bolstered by US presidential candidate Donald Trump publicly endorsing cryptocurrencies in a recent speech….
MENA M&A Transactions Surge 48% To $46.6B In H1, Number Of Deals Announced Dip 5%
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….
UAE Signs Comprehensive Economic Partnership Deal With Chile To Boost Non-Oil Trade
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….
Airlines Including Royal Jordanian And Lufthansa Suspend Flights To Beirut Amid Attack Fears
Several airlines including Lufthansa and Air France have suspended some flights to and from Lebanon as tensions escalate between Israel and the Hezbollah group….
US Economy Under Biden’s Leadership To Date: Inflation Soars, Public Debt Hits $35T
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…
Drake & Scull Swings Back To Black With $1B Profit In First Half On Restructuring Settlement Deal
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….
Philips' Second-Quarter Net Income Surges Over 500% To Reach $490M
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….
Aldar Properties' First-Half Net Profit Soars 57% To $898.5M Driven By Jump In Revenue
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….
'Deadpool & Wolverine' Sets Box Office Records—And Pushes Marvel To $30 Billion Global Gross
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 Shares Surge On Reports Of Joining Nissan-Honda Alliance
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 Rise Amid Concerns Over Escalating Middle East Conflict Following Golan Heights Rocket Strike
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, Northern Oil And Gas Acquire Point Energy Assets For $1.1B
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 Spikes Since Biden Dropped Out—And Trump’s Falls, New Poll Finds
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….
Australia Takes Early Lead In Medal Tally In Paris Olympics
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's Energy Sector Gets $340M Investment Boost From Shell, Petronas And Cheiron
Egypt has signed agreements worth $340 million with Shell Egypt, Malaysia's energy company Petronas, and Cairo-based exploration company Cheiron Energy….
SODIC's First-Half Net Profit Surges 87% To $12.9M On Higher Revenues
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….
Saudi Arabia's Bahri Reports 6.3% Jump In H1 Revenue Backed By Chemicals Transportation Sector
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)….
Trump Urges US To Lead Bitcoin Market Or Risk Chinese Dominance
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's Yellen Says $3T Annual Investment Needed For Global Low-Carbon Transition
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 Posts 8.3% Rise In Second-Quarter Net Profit To $188M
SABIC Agri-Nutrients Company reported an 8.3% increase in second-quarter net profit, reaching $187.9 million….
How MENA Banks Are Leading The Charge In Eco-Financing
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. …
Elon Musk’s Endorsement Of Trump Could Be A Grave Mistake For Tesla
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. …
Bolt's Former Billionaire Founder Is In Legal Trouble — Again
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. …
IOC Issues Apology For Mistakenly Identifying South Korean Athletes As North Korean
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 Wins First Gold In Paris Olympics, Defeating South Korea In Mixed Team Air Rifle Final
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 Q2 iPhone Sales Drop In China As Local Vendors Dominate Top 5 Spots In Smartphone Market
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’ IOI Properties Expands Malaysian Retail, Hotel Footprint With $257 Million Deals
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….
The Internet Isn’t Big Enough To Train AI. One Fix? Fake Data.
A new wave of startups are anticipating the existential crisis facing the AI industry: What happens when we run out of data?…
Paris Olympics Opening Ceremony In Photos
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….
Trump Leads Harris By Two Points In New HarrisX/Forbes Presidential Race Poll—Tighter Race Than Week Before
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….
Olympic Games 2024: How Paris Is Highlighting Creativity And Culture Through Sports
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. …
India's Central Bank Fines Visa For Regulatory Non-Compliance
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….
Some Health Care Providers Are Prescribing Incorrect Doses Of Compounded Ozempic—Causing Possible Overdoses, FDA Warns
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 Slide On China Demand Drop And Gaza Ceasefire Prospects
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 Cancels 25% Of Trains After France Arson Attacks, Urges Passengers To Postpone Travel Plans
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….
EU Announces Transfer Of $1.6B To Ukraine In Proceeds From Frozen Russian Assets
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….
AfDB Offers Morocco $260M In Loans To Finance Port Project And Improve Economic Governance
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 Saved The Least Amount Last Month Since 2022—As Wallets Remain Light Despite Strong Economy
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….
Bank Of Russia Raises Key Interest Rate By 200 BPS To 18%—Highest Since April 2022 Amid Rising Inflation
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….
Barack And Michelle Obama Endorse Kamala Harris For President
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 Firm Eni Posts 125% Rise In Q2 Profit To $717.5M On Robust Earnings From E&P Business
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….
‘Coordinated Malicious Acts’ Disrupt French High-Speed Rail Network On Day Of Olympics Opening Ceremony
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….
These Countries Pay Olympians Six-Figure Bonuses For Winning Gold
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 After Global Outage, Says CrowdStrike CEO
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….
EGX30's Triumph: How Egypt's Stock Market Is Thriving In 2024
The Egyptian stock market had a strong start to 2024, continuing the positive momentum from the end of 2023. …
TSMC Leads Global Tech Rout As Traders Return From 2-Day Typhoon Pause
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….
Win Or Lose, This Election Will Be Lucrative For Kamala Harris
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….
Trump Will Headline Bitcoin 2024 Conference—His Latest ‘Crypto President’ Rebrand Effort
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's Masdar To Acquire 50% Stake In Endesa's Renewable Energy Assets In Spain For $887M
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)….
UAE, China Sign Deals To Strengthen Bilateral Ties In Energy, Logistics Sectors
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)….
Small Stocks Rebound: Russell 2000 Angles For Biggest Defeat Of S&P Since Dot-Com Bubble
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….
US Sees No Need To Negotiate Global Deal On Taxing The Super-Wealthy
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 Tests AI-Powered Search Engine Called SearchGPT, Challenging Google's Market Dominance
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 Maker Baosteel More Than Doubles Investment In Saudi Venture To $1B
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)….
COP28-G20 Meet: UAE Reiterates Support For Climate Action Empowerment And Sustainable Finance
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….
A Guide To Exploring Vienna, Europe's Hidden Gem
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….
Trump Vs. Harris 2024 Polls: Harris Leads Trump In Latest Survey
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 Releases Oil Cargo Of Greek-Owned Tanker St Nikolas After Negotiations: Report
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’s H1 Net Profit Up 14% To $1.1B Aided By Growth In Operating Income
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….
US Weekly Jobless Claims Fall More Than Expected In Signs Of Easing Unemployment Amid Robust Economy
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 Budget Carrier Flynas To Expand Fleet With Airbus Deal For 160 New Aircraft
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….
How Could US Presidential Elections And Geopolitical Risks Impact Gold Prices?
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 Of Billionaire François Pinault’s Kering Hit 7-Year Low After Weak H2 Forecast
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….
What Recession? U.S. Economy Shatters Forecasts For Quarterly GDP Growth
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….
Alibaba-Backed Chinese AI Unicorn Baichuan Completes $693 Million Series A
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 Posts Flat First-Half Profit At $6.4B, Shares Drop 4.4%
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 Rose 8.2% To $5.1B In May
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)….
Zain KSA's Second-Quarter Net Profit Dips 8% To $28M Despite Revenue Growth
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 Urges 8% Annual Wealth Tax On World's Richest As They Gained $42T Over Past Decade
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…
UAE’s Biggest Lender FAB Posts 1% Rise In Q2 Profit To $1.2B On Strong Growth In Interest Income
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. …
Excess Arm And Stomach Fat Boosts Alzheimer’s And Parkinson’s Risk While Muscle Strength Decreases It, Study Suggests
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 Slips On Concerns Over Weak Chinese Demand, Middle East Ceasefire Negotiations
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. …
UAE-Based Fintech Mamo Raises $3.4M, Eyes Regional Expansion And Aims To Boost Financial Services For SMEs
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 Agrees To Pay $243.6M In Fine As Part Of 737 Max Plea Deal
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….
US-Based Logistics Giant Lineage Fixes IPO Price At $78 For Raising Over $4.4B
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. …
Here’s Why Biden Says He Dropped Out—In First Speech Since Leaving 2024 Race
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.”…
Japan's Sharp Corporation Inks $50M Investment Deal With Egypt's Elaraby Group
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….
‘Inside Out 2’ Becomes Highest-Grossing Animated Film Of All Time
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….
Alphabet Stock Dips 5% On YouTube Slowdown, Lower Margin Concerns Amid AI Spending
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 Launches $1B Initiative To Expand Hotel Capacity And Boost Tourism Sector
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….
S&P 500 Slides 2%: Worst Day Since 2022 As Magnificent 7 Sheds Almost $800 Billion
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….
Over 733M People Undernourished In 2023 As Hunger Remains 'Stubbornly High' For Three Consecutive Years
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….