Category: Economy

The timeline for the initial public offering of billionaire investor Bill Ackman’s new investment fund Pershing Square USA appeared to get a bit hazier on Friday, according to the New York Stock Exchange — though the fund claimed it was still moving ahead with the offering.

U.S. stocks rebounded Friday after a turbulent week for the S&P 500.

The outage is believed to have caused $5.4 billion in losses for big enterprises — but various factors help insulate the cybersecurity company.

The selloff in U.S. semiconductor and megacap stocks has sucked up most of investors’ attention over the past couple of weeks. But they aren’t the only momentum trades that have stopped working.

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….

Charter lost fewer internet subscribers than expected in the second quarter, though subscriber losses in its video business were steeper than what analysts were modeling.

The maker of Post-it Notes, Scotch tape and Command strips beat second-quarter earnings expectations and raised its full-year outlook.

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….

Victims of Zelle fraud are entitled to more reimbursement than they’re getting, lawmakers say.

U.S. government debt rallied on Friday, pushing yields broadly lower, after the Federal Reserve’s preferred inflation gauge left expectations in place for the first interest-rate cut to arrive in September.

The Paris Summer Olympics could mark a reset for major sponsors after years of games held against the backdrop of geopolitical issues and the COVID-19 pandemic, according to branding expert Jim Andrews.

Oil settled lower on Friday and ended at a loss for the week, with prices weighed down by expectations of a Gaza cease-fire deal that would ease global supply concerns.

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….

Rep. Jerry Nadler, D-N.Y., called on the House Judiciary Committee to investigate Elon Musk’s X on Tuesday, one day after users on the platform said they were unable to follow Vice President Kamala Harris’ campaign account, which Nadler called a “serious and time-sensitive censorship issue” as Harris is at the start of her presidential campaign after President Joe Biden withdrew from the race Sunday….

Japan's factory sector showed a slight decline in July, as production and new orders declined due to persistent high costs….

Google parent Alphabet came in above Wall Street’s lofty expectations in its second-quarter earnings report released Tuesday afternoon, as the internet behemoth continues to rake in tens of billions of advertising dollars….

Tesla stock faltered after its Tuesday afternoon earnings report, despite better-than-forecasted sales, as the company’s extended profit growth slump continues to eat into its valuation….

The planet recorded its hottest day ever Sunday, according to the European Union’s Copernicus Climate Change Service, as an unrelenting string of heat waves continue to topple daily record high temperatures across the U.S.—and more records are expected to fall as heat alerts remain in effect along the West Coast and northern Rocky Mountains….

US Vice President Kamala Harris takes a marginal two-percentage-point lead over Republican candidate Donald Trump after President Joe Biden ended his re-election bid on Sunday and endorsed Harris as his successor….

Crude oil prices dropped to the lowest level since early June as expectations on renewed ceasefire negotiations in Gaza and demand worries offset hopes of a September interest rate cut by the US Federal Reserve….

When it comes to planning a family vacation, everyone looks for a destination that offers a mix of adventure, culture, and relaxation. Among all the places, those that allow families to enjoy diverse and exciting experiences are the most attractive….

Luxury goods giant LVMH posted a 1% year-on-year drop in revenue to $45.3 billion (EUR 41.7 billion) in the first half of 2024, attributing it to substantial negative impacts from exchange rate fluctuations alongside a tough economic environment. …

Vice President Kamala Harris appears to be closing in on the Democratic nomination after President Joe Biden dropped out of the 2024 race Sunday—triggering a rushed competition among the Democratic Party’s rising stars to become her running mate….

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kingdom Holding Company (KHC), Sumou Holding Company, and Jeddah Economic Company will establish a new $1.8 billion (SAR 6.8 billion) fund to acquire Alinma Jeddah Economic Fund….

Gulf Air, Bahrain’s national carrier, plans to construct a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facility at Bahrain International Airport to enhance the kingdom's aviation industry….

Budget Saud completed the full acquisition of Al-Jazeera Equipment Company (AutoWorld) in a share swap deal valued at $121 million….

Saudi Tadawul Group Holding said its net profit after zakat leaped 86.4% to $97.4 million (SAR 365.4 million) in the first half of 2024, due to higher operating revenues….

Microsoft announced that approximately 8.5 million devices, constituting less than 1% of all Windows devices, were impacted by the recent CrowdStrike outage….

Podcasting has become a multibillion-dollar industry, reshaping communication & advertising. With 616.5M users projected by 2027, here's how digital voices are revolutionizing these landscapes, especially in regions like MENA with rising demand for diverse content….

These entrepreneurs are the region’s top female founders behind beauty and make-up businesses based on the scope and success of their brands in 2024….

Sebastian Knutsson and Stephane Kurgan, cofounders of Candy Crush creator King, have started a new stealth gaming startup, Queen Digital Entertainment. The team, including former King staffers, is developing a new 'match 3'-style puzzle game….

Warren Buffett's Berkshire Hathaway sold about 33.9 million shares of Bank of America (BofA) in several transactions this week for around $1.48 billion, a SEC filing showed Friday. …

Major fashion brands are competing to collaborate with luxurious hotels to offer swimming pools bearing their unique signature, adding elegance and sophistication for those seeking distinction….

Talaat Moustafa Group (TMG), a Cairo-based flagship real estate developer, said Saturday that construction works have commenced on Banan City, a new smart residential city in Saudi Arabia….

China's oil imports from Russia decreased by 20% in June, bringing the total for the first half of 2024 to up 5%. …

Moody’s Ratings upgraded Turkey’s credit rating to B1 from B3 with a positive outlook, the first upgrade in over a decade. …

Five people lost their lives and eight were wounded in a fire that erupted Friday evening in Haret El-Yahood, Cairo, affecting several commercial establishments, state media reported Saturday….

Former President Donald Trump has expanded his polling edge on President Joe Biden in recent weeks, according to multiple poll averages, though the race remains close—as Biden plans to continue campaigning amid mounting calls for him to drop out following last month’s debate….

MENA faces a complex economic landscape in 2024, marked by persistent challenges. As a result, the IMF has revised its 2024 growth projection for the MENA region in April 2024 downward to 2.7%, a 0.7 percentage point decrease from previous estimates in October 2023. …

Wellness tourism is gaining more popularity among travelers seeking an experience beyond traditional sightseeing of tourist hotspots. The global wellness tourism market is expected to grow to nearly $1.4 trillion in 2027, from an estimated $867.9 billion in 2023, and reach the $1 trillion milestone this year, according to the Global Wellness Institute….

The three children of the Oracle of Omaha, already among the nation’s biggest givers, could end up giving away as much as $130 billion of their father’s fortune. Here’s what you need to know about their philanthropy so far….

As shoppers embrace sustainability, the Middle East is emerging as a key player in fashion, with a growing market for pre-loved alternatives driving the shift towards eco-consciousness….

India’s Reliance Industries posted $2.1 billion (INR 174.45 billion) in net income for the quarter ended June, indicating a 4% year-on-year fall, weighed by a ‘challenging operating environment’ for its energy business….

Often, we feel a strong desire to escape the hustle of cities and distance ourselves from the monotony of daily life. At such times, our gaze often turns towards enchanting islands, distinguished by their golden beaches and soft sands shimmering under the warm sun, accompanied by the sound of ocean waves and breathtaking natural scenery….

Global equity funds attracted inflows for a fourth consecutive week, spurred by expectations of an interest rate cut by the US Federal Reserve after June's inflation data showed signs of easing price pressures, fueling a stock market rally….

Computer systems running the Windows operating system worldwide were hit with an outage on Friday due to an issue with a software update by the cybersecurity firm CrowdStrike, disrupting a number of critical sectors, including airlines, banks, healthcare, and media….

Shares of cybersecurity company CrowdStrike Holdings faltered Friday after the firm’s software update caused global outages in technology across airlines, hospitals, emergency services and more businesses, sending CrowdStrike to one of its worst ever days on the stock market….

Discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in the Everton football club have ended, following a period of exclusivity last month, after both parties failed to reach an agreement. …

American rock singer Bruce Springsteen has amassed a substantial fortune over six decades—which Forbes conservatively estimates to be worth $1.1 billion….

Global electricity demand is set to grow at its fastest pace in nearly two decades this year, the International Energy Agency said Friday, with green sources continuing an upwards trend as rising temperatures, growing economies and artificial intelligence drive up energy consumption worldwide….

UAE-based renewable energy firm Masdar has raised $1 billion through its second green bond issuance under its Green Finance Framework, a statement showed on Friday….

Saudi Arabia topped the Gulf Cooperation Council (GCC) region in initial public offerings (IPOs) during the first half of this year, with companies in the kingdom raising $2.1 billion in share offerings, according to an S&P Global Market Intelligence report on Friday….

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has signed three agreements to localize the manufacturing and assembly of equipment and components necessary for solar and wind renewable energy projects….

American Airlines, Delta Airlines, and United Airlines were reportedly among a handful of US airlines to ground flights on Friday morning, citing communication issues….

The 150-million-year old fossil of a stegosaurus named “Apex” by the paleontologist who discovered it became the most expensive fossil ever sold when hedge fund billionaire Ken Griffin shelled out $44.6 million at Sotheby’s on Wednesday—shattering its expected price tag of $4 million to $6 million….

Elon Musk’s X, formerly known as Twitter, now has two hashtags themed after former President Donald Trump on its platform—a change that follows the billionaire’s endorsement of the former president after he survived an assassination attempt at a rally Saturday….

Oil prices marginally dropped in early trading on Friday and are poised for a second consecutive weekly fall due to a strong US dollar and mixed economic data affecting investor sentiment….

MENA is experiencing a vibrant fashion moment, with cities like Dubai, Riyadh, Cairo, Doha, and Marrakech hosting fashion weeks that shed light on the creativity and talent of the region’s designers…

Gold prices dipped on Friday but are still set for their fourth consecutive weekly gain, driven by rising expectations that the Federal Reserve will cut interest rates in September, making non-yielding gold more attractive to investors….

Netflix reported financial results for the second quarter of 2024 on Thursday that beat analysts’ expectations as the streaming giant beat subscriber targets and reported a rise in ad-supported memberships….

President Joe Biden has been more willing to privately hear arguments urging him to drop out of the 2024 race, multiple outlets reported late Wednesday—and some high-profile Democrats reportedly said they suspect he could drop out as soon as this weekend….

A German man appears to have been cured of HIV after he received a first-of-its-kind stem cell transplant procedure nearly a decade ago, according to findings announced Thursday, as researchers say he is probably the seventh person worldwide to be cured of the virus affecting tens of millions of people globally….

Saudia has inked a binding sales agreement with Lilium to purchase 50 electric jets, with options to buy 50 more, as the Saudi Arabia flag carrier continues to expand its fleet as it targets more destinations….

US-based consumers reportedly spent a record $14.2 billion across online retailers during the 48-hour Amazon Prime Day event, marking an 11% rise compared to last year’s event….

Egypt is one of the world's premier tourist destinations, where the richness of history and the beauty of nature blend seamlessly with the charm of modern civilization….

Why Elon Musk, a majority of whom’s riches come from his EV company Tesla, would offer his full-throated support to noted EV skeptic Donald Trump in November’s presidential election is perplexing, but the unlikely allies’ courtship dates back several years….

A former papermill in a small town in Finland just under 200 miles south of the Arctic Circle houses Europe’s most powerful supercomputer. …

Abu Dhabi Commercial Bank’s first half pre-tax profit rose 28% to $1.37 billion (AED5.02 billion), helped by higher net interest income and non-interest income, according to a filing….

The Central Bank of Egypt (CBE) held interest rates steady at record highs Thursday despite noting that inflationary pressures have continued to recede over the past few months. …

Suspected Donald Trump rally shooter Thomas Matthew Crooks posted a cryptic message to to the online gaming website Steam that read “July 13 will be my premiere, watch as it unfolds” before he opened fired at the former president and his supporters on that date at a campaign stop in Butler, Pennsylvania, multiple outlets reported….

The Egyptian government decided to increase the prices of 3,000 types of medicine, representing about 90% of the volume of medicines traded in the market, thus ending the crisis of local factories stopping production to limit losses….

Dubai-based Emirates Islamic Bank (EIB) posted a 37% increase in first-half profit to $462.8 million (AED 1.7 billion), driven by higher income and lower impairment allowances, according to a statement released Thursday….

QatarEnergy on Thursday inked an agreement with Chevron to acquire a 20% working interest in a production-sharing contract for an offshore block in Suriname….

The European Central Bank (ECB) held interest rates steady Thursday and gave no hints about its next move, arguing that domestic price pressures and services inflation remain persistently high….

Chip stocks in Asia tumbled again on Thursday after a bruising selloff of tech stocks on Wall Street the day before, a sign of caution….

Egypt's Suez Canal revenues plunged 23.4% year-on-year to $7.2 billion during fiscal year 2023/24….

Saudi Aramco announced Thursday that it raised $6 billion through a dollar-denominated international bond sale under its medium-term note program…

US-based vertical farming startup Plenty has reportedly entered into a $680 million joint venture (JV) agreement with Mawarid, a subsidiary of Alpha Dhabi Holding, to establish more indoor farms in the Middle East….

Emirates NBD registered a 12% rise in its profit for the first half of 2024 to $3.8 billion (AED 13.8 billion)….

Four years after buying the so-called most expensive home listing in San Francisco history, billionaire OpenAI CEO Sam Altman has sued the developers of his $27 million mansion….

The central banks of Indonesia and the UAE have signed a memorandum of understanding (MoU) to establish a framework that will enhance bilateral cooperation in payment systems….

The WNBA will earn an estimated $2.2 billion as part of the NBA’s multi-year deals with NBC, Amazon, and Disney for broadcasting rights….

From shaping legacies to substantial philanthropic contributions, these five industry billionaires have independently built their fortunes and left an indelible mark on fashion. All are categorized as self-made by Forbes, with their net worths calculated as of June 14, 2024….

Samsung Electronics on Thursday signed an agreement to acquire Oxford Semantic Technologies, a UK startup specializing in knowledge graph technology….

President Joe Biden tested positive for COVID-19, the White House said, hours after he appeared at an event in Las Vegas….

Abu Dhabi-based investment and holding company ADQ announced Wednesday the extension of two credit facilities and an increase in the size of one of them….