Technology Big tech earnings show digital ads market not out of the woods After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear. The health of the advertising industry closely mirrors the economy, and many advertisers have pared back their marketing budgets in response to […] February 3, 2023
Banking & Finance US Fed Reserve suggests ‘couple’ more hikes coming The Federal Reserve said on Wednesday it had turned a key corner in the fight against high inflation, but that “victory” would still require its benchmark overnight interest rate to be increased further and remain elevated at least through 2023. In announcing its latest policy decision, the US central bank scaled back to a quarter-percentage-point rate […] February 2, 2023
Banking & Finance Citigroup stops margin loans against India Adani’s securities Citigroup’s wealth unit has stopped extending margin loans to its clients against securities of India’s embattled Adani group, a source with direct knowledge of the matter said, as the conglomerate reels from a short-seller attack. The group’s flagship firm Adani Enterprises shelved its $2.5 billion share sale in a dramatic reversal on Wednesday as a […] February 2, 2023
Technology Intel announces broad pay cuts amid PC market downturn Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from five percent of base pay for mid-level employees to as […] February 1, 2023
Retail Cenomi rolls out Subway sandwich chain in Saudi Arabia Saudi Arabia-based Cenomi Retail has announced plans to sell 26 of its “non-strategic” brands, as it refocuses on what it classes as “coveted, winning brands” such as Subway. In a posting to the Saudi Tadawul exchange Cenomi Retail – the new rebranded name for Fawaz Abdulaziz Alhokair Company – said the brands affected are expected […] January 30, 2023
Travel & Hospitality Boeing’s 747, the original jumbo jet, prepares for final send-off Boeing’s 747, the original and arguably most aesthetic “Jumbo Jet”, revolutionised air travel only to see its more than five-decade reign as “Queen of the Skies” ended by more efficient twinjet planes. The last commercial Boeing jumbo will be delivered to Atlas Air in the surviving freighter version on Tuesday, 53 years after the 747’s […] January 30, 2023
Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023
Energy Energy giant Halliburton expects Middle East to fuel growth US energy firm Halliburton predicts its international activity will grow at least in the “mid-teens” this year, driven by upcoming works in the Middle East and Latin America. During its latest earnings call the oilfield services company revealed $5.6 billion in total revenue for the third quarter of 2022, up 18 percent from $5.4 billion […] January 27, 2023
Manufacturing Tesla to invest $3.6bn to produce electric trucks and battery cells Tesla Inc. has said it would invest more than $3.6 billion to expand its Nevada gigafactory complex with two new factories, one to mass produce its long-delayed Semi electric truck and the other to make its new 4680 battery cell. The cell plant would be able to make enough batteries for two million light-duty vehicles […] January 25, 2023
Banking & Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Technology Intel chairman Omar Ishrak steps down Intel Corp said on Monday chairman Omar Ishrak had stepped down and the chipmaker appointed board director Frank Yeary as his replacement. “He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team,” Intel chief Pat Gelsinger said. Gelsinger returned […] January 24, 2023
Banking & Finance Top hedge funds earned less for clients in 2022 The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data shows. The top 20 managers, led by Ken Griffin’s Citadel, Bridgewater Associates and DE Shaw Group, made less than half […] January 23, 2023
Startups Di Caprio-backed fintech to set up offices in Abu Dhabi California-based fintech company Aspiration Inc. will be setting up offices at Abu Dhabi Global Market. Aspiration is supported by Access Abu Dhabi, the business expansion program by Maven Global Access and Abu Dhabi Investment Office (ADIO), which serves as a conduit to fast-track entry to the UAE capital, the company said in a statement. The […] January 20, 2023
Energy Global oil demand to reach record high this year, IEA says Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA). The IEA said global oil demand is set to rise by 1.9 million barrels per […] January 18, 2023
Environment BlackRock US inflows dwarf $4bn lost in ESG backlash BlackRock, the world’s biggest asset manager, lost around $4 billion in assets under management as a result of a political backlash against environmental, social and governance (ESG) investing in the United States, its chief executive said. Republican-run Florida, Louisiana and Missouri have all said they plan to pull investment mandates from the company, citing concerns […] January 18, 2023
Banking & Finance Scaramucci’s SkyBridge expects bitcoin at $35,000 this year SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the firm’s founder Anthony Scaramucci said, while admitting this view was “overly bullish”. “If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland. January’s crypto rally could be sustained as […] January 18, 2023
Banking & Finance Tesla and Musk face trial over 2018 tweets on ‘secured’ funding Elon Musk and Tesla Inc are set to go to trial in San Francisco in a case where the company’s shareholders claim they were defrauded by Musk’s 2018 statement that funding was “secured” to take the electric car maker private. The lawsuit seeks damages for shareholders who bought or sold Tesla stock in the days […] January 18, 2023
Banking & Finance BlackRock’s Larry Fink welcomes rise in Gulf clients BlackRock is attracting more investors from the Middle East, the CEO of the world’s largest asset manager told analysts this month. The US-based firm established a wholly-owned Saudi subsidiary in 2018, opened an office in Riyadh in 2019 and in February 2022 received approval from the market regulator to start managing investments and operating funds […] January 16, 2023
Energy Texan energy firm expands Egyptian oil and gas footprint Apex International Energy has announced the acquisition of interests in four additional concessions in Egypt’s oil-producing Western Desert region. Purchased from IEOC Production, a unit of Italian energy firm Eni, the new concessions will increase Apex’s production capabilities by 65 percent — up to 11,500 barrels per day. Apex, who are based in Houston, Texas, […] January 10, 2023
Banking & Finance Microsoft said to be in talks to invest $10bn in ChatGPT owner Microsoft Corp is in talks to invest $10 billion into OpenAI, the owner of ChatGPT, which will value the San Francisco-based firm at $29 billion, Semafor reported, citing people familiar with the matter. The funding includes other venture firms and deal documents were sent to prospective investors in recent weeks, with the initial aim to […] January 10, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Banking & Finance Goldman Sachs to start cutting thousands of jobs Goldman Sachs Group will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. The job cuts are expected to be just over 3,000, one of the sources said, but the final number is yet to be determined. The sources […] January 9, 2023
