Manufacturing Tesla posts record quarterly deliveries after price cuts Tesla Inc has posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed. Tesla delivered 422,875 vehicles for the first three months of this year, up four percent from the previous quarter. This was 36 percent higher than a year ago. In January, CEO […] April 3, 2023
Banking and Finance Dollar gains as inflation worries resurface after Opec+ surprise The US dollar started the week higher as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production further, with traders wagering the Federal Reserve may need to increase interest rates at its next meeting. The announcement from the Organization of the Petroleum Exporting Countries (Opec) and its allies, known as Opec+, […] April 3, 2023
Energy US says Opec+ output cuts are ‘unadvisable’ The Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other Opec+ countries were not advisable. “We don’t think cuts are advisable at this moment given market uncertainty – and we’ve made that clear,” a spokesperson for the National Security Council (NSC) said. The cuts of an additional 1.16 […] April 3, 2023
Banking and Finance Future for AT1 bonds uncertain in Credit Suisse aftermath As the dust settles on a surprise move by Switzerland to write down $17 billion of bonds under Credit Suisse’s rescue, the market for debt designed as a shock absorber for banks faces a long haul to regain investor trust. The global $275 billion market for additional tier 1 (AT1) bonds, part of bank capital […] April 2, 2023
Aviation Emirates strengthens ties with US while Etihad looks east Dubai airline Emirates has strengthened its relations with the US as its Abu Dhabi counterpart Etihad Airways increased its presence in the east. Emirates and United Airlines have activated their codeshare partnership allowing customers of the Dubai carrier to fly to Chicago, Houston or San Francisco and connect to the network of domestic flights operated […] March 31, 2023
Banking and Finance Gulf financial centres slip down global ranking list Financial centres in the UAE, Qatar and Bahrain have fallen in the latest global index as their rivals in the US and Asia Pacific come out on top. Dubai and Abu Dhabi continue to take first and second places in the Middle East region, but they have both dropped down the overall league table. Dubai […] March 30, 2023
Banking and Finance US fintech expands to offer UAE startups bank accounts A US fintech is accepting applications to open bank accounts from venture capitalists and tech startups with entities formed in the UAE, a move local industry experts say will be a “wake-up call” to the Gulf’s banking sector. Online-only banks – known as neobanks – have been cashing in on the collapse of Silicon Valley […] March 30, 2023
Analysis Banking and Finance A first as Dubai bank prices $600m sukuk for US firm Emirates NBD, Dubai’s largest bank, has successfully priced a $600 million sukuk for New York-listed Air Lease Corporation. It marks the first sukuk issued by a US corporation. A sukuk is a Sharia-compliant financial certificate, similar to a bond in Western finance but that complies with Islamic religious law. The five-year sukuk saw robust demand, […] March 26, 2023
Lifestyle Intel co-founder Gordon Moore dies at 94 Intel Corp co-founder Gordon Moore, a pioneer in the semiconductor industry whose “Moore’s Law” predicted a steady rise in computing power for decades, died Friday at the age of 94, the company announced. Intel and Moore’s family philanthropic foundation said he died surrounded by family at his home in Hawaii. Co-launching Intel in 1968, Moore […] March 26, 2023
Opinion Banking and Finance From crisis to opportunity: Navigating SVB’s collapse The failure of SVB creates both challenges and opportunities for investors March 24, 2023
Retail Walmart to lay off hundreds of US workers in 5 distribution centres Hundreds of workers at five US Walmart facilities that fulfill e-commerce orders are being asked to find jobs within 90 days at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania were let go […] March 24, 2023
Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023
Fitness chains get financially fit as more Americans hit the gym Tighter budgets may not be a constraint for Americans looking to get back into shape, keeping gym operators financially fit, even as inflation pinches other consumer-focused sectors. Some of the major players in the fitness sector have pushed the envelope on membership rates after the pandemic scare, helping them beef up earnings, when most other […] March 23, 2023
Banking and Finance US Federal Reserve chair says SVB management ‘failed badly’ The management of Silicon Valley Bank “failed badly,” Federal Reserve chair Jerome Powell said on Wednesday, but its collapse also underscores the need for better controls despite what had been escalating oversight by the Fed’s own examiners. “These are not weaknesses that are running broadly through the banking system,” Powell told a press conference after the Fed’s […] March 23, 2023
Banking and Finance Climate ministers support ‘greening’ of World Bank The World Bank should play a greater role in combating climate change on top of its traditional role as a poverty fighter, according to ministers and delegates gathered in Copenhagen this week to kick-start discussions ahead of Cop28, which takes place at the end of the year. US President Joe Biden’s administration, which has nominated […] March 22, 2023
Tourism Marriott signs deal with Saudi firm for eight Madinah hotels American hotelier Marriott International has signed a deal with Rua Al Madinah Holding Company to open eight hotels in the Saudi Arabian city of Madinah. Located close to the Prophet’s Mosque, Al Masjid An Nabawi, the openings will add 4,400 rooms across the eight Marriott brands. The expansion forms part of the Rua Al Madinah […] March 20, 2023
Manufacturing Samsung’s new Texas chip plant cost rises above $25bn A chip plant that South Korea’s Samsung Electronics Company Limited is building in Taylor, Texas, will cost the world’s biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to three people familiar with the matter. The increase in cost is primarily due to inflation, the people said, declining to […] March 16, 2023
Tech Facebook-parent Meta to cut 10,000 jobs in new layoff round Facebook parent company Meta Platforms is to cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Meta shares jumped six percent on the news. The widely anticipated job cuts are part of a restructuring that will see the […] March 15, 2023
Banking and Finance SVB collapse unleashes Treasury volatility and rattles investors Extreme volatility is rattling US Treasury markets in the wake of the collapse of Silicon Valley Bank, and investors fear a prolonged bout of gyrations before calm returns to bond markets. One measure of expected volatility in US Treasuries – the Ice BoFA Move Index – has surged past its Covid-era high and now stands […] March 15, 2023
Banking and Finance Middle East awaits impact of Silicon Valley Bank crash The Middle East faces an anxious wait to fully understand the impact of the demise of Silicon Valley Bank (SVB). SVB Financial Group on Friday became the largest bank to fail since the 2008 financial crisis, roiling markets and leaving billions of dollars belonging to companies and individuals stranded. Most major Gulf stock markets fell […] March 14, 2023
World markets set for aftershocks as SVB collapse ripples out Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest US bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. S&P500 futures rose 1.4 percent after US authorities guaranteed SVB customers would have access to their deposits […] March 13, 2023
Economy Fed’s Powell sets table for higher and possibly faster rate hikes It is likely the US Federal Reserve will need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed chair Jerome Powell told lawmakers. “The latest economic data have […] March 8, 2023
