Manufacturing Tesla readies ‘Project Juniper’ to revamp top-selling Model Y Tesla is readying a production revamp of its top-selling Model Y, according to three people with knowledge of the plan. The changes to the Model Y – code-named Project Juniper – involve the exterior and interior of the electric vehicle (EV) with a target of starting production in 2024, according to two of the people, […] March 2, 2023
Economy GCC sticking with the dollar peg, but changes could be afoot Saudi Arabia and the UAE were joined by Iraq this week in exploring alternatives to the dollar for non-oil global trade. While industry experts believe the dollar peg will remain in the short term, they say a move to decouple from the US greenback could soon become a reality. The UAE has been working with […] March 1, 2023
Tech Meta to test monthly subscription service priced at $11.99 Meta Platforms has announced that it is testing a monthly subscription service, called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge, as it looks to help content creators grow and build communities. The subscription bundle for Instagram and Facebook, to be launched later this week, […] February 20, 2023
Tech YouTube CEO Wojcicki steps down as revenue continues to decline YouTube CEO – and one of the first Google employees – Susan Wojcicki is stepping down from her role at the tech giant that started in her garage nearly 25 years ago, she said in a personal update on the video-sharing platform. Wojcicki, 54, will be replaced by her deputy Neal Mohan, a senior advertising and […] February 17, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Tech Walmart to close 3 US tech hubs and asks staff to relocate Walmart Inc will close three of its US technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart’s director of global communications. […] February 14, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Business of Sport Red Bull and Alfa Romeo get their 2023 cars on track Formula One champions Red Bull and Ferrari-powered Alfa Romeo took their 2023 cars out on track on Friday for limited mileage pre-season filming. Red Bull published a tantalising teaser on Twitter of their RB19 lapping at Silverstone while Alfa Romeo said their C43 completed a successful debut at Barcelona’s Circuit de Catalunya. Red Bull held […] February 12, 2023
Opinion Economy Hindenburg affair is chastening for both Adani and India Inc Lessons learned from how allegations of sharp practices can cause billions of dollars of losses February 8, 2023
Tourism Hyatt signs deal for three new Saudi hotels Hyatt has announced that an affiliate has entered into management agreements for three hotels in Saudi Arabia. The deal with Rua Al Madinah Holding Company will cover the Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah. Upon opening, these properties will add a combined 1,729 room keys to the hospitality giant’s portfolio in […] February 8, 2023
Tech 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 and 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 and 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
Tech 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
Tourism 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 and 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
Tech 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 and 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
